Have you found yourself in the position of wanting to sell your timeshare? Maybe it doesn’t suit your needs, maybe the maintenance fees have increased too much or maybe it just hasn’t worked for you? Your next thought may be to explore reselling your timeshare?
If this is the position that you find yourself in you may wish to follow our tips on how to avoid timeshare scams or more to the point timeshare resale scams.
When you have decided that timeshare disposal in the form of reselling it is for you, it is best that you first consider the following questions:
Does your resort or club offer an effective resale service?
Is there a timeshare resale market for your particular ownership?
Are you aware of people actively purchasing ownerships similar to yours?
If so, are these potential purchasers paying the sort of money that you would want to sell for?
Does your resort charge reasonable transfer fees?
If the answers to the above are yes then as long you are not being charged an upfront fee and the commissions that you will have to pay upon a potential resale are reasonable, then we would advise you to go ahead and register your week for sale. Golden Rule Number One ‘Never pay upfront for a resale service’.
If you realise that you won’t succeed in selling your timeshare through your resort then you may consider a resale company. If this is your chosen route speak with the sales team, understand the reasonable price that they might achieve, get a handle on how long this might take and get evidence that they have achieved their predictions on recent sales of similar weeks. Should you feel comfortable with the selling price, how long it may take and the commissions payable then go ahead and list your week.
However, you must avoid getting entrapped in one of the many timeshare resale scams. It should always raise eyebrows when a client that wants to explore getting out of timeshare they are pointed in the direction of the sales team! It has been brought to our attention that some of the larger firms have used this practice namely Silverpoint, Diamond Resorts and Club la Costa. The question that we pose is why would a company send clients that are on a resort to their often, commission only, sales team?
The most common complaint that we hear in these situations is that clients asking for timeshare help, assistance to get rid of timeshare or timeshare points, is that they are then tangled up in an effort to sell fractional ownership. Fractional ownership often comes with the promise of monetary returns in the form of rental cheques, year on year investment growth and an eager resale market! Wow if only that were true. Golden Rule Number Two ‘Don’t buy another product in an effort to resell your original timeshare’.
In a recent article that we posted entitled Timeshare Scams – ‘The Buy Sell’ we highlighted the practice of the timeshare sales team convincing clients that had enquired about selling their ownership to buy another week that they claimed would be more saleable! Golden Rule Number Three ‘Don’t get sucked into the Timeshare Buy Sell’.
So, there we have it very few timeshares have much of a resale value in comparison to the original amount that it cost. No one apart from the timeshare resort makes money from selling timeshare and timeshare never increases in value. Golden Rule Number Four ‘Only buy timeshare to enjoy great holidays’.
We hope that these tips and advice help you and should you require any further information please do not hesitate to call one of our advisors or request a call back below.