Getting Your Unused Interest Off Your Hands
If you're looking to switch up the family's vacation plans this year but find yourself stuck with a timeshare you can't or don't want to use, it might be time to get rid of it. Selling a timeshare, however, can be tricky business, depending on where it's located.
If it's time to sell, here are the steps to follow:
1. Determine How "Sellable" Your Timeshare Is
Sharket, a Florida-based company that focuses on timeshare market research, offers a tool to help owners measure how likely their timeshares are to sell, via what Sharket calls a "saleability score."
The score measures the liquidity and marketability of each timeshare based on sales data samples within a specific time frame. Liquidity is scored between zero and five depending on the typical resale price reported for similar timeshares, and the marketability is scored on the same scale depending on the number of reported resales of similar timeshares. These scores combine to rate timeshares on a scale of zero to 10, with 10 being the highest possible saleability score.
Scores from eight to 10 represent about 5 percent of timeshare resorts and are considered "generally quite saleable." Scores from five to seven represent timeshares that sell easily but for lower prices, or sell at good prices but a low volume. Lower scores represent timeshare interests that are difficult to sell.
Scoring your timeshare's saleability will help determine a realistic going rate for your interest.
2. List Your Timeshare
If your resort scores particularly well on Sharket (between eight and 10), you should probably get in touch with a real estate broker who specializes in timeshares to help you sell it. If its score is lower but still saleable, consider listing it on eBay, RedWeek or the Timeshare Users Group, or ask if the resort will buy or take back your interest.
Whatever you do, don't work with companies that ask for an upfront fee. Timeshare resale scams are everywhere, and they'll take your money and disappear. Make sure you're working with actual individuals, and that any transaction you make is safe and secure.
3. If It's Not Selling, Give It Away
If your timeshare scores a low number on Sharket, or if you list it unsuccessfully, you might want to think about giving it away. RedWeek, eBay, the Timeshare Users Group and Craigslist offer spaces to list timeshares for nothing.
You obviously won't turn a profit by giving away your timeshare, but gifting your interest would still save you maintenance fees and get the timeshare off your hands, opening your family up to more vacation options in the future.