Did you know that around 8 in 10 people who previously owned a timeshare said they’d do it again?
Visiting your favorite destination, year after year, can help you find peace. Unfortunately, times change and you might want to go somewhere else.
If you are interested in selling a timeshare, there are a few things to consider so that you don’t lose money.
Continue reading to discover the simple steps of how to sell a timeshare so that you can explore other areas of the world.
Dust off Your Contract
One of the first steps if you want to sell a timeshare is to find your contract and review it.
Look for the original paperwork and find the terms about ending your contract. This documentation can provide you with critical info and help guide you through the process. Many people recommend viewing the HGV cancellation policy to save time and money.
You’ll also need other details from the contract during the selling process.
Check your vacation timeshare papers for the deed owner, if it’s under your name, you’ll need a copy of the deed.
Research the Value
Discovering what is a timeshare value will take time and help from real estate agents.
You can conduct a market analysis and view the values of timeshares similar to yours. The location, quality, and amenities will impact the total value. Although some timeshares are still worth a lot, it’s important to note that most people don’t make any money when they sell.
At this point, you should also note if you have a mortgage. Some people have gotten timeshare securities from paying their loans. After you gather all your research, you can decide on a fair value to list the property.
Get Your Timeshare on the Market
With the help of a real estate agent, you can quickly list and sell your timeshare.
You should find an agent that already has experience with timeshares. Since these contracts have different policies, you don’t want someone uneducated with them.
Most agents work with listing companies and also post your home on state selling sites. You can post high-quality photos, descriptions, and prices to encourage buyers to invest.
Accept an Offer
As buyers look at your timeshare, they will make an offer if they are seriously interested.
Before you accept the first offer, you should compare other options. If you are in a resort, you should inquire about selling the property back to them. Most resorts have an internal buying and selling process to make the transaction simpler.
Once you get an offer that you’re satisfied with, accept it and a contract will get written. At the end of the sale, the new owners will get the deed.
Are You Ready to Sell a Timeshare?
If you want to sell a timeshare, but don’t know where to begin, the contract is an excellent starting point.
Within the contract, you can find all the info you need and determine a fair cost for your timeshare. Although people don’t make money back from selling their timeshares, it opens up the chance to discover new locations.
Don’t be afraid to leave a destination behind to make more memories with your family.
Make sure you read our blog for more information about timeshares and managing your assets!