If you bought a timeshare when your children were small and they are now grown so you want to sell it, then the process may not be as simple as you think. Selling timeshares can be a serious challenge, unless you purchased one from a popular, high-value resort company such as Marriot, Disney, or Hilton Timeshares.
Many people believe you can simply donate your timeshare to a charity, but today this is very hard to do. Most non-profits won't accept a timeshare donation due to the yearly costs involved in maintaining it.
To get rid of your unwanted timeshare, you have many options. But first, you need to determine the market value of your timeshare.
How to Determine the Resale Value of Your Timeshare
To value your unwanted timeshare, do some research online to see what comparable timeshares are selling for. As you research, discount timeshares for sale by resellers since they often have an inflated price. As you research, it's important you understand the timeshare will have a higher value if there are not a lot of other timeshares available and it is in a high-value resort. Conversely, it will have less value if there are a lot of other timeshares for sale or if it is a lower-value resort. Ultimately, it may or may not be worth what you have paid for it, and chances are it's the latter.
Sell the Timeshare Yourself
Once you know the true value of your timeshare, then you always have the option of selling it yourself. To do so, list it on social media or other online classified ads and see if you can find a buyer.
Consult with a Licensed Timeshare Resale Broker
If you don't want the hassle of selling your own timeshare, then you should contact a licensed timeshare resale broker. You can find a licensed broker here. Timeshare brokers specialize in reselling unwanted timeshares to new buyers and processing all of the required legal paperwork. Often, brokers charge an upfront fee to sell timeshares, so it's important to make sure they will guarantee you a sale or refund the fee.
Consider Renting Your Timeshare if You Struggle to Sell It
If you find yourself struggling to sell your timeshare, then you always have the option of renting it. If your timeshare is located in an area with high demand, then this is a great option for covering your yearly fees while you wait for a sale.
Avoid Defaulting and Foreclosure if Possible
Lastly, it's important to note you should do everything you possibly can to avoid defaulting in your timeshare. If you choose to simply stop paying the yearly fees, then the timeshare company will file for foreclosure. A foreclosure will ruin your credit rating for years and it's likely you will be harassed by debt collectors. Instead, do everything you can to sell or rent your timeshare to protect your sanity and credit rating.
Learn more about your options by contacting services that offer Hilton timeshare resales or purchases.