If you are looking for a way to get out of your timeshare, selling it can be a legitimate option. Let’s look at the positive and negative aspects of selling your timeshare.
The Positive:
Resale is less expensive than other timeshare exit options. Depending on the platform you choose, your costs can range from a few hundred dollars to a few thousand dollars.
It is less time-consuming than other exit options. The effort it takes to list your timeshare and wait for an offer is not time-consuming. Of course, you will have to answer questions from interested buyers as they come up.
You could recoup some of your initial purchase price. Unlike returning your timeshare to your resort/developer, you may receive a check at the end of the resale process. Even though you purchased a timeshare for its value as a vacation product, some timeshares, depending on location and the brand you own with, have value on the secondary market.
Once sold, you no longer have to pay maintenance fees: Once the sale is complete and ownership is transferred, you’ll no longer be responsible for ongoing maintenance fees.
You don’t have to sell your timeshare yourself: You can work with professionals dedicated to helping owners like you. Reputable resale companies guide you through pricing, paperwork, and buyer communication, helping you navigate the process with clarity and transparency rather than going it alone. The marketing strategies used by these companies get more eyes on your ad to give you the best chance possible of finding a new owner for your timeshare.
The Negative:
It might take some time to sell. Depending on your listing price, the location of your timeshare, and other factors, it could take a while to sell your timeshare, if at all.
You will have to keep paying your maintenance fees and/or loan payments. Like any other option to exit your timeshare, you will need to keep paying your loan or maintenance fees to avoid damaging your credit.
There are additional costs associated with resale. Whether you list it for a small amount on a timeshare resale marketplace, or you pay a commission for a real estate licensee to sell your timeshare, you may have to pay closing costs and fees, all depending on how you negotiate the sale of your timeshare.
Now that you have the facts about reselling your timeshare, let’s look at how the process of selling your timeshare works.
Step one: examine your timeshare contract to make sure you’re allowed to resell it. There are several things you will need to look for:
- Selling restrictions: Some timeshare contracts have restrictions on selling your timeshare.
- The right of first refusal: Some timeshare contracts have a right of first refusal clause, which gives your timeshare company the right to purchase your timeshare once you have a valid offer in hand.
- Know the details: Make sure you understand the details of your timeshare ownership, including what kind of timeshare you own, the legal name of the resort, the name of your developer (if your resort is still in active sales), the amount of your annual maintenance fee payment, and other relevant information about your timeshare. You will need this information whether you sell your timeshare yourself or work with a resale company or realtor.
Step Two: Choose how to sell your timeshare. There are several different ways to sell your timeshare. The list below contains all the most popular methods:
- Selling your timeshare back to your timeshare company. Some timeshare companies have programs to buy back timeshares from owners who no longer want them. Contact them directly to see if they have this type of program.
- Sell your timeshare yourself. There are several avenues to sell your timeshare yourself. A few of the more popular options include:
- Redweek.com: This website is one of the leading platforms for timeshare owners looking to sell their timeshare. It attracts a lot of traffic and has an established reputation with both timeshare owners and potential buyers.
- Timeshares Only: A trusted resale marketplace that has supported timeshare owners in selling and renting their vacation ownerships for more than 30 years. Timeshares Only is a Featured Reseller on The Coalition for Responsible Exit.
- Timeshare Users Group: This is a group of other timeshare owners who are a great captive audience for reselling your timeshare.
- eBay.com: eBay has a dedicated section for people selling their timeshare. As one of the most popular auction websites in the world, eBay receives millions of visits per hour, providing a large audience to sell your timeshare to.
- Using a licensed real estate agent or resale company: There are real estate agents and resale companies that specialize in timeshare resales. Find a list of trusted companies to use here.
Our advice: Reselling your timeshare is a great option for many owners, as it has significantly lower costs associated with it than using a third-party exit company. Keep in mind, if your timeshare is not with a well-known brand or in a popular destination, it may take longer to sell. In the meantime, you can rent your timeshare to help with expenses, which you will still be responsible for during the process.