Should I Sell My Time Share, Let The Research Begin
Along my financial journey I was able to pay off my credit cards, student loans, and a personal loan to my parents. The loan to my parents was originally borrowed from their home equity line of credit, but as my final debt remained I knew that the item my parents needed the most help with was a loan for the purchase of their timeshare.
The interest rate of the timeshare loan was close to 16% and while my experience with the actual timeshare itself was great, the amount paid in interest was not so great. By my own choosing, I went through the timeshare presentation–only to find out about the loan and all of the expenses associated with a timeshare. During that time, I realized that I needed to develop a plan to get rid of my parent’s timeshare.
Of course, the first step was to pay off the large balance and even higher interest rate of the loan. The next step is to convince my parents they need to sell their timeshare and with that goes the research on what options are available.
After looking over my parents’ timeshare statement for 2016, the balance totaled $1982.80 or approximately $165 per month. This number gives me a starting point on the annual cost. I’m not entirely familiar with any extra costs associated with this timeshare, so I will assume this is the total cost for the year. The purchase price is irrelevant to me at this point, as to me this is a sunk cost. However, the yearly fees are something to keep in mind.
A number of options are available to get rid of your timeshare. The best option, if available, is to sell your timeshare. Selling a timeshare for any amount of money is the ultimate goal as this will bring money into the picture and ending your yearly maintenance fees once and for all.
I decided to look at a website whose sole purpose is to sell timeshares, which makes sense to me at this point in the game. The name of the company is SellMyTimeshareNow.com. A company founded in 2003, they have grown rapidly from a small, home-based business to become the largest, most active online marketplace for timeshare resales and rentals per their website.
If I’m going to sell my parents’ timeshare, it’s important to know what the company is offering. This is not a house in a hot real estate market, this is a timeshare and everyone and their mothers, mine included, are trying to sell.
What Does SellMyTimeshareNow.com Offer as a Reseller?
I went through the website and found this brief bullet point list of what SellMyTimeshareNow.com has to offer.
- Expert advice– I personally have not sold a timeshare so any suggestions to increase the likelihood of a sale is a plus.
- No appraisal fees– In any transaction, the importance of limiting fees cannot be understated. SellMyTimeshareNow.com offers a 3 step process that allows you to get an estimated value of your timeshare, plus it’s free.
- No hidden fees and no commissions – It’s important to know and understand what costs are associated with selling your timeshare. Having a fixed cost to sell your timeshare can give you the peace of mind knowing you’ll only need to pay one fee, as opposed to yearly or even monthly fees.
- Advertising exposure – While it only takes one buyer to sell your timeshare, the best strategy is to get as many eyes looking at your timeshare as possible.
- Hassle-free Closing Process – After finding a buyer on SMTN, they can provide you with a licensed closing company that can help make the closing process easy.
After reading and researching about SellMyTimeshareNow.com, I was pleasantly surprised at some of the facts and figures from the sales and rentals of timeshares. Reading the Consumer Affairs website also gave me some insight into their customer service, which overall seemed positive. My concerns still persist in regards to the difficulty of selling a timeshare. However, SellMyTimeshareNow.com did open my eyes to other possibilities including donating to a charity and renting out the timeshare, which would help cover maintenance fees while we waited for a buyer to come along.
Like everything in life make sure to do your own research and make a decision that works best for you.
Have you ever tried selling a timeshare? What was your experience?