Why Are Timeshare Resales So Cheap
So many timeshare owners want to get out of their timeshare contract, which can prove to be a very difficult thing to achieve. Often their first port of call is to try and sell it. Whilst it might seem like an easier option than battling the timeshare resort to get out of the contract, selling a timeshare is not as easy as it sounds and they barely hold any financial value on the resale market. However, this means that those consumers who want to buy a timeshare might benefit from the current low prices and huge selection on the timeshare resale market. But there is a darker reason why timeshare resales are so cheap, so before you go ahead and think you are grabbing a bargain, here is why they are really so cheap.
The bad reputation of the timeshare industry in recent years, from pressure sales to increasing maintenance fees, has led to many people wanting to get out of their timeshares, and selling is often an option first considered. Consumers are so desperate to get rid of their timeshare, that people are listing their timeshares for a fraction of their worth, even using websites like eBay and Gumtree to sell their timeshare weeks for as little as a few pence, just in the hopes that it is taken out of their hands. Due to the increase of supply, and decrease of demand, there are thousands are timeshares listed for sale, and despite the bargain price, nobody is buying.
Buying a Timeshare resale.
If you are wanting to buy a timeshare, buying on the resale market is a good way to get the purchase at a lower price than its initial value. Due to the massive amount of owners selling their timeshares, there will also be a wide range of property types, and destinations available to choose from. However, you must remember that buying a timeshare on the resale market, comes at a higher price than just the initial fee. There are many other costs to consider and take into account such as annual maintenance fees which often rise on a yearly basis. It is also important to remember that you are not buying an investment property, you are buying the right to use the property for a specific period of time and once you have signed the contract, you are bound to it and it is very difficult to leave. Although buying a timeshare on the resale market might look like a steal, that isn’t often the case.
Selling a timeshare
Getting an exit from a timeshare contract might seem like long difficult process, and selling it seems like a quick easy fix. Although selling a timeshare might seem like a simple way out, they can be virtually impossible to sell. Owners are trying to sell their timeshares in any way possible just to get rid of it, even for as little as pennies and pounds of auction websites. Thousands of timeshare units are listed online with the more getting added each day, and barely any, if any at all get sold as no-one wants to buy the burden that comes with a timeshare property.
Because timeshares are notoriously difficult to sell, many people fall for the false promises of timeshare resale companies, who for often a large upfront fee, promise that they can sell their timeshare. Unfortunately more often than not, as soon as the upfront pee is paid, the timeshare never gets sold.
The fact that timeshare resales are so cheap, shows the state of the industry. Selling a timeshare might seem like an easy option, but more often than not, it is a waste of time that may end up costing you more money. Seeking timeshare legal advice is the only way to get the correct advice on how to properly exit your timeshare contract.