Essentials of Borrowing
Selling Timeshares: Useful Tips
Retaining the ownership of a timeshare property can become impractical sometimes. The reasons for selling the time shares might vary greatly. A person after enjoying the time share resort for a number of years could have got bored of it, or the financial position of the owner could have changed, or the life style is no longer suitable for enjoying the timeshare he owns etc. Whatever might be the reason, it is just like a piece of real estate and selling needs good planning. There is lot of legitimate agencies which will assist the owner to sell his timeshare in a very professional manner. Selling a timeshare can be very difficult as lots of factors are involved in the sale.
When selling a timeshare the owner has to sell not only the particular time of the year but also the location of the time share resort. Some buyer might be only interested in the location but not the period of the year and vice versa. Pricing the property rightly is the key to sales: If the owner of the property likes to sell the timeshare the fast and the easy way, he has to price it right. To price it right it is good to analyze the features and amenities available to the owner, whether it is fixed or floating or rotating type of timeshare, the number of rooms available, if it is freehold or leasehold kind of ownership, fees collected in the form of maintenance and annual fees, location of the unit say if it is overlooking the beach or near the mountain side etc. By emphasizing the features, it can be sold at a reasonably higher price.
Normally time shares are sold for 20 – 70 % less than the original value. Professional advice will be very helpful in getting a competitive price as well as it can be made very legal. If selling of the time share is not feasible, the next option to get returns out of it is to rent it. Also the owner has to be wary of paying the up-front fees in case of hiring a broker for selling timeshares. If hired on a commission only basis, it avoids the risk of paying money for the services not received. A reputed broker will be able to advice on the current trends of the time share and will ensure that both the owner and himself get the best out of the deal.
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