As the economy contracts and more people look for ways to save money wherever they can, many are discovering that the disadvantages of the timeshare they purchased when times were flush are an even a greater burden as the economy rolls into a downturn.
Unloading a timeshare property, especially as a recession looms, can seem like an impossible feat. While it's certainly not an easy task, there are ways to sell or get rid of a timeshare for those determined to do so.
The first issue you'll encounter is determined by whether you still owe money on a timeshare loan. If you do, you aren't going to be able to sell the property. No matter how much you hope and wish that someone will take over the loan for you, it isn't going to happen. If you want to get rid of the property, you'll have to first figure out a way to pay off the debt.
The next step is to determine if you want to try to recoup some of your money, and if so, how much. Unfortunately, you are going to end up losing a lot of money, especially if you bought the timeshare directly from the resort. Many Web sites estimate that timeshares resold on the secondary market will sell for 50% or less of the original price; and with the economy in poor condition, you should not be surprised to have to sell for a loss of more than an 80% on the original value.With so many more people trying to sell timeshares vs. those looking to buy, coming to accept that you will lose a lot of money is a major factor between a quick sale and having the timeshare remain unsold.
Here are six possible ways to unload your timeshare.