How Can I Sell My Timeshare?
Does that question above hold relevance to you? A vacationing home is nice to have, but in these difficult economic times, it's even nicer to have a tad more padding for your wallet. With that being the case, the best way to make use of your timeshare isn't to go off and splurge on a vacation, but to get rid of it and make some decent cash through it. Especially if it's costing you maintenance fees to upkeep.
Starting out with little to know experience with selling real estate can be very difficult on a person wanting to get rid of their timeshare. Especially because these properties aren't your standard properties. One must be able to do several things before even starting on selling their vacationer property.
- Be informed about your ownership. Make sure you are aware of whether you have a RTU (right to use) agreement or if you have a deeded ownership. An RTU will allow you access to the property for a few years, but the price you will be able to sell it for will decrease drastically as the years go by.
- Gather all the tax records, maintenance records, and mortgage information.
- Be prepared to talk with a number of potential buyers and answer all of their questions honestly.
You should be able to assess what your share might be worth based on several factors:
- Proper seasonal usage dates can make a lot of difference in the way your share is perceived. Having access to a Florida beach house isn't so great if it's only accessible from November to December.
- Even the best of timeshares often sell for only 30-50% of their purchased value. Don't go too high.
- To add to the last point, if you're in real need to get the home off your hands, then actually sell for significantly low. This way, when it's listed, you'll get more of a group
How to Sell
The most common way to sell your property would be to list it with a real estate agency. There are many online real estate agencies that will do it purely commission based, or some will charge an upfront fee. There are also offline options of similar status. Fees are usually higher than typical real estate transactions.
Before you work with any real estate company, however, make sure you take some vital steps to protect yourself when selling your timeshare.
- Make sure the company is a member of the ARDA (American Resort Development Association). This organization expects members to abide by ethical guidelines to stay in business
- Know the state laws concerning vacation homes. Some states ban upfront fees, but businesses may call them something else to get around that, if they're unethical.
- Ask the state real estate commissions if the company you're involved with is licensed, or if a specific member, your seller, is.
- Make sure you're aware of the plans to market your property- get it in writing!
Get to It!
If you need an extra bit of cash in your pocket, don't hesitate to get started with selling your property. Remember, it can go out of style like anything else (or sometimes even faster). If you've ever wondered "How can I sell my timeshare" wonder no more!
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