As a timeshare seller, I was asked a really good question by a buyer today, and I feel like my response was pretty transparent and could be useful to other sellers (this was for an Escapes timeshare).
Question: If we decide at some point we want out of the timeshare how does that work?
Answer: You owe maintenance/membership fees until you sell it - $400/year on average for this 163K Odd unit.
The good news is that most people who are "stuck" in a timeshare are trying to recover thousands paid to developers - since you are paying -$745 ($745 less than the rental you are getting), you are in a much better position than almost all timeshare sellers. Closing costs are around $500, so even if you had to pay for all of closing costs when you sell it, you could still pay someone $245 to take the timeshare off of your hands and break even.
At a rental rate of $1500, you only have to use the timeshare once every 3-4 years to break even - in between timeshare trips, you could rent the unit out, even to family members at a deep discount and still come out ahead.
-Scott
To be honest, if escapes had online booking, I might do that.... calling to make reservations is a huge pain
ReplyDeleteI just want to sell our timeshare with Holiday Inn resorts. Could you please tell me what the process is for requesting to sell the unit?
ReplyDeleteChloe Smith what resort, points, maintenance fees etc?
ReplyDelete