When you first purchased your timeshare, you may have enjoyed some great vacations that delivered lasting memories for you and your family. However, you may have reached a point in your life where timeshare ownership no longer meets your needs. Whether it’s due to the rapidly rising cost of annual maintenance fees, a change in your financial situation, or having different vacation needs now that your children are fully grown, there are many reasons why you may decide you’d like to get rid of your timeshare. Unfortunately, you may find that it’s more challenging to unload your property than you expected.
Most timeshare contracts contain a perpetuity clause which binds you to the terms of the agreement for the rest of your life. In addition, the timeshare will become part of your estate and your heirs will inherit the expenses and hassles of timeshare ownership. These terms make it difficult to get out of your contract, and most resorts aren’t willing to simply take the property back from you when they’re not obligated to do so.
It may seem like selling your timeshare would provide you with an easy way out. Unfortunately, you’ll quickly find that the resale market for timeshares is virtually nonexistent. There are several factors which make it extremely difficult to sell your timeshare. As a result, you’ll most likely find your efforts to be an exercise in futility.
The biggest reason it’s difficult to sell your timeshare is that the supply of used properties far exceeds the demand for them. The disparity is huge. The timeshare resale market is flooded with properties for sale, but there are almost no people looking to buy them. There are several reasons for this limited demand:
With such limited demand, it becomes a buyer’s market. You’re competing with thousands of other timeshare owners for a very small number of interested buyers. In order for your timeshare to sell, you’ll need to have a property at the exact resort the buyer wants, on the exact week they want. Finding a perfect match like this is highly unlikely.
One of the biggest downsides to the lack of demand for used timeshares is that your property significantly depreciates in value the moment you purchase it. Most owners are forced to sell their timeshare for pennies on the dollar. In fact, if you look at popular online marketplace sites such as eBay and Craigslist, you’re likely to find numerous timeshares listed for sale for $1.
There are many factors that determine whether someone may want to buy your timeshare:
Of these factors, you can only control the last two. You have the ability to set a more competitive price to entice the limited number of buyers to choose your property over the hundreds of others they can purchase. You can also choose to spend more money advertising your property to increase the likelihood that someone will see it and want to buy it. Neither of these factors are in your favor:
The average sales price for a one-week timeshare interval is currently $22,455. Unless you’re able to pay this entire cost up front, you most likely had to take out a timeshare mortgage at an exorbitant interest rate (typically between 14-18%). It’s understandable that you won’t want to sell your timeshare for $1 after laying out all that money to purchase the property. It’s even more understandable why you wouldn’t want to spend a lot of money to advertise the property for sale only to get a few dollars from anyone who agrees to take it off your hands.
Given the financial realities associated with this transaction, many timeshare owners find that it’s simply not worth the effort to try and sell the property.
In general, timeshares are a somewhat impulsive and emotional purchase. You most likely agreed to attend a sales presentation in exchange for a free gift (typically a heavily discounted vacation). You probably had no intention of buying a timeshare. Just sit there for two hours and collect your gift.
Then you find yourself in a high-pressure sales environment where multiple people wear you down over the course of several hours (it’s common for these sales presentations to last much longer than the initially agreed upon amount of time). They will show you pictures and videos of luxurious resorts and happy families. They will tell you that timeshare ownership is a great investment for your family. Often, the rapidly escalating annual fees will be glossed over or not discussed at all. Before you know it, you’re signing a contract to become a timeshare owner.
Would you have chosen to seek out a timeshare property on the resale market if you hadn’t been roped in with these high-pressure sales tactics? For most people, the answer is no. You simply lack the ability to persuade someone to enter an expensive purchase that delivers a poor return on your investment on the resale market. Without the unsavory sales practices utilized by resort developers, they likely would have trouble filling their resorts as well. Therefore, it should come as no surprise that the sales process heavily favors new timeshare purchases.
There are many companies out there that will promise to sell your timeshare for you. Often, they may even tell you that they have buyers lined up just waiting to purchase your unit. They’ll charge you expensive fees (often totaling thousands of dollars) in exchange for their services. In most instances, they’ll never deliver on their promises. Not only will you still be stuck with an unwanted timeshare, but you’ll also be out thousands of dollars without receiving anything in return for your money.
Be careful about entering into an agreement with a timeshare resale company. Often, this is simply a scam. If there’s no demand for used timeshares and the resale market regularly returns little more than a few dollars for these properties, it’s unlikely these companies will have better results than you can achieve on your own. If they’re asking for money up front, it’s a clear sign that you may be getting ripped off. Most real estate brokers work on commission. They don’t get paid until your property sells. You should approach the sale of a timeshare in the same manner.
If you’re unhappy with your timeshare, you have options. While selling your timeshare is unlikely to yield the outcome you desire, a more effective solution is to legally cancel the contract. At Timeshare Termination Team, we can help you break free from the burdens associated with timeshare ownership.
Our team of in-house attorneys will carefully analyze your timeshare contract in order to develop a customized exit strategy that will safely, legally and permanently cancel your timeshare. Our process has helped hundreds of families just like you get out of an unwanted timeshare, and we offer a Money-Back Exit Guarantee™. If we’re unable to cancel your contract, you’ll receive a full refund, no questions asked.
You’ll also benefit from our exclusive You First Approach™ focused on placing your needs first at every stage of the process. We know that education is crucial to understanding your options, and our Straight Facts Exit Guide™ will ensure you have the tools necessary to make an informed decision. We’ll also provide you with our Step-by-Step Exit Map™ outlining the exit process for you in detail.
You deserve to live life on your own terms. If timeshare ownership no longer meets your needs, you shouldn’t have to stay locked into a financially onerous contract for the rest of your life. While selling your timeshare isn’t likely to be a fruitful path to the freedom you desire, you do have options. At Timeshare Termination Team, we can help you get out of your timeshare once and for all.
Please contact us today to schedule a free consultation. Start your journey towards freedom from the burdens of timeshare ownership.
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