Is It Time to Sell Your Timeshare?
You may have your reasons for wanting to sell a timeshare that you own - you want to get rid of the mortgage you pay on it, or it may be that it does not fit your vacationing preferences any longer.
With the economy in the state that it is in, the question running through your mind might be - is this the right time to sell? Here are some of the important factors that should influence your decision to sell your timeshare: Resale value This is the most important aspect that you need to take into account.
It is obvious that timeshares do not have a great resale value.
Supply in the timeshare market exceeds demand and it is definitely a buyer's market.
Consider yourself fortunate if you can get a good price for your timeshare.
Additional brokerage costs Many resale companies will promise to sell your timeshare in a speedy sale, but you may first need to pay all the related fees.
The sale and the large check do not usually materialize - but your fee may never be returned.
The only way to deal with this problem is to look for a trustworthy company to execute the sale, but it's easier said than done.
The time factor Usually timeshare resale companies promise to have your timeshare sold in a few months, but most sales take much longer to be completed.
You may reduce the price but it will still be difficult to attract buyers.
This is a common scenario that you should be prepared for when you go for a timeshare sale.
Lack of funding for buyers Timeshares are part of the luxury sector of the real estate market.
This means that in today's economic climate, buyers looking for loans to buy timeshares find it very difficult to get a mortgage for the purchase.
Instead, they are often offered a personal loan on higher interest rates.
There are not many buyers who can pay cash for the purchase either.
This is one reason why you may be stuck with your timeshare for a long time.
Obtaining finance for a first purchase from the resort is much easier than getting funding for timeshares on resale.
Effort involved You can choose to sell a timeshare on your own.
But you will need a lot of patience to see it through and you'll have to put in constant effort to find the right places to advertise, tracking your listings, responding to prospects and so on.
Once you have assessed all these factors and feel that it is the right time to sell your timeshare, the best strategy is to look for a reliable company to help you out with the sale.
Make sure they have a good track record of executing quick timeshare sales.
Discuss all the terms and conditions well in advance so that there are no rude surprises at a later stage.
Your investment in terms of time, effort and money should be clear right from the beginning.
With the economy in the state that it is in, the question running through your mind might be - is this the right time to sell? Here are some of the important factors that should influence your decision to sell your timeshare: Resale value This is the most important aspect that you need to take into account.
It is obvious that timeshares do not have a great resale value.
Supply in the timeshare market exceeds demand and it is definitely a buyer's market.
Consider yourself fortunate if you can get a good price for your timeshare.
Additional brokerage costs Many resale companies will promise to sell your timeshare in a speedy sale, but you may first need to pay all the related fees.
The sale and the large check do not usually materialize - but your fee may never be returned.
The only way to deal with this problem is to look for a trustworthy company to execute the sale, but it's easier said than done.
The time factor Usually timeshare resale companies promise to have your timeshare sold in a few months, but most sales take much longer to be completed.
You may reduce the price but it will still be difficult to attract buyers.
This is a common scenario that you should be prepared for when you go for a timeshare sale.
Lack of funding for buyers Timeshares are part of the luxury sector of the real estate market.
This means that in today's economic climate, buyers looking for loans to buy timeshares find it very difficult to get a mortgage for the purchase.
Instead, they are often offered a personal loan on higher interest rates.
There are not many buyers who can pay cash for the purchase either.
This is one reason why you may be stuck with your timeshare for a long time.
Obtaining finance for a first purchase from the resort is much easier than getting funding for timeshares on resale.
Effort involved You can choose to sell a timeshare on your own.
But you will need a lot of patience to see it through and you'll have to put in constant effort to find the right places to advertise, tracking your listings, responding to prospects and so on.
Once you have assessed all these factors and feel that it is the right time to sell your timeshare, the best strategy is to look for a reliable company to help you out with the sale.
Make sure they have a good track record of executing quick timeshare sales.
Discuss all the terms and conditions well in advance so that there are no rude surprises at a later stage.
Your investment in terms of time, effort and money should be clear right from the beginning.
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