5 Things to Know About Buying a Timeshare Resale

Posted On Thursday, 21 January 2021 20:45

If you are a person who loves to vacation and is able to vacation regularly, you may have considered timeshare ownership. Owning a timeshare allows you to enjoy regular vacations at popular resorts across the globe. However, buying a timeshare can be expensive, stressful, and even confusing if you don't know what you're looking for. Luckily, you have the option to purchase a timeshare resale instead. How is this a better option? Let us explain.

What is a Timeshare?

If you are unfamiliar with timeshares or how they work, you're not alone. Even if you've heard of timeshares, you may not know what it actually means to own one. A timeshare, simply, is the ownership of a block of "time" at a given resort. Timeshare resorts sell blocks of time, typically a week, to those interested in visiting the property during their favorite week each year. Rather than owning a unit like you would a vacation rental property, you simply own a window of time to vacation. After the purchase price, owners pay annual maintenance fees to aid in the upkeep of the resort property and cover taxes and other dues. 

Timeshares are available as fixed weeks (the same set week every year), floating weeks (a week that can be reserved within a specific season), or even points-based ownerships (more points means more flexibility to book longer or multiple vacations per year). Owners can buy timeshares to visit annually, biennially, or even biannually. Timeshares can also be deeded properties (you own for life) or Right To Use (you own for a set number of years). You'll find timeshares available at popular, well-known branded resorts like Marriott, Wyndham, Hilton, and Disney. A big perk of timeshare ownership is the ability to exchange your week (or points) for a vacation at another resort, adding variety to your traveling lifestyle. 

Traditionally, timeshares are purchased directly from the resort developer. However, those seeking to sell their own personal timeshares opened up a new avenue for timeshare sales: the timeshare resale market.

Timeshare Resales are More Affordable

One of the main draws of purchasing a timeshare resale from an owner is that the timeshare ownership will be much more affordable. When you purchase a timeshare from a resort developer, that resort will drive up the cost of the timeshare by tacking on hidden fees, taxes, and hefty sales commissions. This raises the price of the timeshare by thousands of dollars, meaning the buyer is paying significantly more for the timeshare than it is actually worth.

When you shop the timeshare resale market, you'll find owners advertising their timeshares for sale at thousands below retail because they price these properties based on their true value (if you’re an owner, you can find out how much your timeshare’s worth here). Typically, if the seller is very motivated to sell quickly, he or she may drop the sale price even lower than it is worth. This results in incredible savings for the buyer.

Additionally, many owners are willing to negotiate with an interested buyer to get the timeshare sold. Meaning, you can work with the buyer to find a price that works for you both.

The Buying Process is Stress-Free

One reason timeshares get a bad rap is because of the stressful and high-pressure sales presentation one usually has to sit through to get one. If you are buying a timeshare resale, you don't have to worry about any of this. 

Traditionally, when visiting a timeshare resort, you'll get suckered into a lengthy sales presentation with a sales staff using aggressive techniques to get you to buy on the spot. When you buy a timeshare resale, you simply scroll through the inventory online at your leisure. You can narrow down your search by using filters to browse by price, location, brand, ownership style, and more. Take your time to make your decision without any outside pressure.

Find Timeshare Inventory at "Sold Out" Resorts

Some of the most popular timeshare resorts are completely sold out. What this means, is that the resort has every block of time accounted for by a timeshare owner and no longer has ownerships to sell. This is very common with brands like the Disney Vacation Club and the only way to find a timeshare to purchase is to shop the secondary market.

Even if the timeshares are sold out from the developer, you can often search online for available resales advertised by owners at these sold-out resorts. This is oftentimes the easiest and most affordable way to experience these exclusive resorts.

Rent a Timeshare to Experience Ownership

Not ready to commit to buying a timeshare but want to see what it's all about? You can find timeshares to rent through the online resale marketplace as well. Owners will usually rent out their timeshares for one of two reasons. One being if they are unable to travel to their timeshare in a given year, they will rent out their timeshare to cover annual maintenance fees. The second reason is usually that owners are waiting for their timeshare to sell and want to make a little cash back in the meantime.

Timeshare rentals are not only affordable ways to enjoy a luxury vacation, but they are a great way to experience the timeshare lifestyle first hand. Stay in a timeshare suite and enjoy the many on-site amenities to see if ownership is right for you. If you love the timeshare, you can see if the owner that rented it to you would be willing to sell to make the whole process even easier.

If after reading this, you’ve decided a timeshare resale is for you, the best course of action is to work with a reputable timeshare resale company. If you’re not sure where to start, you can try SellMyTimeshareNow.com, they offer an inventory of thousands of timeshares advertised for rent and sale by-owner. They are also veterans in the resale industry with nearly two decades of experience, available to help you with any questions or concerns about buying on the secondary market.

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