At some point, you probably thought it was a good idea to buy a timeshare, so you churned out some dollars to seal your desired timeshare deal. After visiting the same vacation spot for some time, you are no longer pumped about the idea of having a timeshare. It now seems like a lot of financial burden for you because you have to pay taxes and other levies for your timeshare. The only thing on your mind now is to ‘cancel my timeshare’, but it is not feasible, so you now have to look out for how you can sell your timeshare property. This is also not a very easy thing to do, and here you are wondering why it is so. Here are some of the reasons why it is not easy to sell your timeshare property:
The price of timeshare properties: owning a timeshare property is not like having a home or condo that is valued according to the selling prices of other properties in the area that is similar to yours. The value of a timeshare property is vague as it is valued according to the amount that buyers are willing to pay to use the property for a certain period. A less popular resort has a less valuable timeshare. When more and newer properties get erected in the location where the timeshare is, the value of the timeshare will go down. It will become less appealing to buyers, as everyone will want to go for the new properties.
Getting buyers: most of those who want to buy timeshares which to buy them new. New properties have more market value than old ones, so people rarely pay attention to those who wish to resell. Although those who are selling new properties spend a lot of money to get buyers, one who wants to resell cannot afford to spend so much money. There is the option of working with resellers, but this means that you will have to pay commission to them from an already meagre selling price.
Restrictions and fees: one of the factors that endear buyers purchasing timeshares is the hope of getting access to low-cost vacation resorts, as well as the chance to sell credits from one resort, to get the chance to vacation elsewhere. Sellers typically won’t talk about the fact that you’ll have to pay monthly membership and maintenance fees. You may also not know about the real estate taxes that you’ll have to pay and the many other fees that await you. It is, however, very difficult, or almost impossible to trade timeshares in a different resort, depending on how appealing the location of your timeshare is. The high fees attached to timeshares and low flexibility are some of the reasons why it might be hard to resell your timeshare.