Monday, March 30, 2015

Is it Time to Sell Your Timeshare?

Timeshares are a fantastic, reliable investment for many vacationers. But sometimes - after the initial honeymoon period has ended - owners might decide they no longer wish to keep their timeshare, or that it's not as useful as it once was. So many owners remain locked into a timeshare that they're no longer getting their "money's worth" from - how do you know when it's time to sell your timeshare?

An owner's interest in their timeshare might decrease for any number of reasons. One of the most common we hear about it an inability or decreased ability to travel. Be it for health, financial or personal reasons, reduced ability or interest in travel saps much of the usefulness out of timeshares. if the problem is temporary and you'd plan to resume travel after its resolution, you may consider renting your timeshare out instead - this can be an excellent way to recoup the year's maintenance fees and ensure that your week doesn't go to waste.

Many owners may find themselves struggling with the financial burden of a timeshare. Timeshares are definitely a luxury product and demand quite a bit of payment both upfront and on an annual basis - even more so if you made your purchase directly from the developer! Factor in the additional costs of travel (such as airfare, gas and food) and you're committing a very significant amount of money to that yearly vacation. Again, renting your timeshare can help mitigate annual maintenance fees, but if you find yourself gritting your teeth every year, trying to work your timeshare into your finances, it may be worth reconsidering if you want to keep it around.

A lack of flexibility might also be a cause for decreasing interest in a timeshare. While points systems and vacation clubs that allow owners a multitude of destinations are growing in popularity, the limited nature of many ownerships can be off-putting. Perhaps wild summers in Cancun are no longer your thing, or you've just seen all Orlando has to offer. If you find yourself a feeling bored on your next timeshare trip and own at a singular resort, it may be best to sell and use that time and money to explore new destinations. If you're the type who lusts after a new vacation spot every trip, you can also consider renting out other owners' weeks after you sell for incredible discounts.

Should you decide to take the leap and give selling a go, it's best to make sure you're prepared and have all your bases covered. RedWeek's "Posting and Selling Your Timeshare" guide gives you an idea of how to get things started, and you can use the free "What's My Timeshare Worth?" tool to feel out the pricing of your sale. If the resale process seems a bit overwhelming, RedWeek's full-service resale option takes all the stress of out of the process and puts your resale in the hands of full-service agents and licensed brokers. 

If you've sold your timeshare, ring in with your experience below - how did the process go, and were you happy with your decision? What was your motivating factor? 

1 comment:

  1. My wife and I were owners at Westin Princeville on the island of Kauai. We love the property. First class all the way. What we didn't love were the incessant and continuous increases in maintenance fees foisted on us by Starwood. During the six years we owned there, MF's increased by over 50%.

    As a result, we decided to sell and then turned around and purchased a fixed week at Hyatt Highlands Inn in Carmel, California. Not only are our maintenance fees reduced by nearly half, but we'll also save about $1500 in travel costs because we're within driving distance of the resort in Carmel.

    Will we still plan to visit Hawaii often? Absolutely! But we'll get there by renting from a timeshare owner, have more flexibility in booking, and "vote with our feet" against Starwood's aggressive maintenance fee increases.

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