Timeshare ownership is a great way for individuals to have a piece of vacation property they cannot otherwise afford to buy through traditional means.
With timesharing, it can be available to an average consumer.
However, the financial obligations, such as the hefty maintenance fees, make this an unattractive means of gaining vacation weeks even for the current owners.
Thus, many of these owners want to get out of their timeshare contracts.
For most owners who are trying to get rid of their vacation week, selling it is the first option they consider.
With timeshare resales being offered at nearly half their original price, it is not surprising that many people are encouraged to buy.
However, selling your vacation week may not always be a good option.
There are several disadvantages in doing so which we will discuss in this article.
Timeshare Resale Pricing First, a timeshare resale does not exactly equate to a good sale.
If you decide to resell your vacation package, expect to sell it at a loss.
You will not be able to price it as the developers do.
Developers are able to spend certain amounts for the cost of presentations, advertising and promotions which they can add up to the price they cost their timeshares.
Being in a resale market, you have to drag down your price to make it competitive and attract potential buyers.
Today, there are thousands of owners offering their units on the resale market and chances are there are other sellers in your category and location who may be offering more competitive rates.
Reputation of Vacation Packages for Resale in the Market Also, resale units do not have the same reputation as those sold by developers.
The biggest names in real estate are currently involved in timesharing like Disney, Hilton and Marriott.
If you are a seller, you have to market your timeshare more aggressively in order to be noticed.
Newly Bought Vacation Week If you just bought a timeshare, there is a possibility that you can get a good price for it.
But as long as you own the package, you still have to pay for the maintenance fees of the unit as long as your contract holds.
These fees will go up depending on how the current market behaves and if the area becomes popular or exclusive.
Timeshare Resale Scams Another disadvantage in the resale market is the possibility of transacting with fraudulent companies pretending to be authorized resellers.
Scams in the resale industry are prevalent and you should be extra cautious about it.
Clarify all the stipulations on your contract before finalizing the deal to avoid future conflicts.
Reselling a timeshare may be a good choice compared to others options of getting rid of timeshares but before you do so, you have to consider carefully its disadvantages before making a decision.
If you really need to dispense off your vacation week, you can also hire a timeshare transfer company such as the Transfer Smart to get rid of it.
This way, you are able to cut off the expenses involved in timesharing immediately.