An unused timeshare can cost you hundreds in wasted fees. While buying a timeshare is a big commitment, you aren’t necessarily stuck with one forever. If you're ready to escape those pesky maintenance fees (and get a little of your money back), give selling your timeshare a try!
Prepare to Sell Your Timeshare
To sell timeshares, you need to do two things: pay any outstanding fees and organize your ownership paperwork. You need to provide all the details about your timeshare. What kind of unit do you own and where is it located? What fees are associated with your timeshare? Which amenities are provided?
Make sure you have a deeded timeshare if you want to sell. If you’re stuck with a leased timeshare, you may have to commit to the expiration date and all the fees along the way.
Avoid Timeshare Scams
If you’re having a hard time selling your timeshare, you may feel relieved when someone promises they can sell it immediately. The only catch? They want you to pay a hefty upfront fee just to list your timeshare.
That’s a red flag. Stay away from companies that require upfront fees or any other suspicious charges. Although some companies are legitimate businesses, they are ripping you off with these extra fees. Paying more than $100 upfront is shady, and with the proliferation of timeshare resale scams, you can’t be too careful. A licensed real estate agent or other reputable reseller typically waits to charge you until after the sale has been completed.
List Your Timeshare
You have several options when it comes to selling your timeshare. You can work with a real estate broker, your timeshare company, or a timeshare resale company. Be prepared to spend some money on advertising fees, and if you’re working with a real estate company, you will have to pay the agent commission after closing the sale. Commission fees run from 10% to 30% of the selling price; they can run higher if you work with a broker provided by your timeshare property manager. You may also have to shoulder the closing costs as well.
Resale companies can be seedy, reputable, or anywhere in between. As mentioned earlier, you can end up getting scammed if you immediately accept a reseller's offer. Do your homework before selecting a timeshare resale company; check with the Better Business Bureau to see a company’s ratings, reviews, and complaints. Carefully look over the contract before making any payments or contractually agreeing to work with a company.
Listing your timeshare on Craigslist or eBay is another option. You'll still have to do some research to make sure you're asking a good price since you won’t have the guidance of a broker. The age of your timeshare will affect the selling price, as will the vacation time and location.
Have Realistic Expectations
Unfortunately, you probably won’t get back as much as you paid for your timeshare. Although timeshare salespeople often say a timeshare is an investment, it truly isn’t. Unlike an investment, a timeshare will depreciate in value over time—even though you’re pouring hundreds of dollars a year into it.
