What is my timeshare worth? This is a complicated question for anyone who’s owned a timeshare for a considerable amount of time. Property values fluctuate. A timeshare you purchased for a steal may now be worth thousands more. Conversely, a once freshly renovated timeshare may look a lot dingier 10 years after it was originally purchased. And if you’re looking to sell your owned timeshare or get out of your contract, you may want to start analyzing more than just how well your timeshare has aged.
Websites like eBay or Craigslist allow you to sell timeshares online. But before you list your property, consider the many factors that go into determining your timeshare resale value: how much you purchased it for, how desirable its location is, how established the timeshare company you bought it from is — and much more. Needless to say, coming up with a resale price can be perplexing when you don’t know where to start.
So, how do you determine the value of your timeshare? Start by getting a rough estimate on the value of nearby timeshares. If your timeshare is at a resort, check out the resale prices of other units there. You can even do a quick market analysis by checking eBay for similar properties to see what they’re listed for.
Keep in mind that not all timeshares are created equal, even if they’re at the same resort. If your timeshare is two blocks from the beach and your unit has an ocean view, your particular timeshare will most likely be valued higher than one with a street view. But if the other unit has two bedrooms and yours only has one, comparing prices may be a bit of a toss up.
If possible, compare prices with a variety of resale units at your specific resort to give yourself a wider pricing range. Try to find units similar to yours, with the same number of rooms, square footage, and amenities. The more similar your unit is to other ones at your timeshare resort, the better chances of you determining an accurate timeshare market value.
In addition to comparing your unit to others in the area, you also need to consider your timeshare’s seasonal availability and location as well as which brand is affiliated with your timeshare.
You have to imagine that potential buyers will want to rent out the timeshare when they aren’t using it themselves. Ideally, a timeshare owner will be able to rent out their timeshare for the same prices year-round. But if your timeshare rental is located in a place that has high and low seasons, this may factor into its overall value.
If your timeshare’s location is in a place that’s popular during the summer but practically dead in the winter, potential buyers may see this as a downside. If they are choosing to rent out their timeshare, they may worry they’ll earn significantly less money renting it out in the colder months. While you shouldn’t undervalue the benefits of having a timeshare in a location with major peak seasons, it’s important to be realistic about how unfavorable seasonal conditions and desolate low seasons may factor into its overall value.
Also take into account the flexibility and trade-ability of your timeshare. Do you have fixed weeks or flex weeks? Fixed weeks mean all your timeshare’s allotted weeks are given on specific dates that cannot be changed. People who stay at the timeshare aren’t able to trade their days, divide them up, or switch them according to their schedule and needs. If you have flex weeks, renters have the ability to choose what weeks they want to visit your timeshare. Having flexible date options like this add value to your timeshare’s worth.
Another factor that can increase your timeshare’s worth is exchange value. When you own a timeshare through a management company or vacation club that has multiple locations, you may be able to exchange a week at your location for a week at a different destination. Many people are hesitant to buy a timeshare because they don’t want to feel obligated to visit the same destination every year. But if you’re able to exchange your location for a week in Hawaii, Orlando, or another destination, buyers may view your timeshare as more valuable.
Just because you love your timeshare’s location doesn’t mean someone else will. So when evaluating its value, consider how desirable your timeshare’s location will be to potential buyers. Does its location have mass appeal, or is it geared toward a specific demographic?
It sounds simple, but think about the population of your timeshare’s location now versus when you purchased it. Some people are lucky enough to have purchased a timeshare before its location got trendy. Though this may not be the case for most timeshare owners, if this is true for you, then you might actually be able to sell your timeshare for more than what you bought it for.
If your timeshare’s location hasn’t boosted in popularity, what other benefits does its area offer? Is your timeshare located next to a newly developed shopping center? Is it next to a park that’s perfect for families with children? Does your timeshare offer convenient access to popular tourist attractions?
If your timeshare is relatively remote, what unique benefits does that offer to prospective buyers? Many people who live in big cities or sprawling suburbs use their vacation time to relax and get away from the noise. Don’t undervalue your timeshare just because its location doesn’t have instant name recognition — because sometimes that’s the best quality it has to offer.
People are more likely to notice timeshare listings that have a brand name attached to them. So, if you own a Hilton, Hyatt, or Marriott Vacation Club timeshare, your asking price will automatically be boosted. Having a major hospitality brand affiliated with your timeshare doesn’t mean that it’s better, it just means that people familiar with these brands will feel more confident investing in it. This in turn can boost your timeshare’s value.
If your timeshare isn’t owned by an instantly recognizable company, people may be more tentative to buy. This shouldn’t be a count against you if the timeshare itself is just as nice as brand name ones. Just like having a less popular location, having a lesser-known timeshare company shouldn’t cause you to undervalue your timeshare. Instead, focus on how this factor can lead to less crowds, less competition for weekly availability, and unique amenities.
Determining the value of your timeshare by comparing it to similar units, evaluating the desirability of its location and seasonal availability, and factoring in its brand recognition is hard enough. Adding whether you’ll even be able to sell it should not be another factor in your quest to put your timeshare up for sale. Running into complications while working with a large timeshare company isn’t uncommon, but these complications shouldn’t become greater than the benefits you receive from the timeshare itself. Consider why you want to exit your timeshare contract. Are travel inconveniences, busy schedules, or personal financial woes causing you to reconsider whether you want to own a timeshare? Or is it something greater?
Maybe the reason why you’ve decided to sell your timeshare and cancel your contract has more to do with the difficulties you’ve been having with your timeshare company than the timeshare itself. Maintenance fees, inflexible date availability, and misleading contracts can have you questioning whether you should have bought your timeshare in the first place. What makes this even worse is when timeshare companies use clauses, technicalities, and dishonesty to prevent you from selling your timeshare or even commandeering the funds if you are able to find a buyer. If this is the case, Centerstone Group may be able to offer you a solution.
Your hope is to sell your timeshare at a value it’s truly worth. To do this, you must do a market analysis of similar timeshare units, recognize how favorable your seasonal availability, tradeability, and location is, and determine the influence of your timeshare company. Once you can successfully analyze these factors, hopefully you’ll have an answer to the question, “What is my timeshare worth?”
While we wish that the timeshare exit process went smoothly for everyone, we know that’s not the case for many timeshare owners struggling to get out of deceptive contracts. That’s why we started Centerstone Group as a full-service advocacy group specializing in resolving timeshare contracts. Our group of timeshare exit experts have a deep knowledge of the timeshare industry and know how to navigate release for timeshare owners looking to get out of their contracts. If you are a victim of fraud, high-pressure sales tactics, or misrepresentation during the timeshare sales process, contact Centerstone Group today. We’ll work diligently to release you from your contract.