Talk in the timeshare resale industry often centers on timeshare resale scams and how to avoid them or how to sell your timeshare quickly. An often overlooks, yet equally important, aspect of this market is timeshare value. In many cases, owners don’t even realize what the value of their timeshare is until they are about to sell it or someone makes them a low offer they weren’t expecting. As resale scams are on the rise because more people keep trying to sell their timeshare, the value of these properties continues to drop rapidly. Recently people have been reporting that their properties are selling for as little as $1. How can a property that you paid thousands of dollars for be worth so little?
As luxury items, the value of timeshares depreciates over time. The longer you own the property, the less it is worth. However, the cost of ownership often goes up, which means the longer you own the property, the most it costs to keep. Value is low and costs are high, which is why the main focus of many people is getting rid of their timeshares quickly and safely over getting any money for it.
The fact that it often costs money to get rid of a timeshare is what makes it so easy for people to get taken advantage of in this industry. It makes sense for many people to pay upfront fees to unload a nearly worthless piece of property. This is not the case, however, and caution must be taken to not only be taken advantage of by timeshare resale scams, but by greedy buyers who will oftentimes expect you to practically give your property away. Even though your timeshare may not be worth what you want it to be, know its fair market value and stick to your guns. Don’t get duped by scams and people looking for too good of a deal.
About Donna Connelly
