If you’re looking to cancel your timeshare commitment, you may think that selling it is the best option available. While reselling a house or selling an old car is a feasible task, selling a timeshare is an often difficult process. Why are timeshares so difficult to resell?
Price is Hard to Determine
The value of normal real estate is determined by the location of the property or the condition of the home. Timeshares are not valued on these principles. Instead, they’re based on things like the popularity of the timeshare resort and the prevalence of newer properties nearby. The condition of the resort and the amount of amenities it offers can also contribute to the value of your timeshare. If your resort is older, hasn’t kept up with the maintenance, or doesn’t have a pool like the resort down the road, your timeshare may be worth less than others on the market.
Buyers are Hard to Find
It’s rare to find a buyer interested in purchasing a timeshare at an older property. Most timeshares are sold when the resort is new because they launch an extensive marketing campaign. It’s highly unlikely that you’ll have the same resources available to you as an up and coming resort looking to sell dozens of new timeshares.
Lack of Flexibility
Timeshares are becoming less popular, largely due to the fact that arranging travel dates is incredibly difficult outside of your pre-arranged useage. As the secret pitfalls of timeshares become more well-known, fewer and fewer people are interested in them. Aside from the lack of flexibility, many families want to create new memories on their vacations, and would rather travel the world than spend a designated week or two each year in the same spot.
If you’ve found yourself stuck with a timeshare that you no longer want, or can’t afford, call the experts at Wesley Financial. We have years of experience in timeshare cancellation and can help you get out of your timeshare contract today!