Sell My Timeshare. What is the average cost?
$20,000 to $40,000, or more – and that’s without the burden of special assessments or annual maintenance fees, which tend to rise steadily year over year.
For many consumers – particularly those who feel that they were entrapped or pressured into their timeshare purchase by the demanding “hard sell” of a sales presentation – these costs are unsustainable; many look for legal ways out of their timeshare obligation, only to find that may of the avenues available are incredibly costly in their own right.
Whether you’re considering dipping a toe into the shallow pool of the timeshare resale market; looking to turn your obligation into an opportunity by offering it as a rental; or seeking out legal aid, there’s no denying that it can be expensive to cancel, transfer, or maintain a timeshare obligation.
- But how much is too much to pay to get out of a lifelong timeshare obligation?
- Are there risks or hidden fees that consumers may not be expecting?
- Does a higher cost necessarily mean a greater chance of success?
Let’s look at some of the common costs associated with selling a timeshare:
Timeshare Resale Market
For timeshare owners looking to transfer or sell their obligations on their own, it’s not uncommon to have to pay up. Our own Michael D. Finn was interviewed about timeshares and credit for Credit Card Guide, and the article points to an all-too-common reality: Because of the nature of the secondary market, many consumers list their timeshares on message boards or sites like eBay for pennies on the dollar, sometimes for as little as $1 – a far cry from the thousands that they probably spent on their initial timeshare commitment. On top of that, many consumers desperate to unload a timeshare even offer to pay for any closing or transfer fees, which can be quite costly.
And desperate consumers may wind up paying even more dearly if their eagerness to get out of a resort contract leads them into a timeshare resale or redemption scam. We’ve written before about these pernicious scams, which have swindled consumers out of thousands of dollars over the years. In most cases, the scam begins when a consumer is contacted by a person or company offering to help them resell their timeshare to an eager buyer – for an upfront fee of anywhere between several hundred to several thousand dollars. Of course, once this upfront fee is paid, the company disappears, leaving the owner high and dry and still on the hook for any timeshare loan or maintenance fee payments. To make matters worse, the same scammers may swoop in under a new name, offering the consumer the opportunity to recover the money lost in the first part of the scam, for yet another fee.
Renting Out Your Timeshare
Consumers who want to offset their costs by renting out their timeshare time may have to pay a fee to do so, and these consumers are still on the hook for their maintenance fees, loan payments, and other costs, such as assessments. And, because of the glut of inexpensive timeshare rentals and units saturating the market, it can be difficult to find renters willing to pay as much as you may want or need in order to make your timeshare ownership costs sustainable in the long term.
We could easily go into other avenues, but the reality is that extricating yourself from timeshare ownership is a daunting and expensive proposition – much like timeshare ownership itself. To make matters worse, options that may look good on paper, like redemption companies or the resale market (such as it is) offer no definite timetable or certainty of success, despite your investment.
With all this in mind, in many cases, contacting a law group with a background in negotiating timeshare cancellation may be one of the most cost- and time-effective avenues for consumers who feel bound or trapped by the burden of their unwanted timeshare contract. Have any more questions or concerns? We’re here to help!
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.