There are two ways to answer the question of whether or not timeshare resales are a good deal. There’s the side of those selling their timeshare, and of course, the side of the potential buyer. For the seller and the buyer, there are different factors to consider, so let’s break it down.
Selling Your Timeshare On The Resale Market
If you’re sick of your timeshare and want to say goodbye to it once and for all, in most cases putting it up for sale to another party is a viable option. But the issue is whether you can actually find a buyer in the first place.
It’s no secret that timeshare has received more than its fair share of negative press, and not always without good reason. Thanks to regular reports of scams and malpractice, most people are generally unwilling to dive into the murky waters of timeshare. Timeshare companies know this, which is why many make it so hard to exit your timeshare contract. It also means that it’s not a straightforward job to sell your timeshare on the resale market.
If you need proof of the state of the resale market, just log onto eBay, where you’ll see many timeshares being sold for just £1. This shows the desperation of so many people to be rid of their timeshare. There are legitimate sites that help people unload their timeshare for a more reasonable price, which can help. That being said, your best hope of getting out of timeshare is to speak to an expert about exiting your timeshare contract.
Buying A Timeshare On The Resale Market
As mentioned above, you can find timeshares being sold for as little as £1 by people desperate to get rid of their timeshare. This should give you pause for thought. Why would a person be so motivated to sell if the product is worth having? The cheap price may seem tempting, but that is the tip of the iceberg.
Once the timeshare is yours, you will be liable for annual maintenance fees, which may rise on an annual basis. Furthermore, the contract may be yours for many years to come. The maximum number of years a timeshare contract can last is fifty years. Assuming the person selling the timeshare has had it for ten years, that still means you’re bound in for up to forty more. Can you imagine still taking the same holiday and paying maintenance fees every year until you’re in your seventies, eighties or nineties?
So, are timeshare resales a good deal?
Taking the above into account, it doesn’t look promising. However, you may have your own reasons for pursuing this route, and it may actually work for you depending on your circumstances. Before you make a decision, be aware of all the facts. Speaking to an expert, like the team at Timeshare.Lawyer, will help you know everything you need to know before you proceed.