How Much Is Your Timeshare Worth?
Prior to deciding how to get rid of your timeshare, the most important thing you should do is determine how much your timeshare is worth. Understanding your timeshare’s value will also help you save money, as divesting a timeshare can be quite expensive.
One of the most common mistakes owners make is assuming that since they paid 10 to 20 thousand dollars for their ownership, it’s still worth nearly that much. Unfortunately, this simply isn’t true.
What Are Timeshares And How Do They Work?
The American Resort Developer Association (ARDA) notes on their website that a timeshare is a “use” product, which means the owners derive the value from the annual vacations they take, it also means that a timeshare is not an investment.
When you purchased your timeshare, you paid upfront to secure the right to use the timeshare resort or system on a yearly basis. This can make sense for travellers if they’ve found that the annual maintenance fees are less than the cost of staying at a similar resort. In this scenario, the owner recoups the savings each year and recovers a portion of the initial investment. However, problems begin to arise when an owner’s situation changes and they can’t travel consistently, or the maintenance fees start increasing. If this is the position you are in, then it’s time to get rid of your timeshare.
Evaluating how much your timeshare is worth is the key to choosing the best timeshare exit service for your circumstances.
How Much Is My Timeshare Worth?
There’s no easy way of answering this question, but here are some easy techniques to help you determine how much your timeshare is worth.
Look at nightly rental rates
Compare your annual maintenance fees to the cost of similar lodging, and look at sites like Trip Advisor to find comparable resorts. Keep in mind that a hotel usually isn’t comparable to a timeshare. The amenities (such as a kitchen and in-room laundry) and size need to be similar for an apples-to-apples comparison. If it’s cheaper to stay by booking on sites like expedia.com, hotels.com, or kayak.com, that means there is little to no value to pay upfront for the right to stay at your timeshare. If you find there are some savings, just ask yourself, how much would I pay upfront to save X dollars per year?
Search sold auction listings
Look at auction listings. eBay has a great, completed listings search function that will allow you to look for sold listings of your particular resort. This is usually better than looking at listing prices because these represent actual sales prices rather than listings. These are usually more revealing than relying on what other people have listed their ownership for on timeshare specific sales websites.
Would you rebuy the timeshare?
Reassess your own decision to buy. How much value do you feel you got from your timeshare? Would you purchase it again knowing what you just learned about travel prices during your research on Trip Advisor? Honestly answering these questions will reveal a lot about how much you can expect to get for your timeshare; after all, if you wouldn’t buy again, why would anyone else?
Timeshare Value Calculators
Timeshare exit companies often use a timeshare value calculator to estimate your timeshare’s worth. These calculators factor in the initial purchase price, annual maintenance fees and the years you’ve owned the timeshare. Knowing your yearly timeshare costs will also help determine the value of your timeshare ownership; you can use our timeshare cost calculator here.
Expert Assistance for Timeshare Exit
At Timeshare Specialists, we understand the complexities of timeshare divestment. We can help answer any questions you have and we’ll explore viable options for getting you out of your timeshare.
Contact us anytime for free expert advice at 1-800-965-6565.
The Timeshare Specialists Difference
Timeshare Specialists has been a leader in Timeshare Divestment since 2014, we’ve helped thousands of owners just like you find the right way to get out of timeshare ownership. Our goal is to be sure you make the right decision so we’ll assess your ownership and let you know your options.
If you choose one of our guaranteed options, we promise you’ll never pay another fee and since we don’t charge up front, there’s zero risk to starting one of our programs. Our Award winning team is ready to help you today!
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Resort Closings, Inc is a licensed and bonded escrow company specializing in the legal transfer of timeshares, if you need to transfer your ownership to a new owner, they can help!
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