Buying a timeshare from the developer or resort is expensive, not just in terms of the initial outlay, which is usually in the £10,000s, but also the cost of annual maintenance fees. So, when it comes to selling it on, why is the price so shockingly low?
The main reason is the issue of supply and demand. There are many, many timeshare units for sale, both new from developers and secondhand on the resale market. However, there are very few people taking on new timeshares these days. A combination of bad press over the years and general unaffordability of the annual fees has made timeshare a less than desirable option. Plus, the fact that holidays cost so little on their own these days doesn’t help the situation.
Many desperate timeshare holders, eager to get rid of their timeshare burden, have taken to eBay, offering their timeshare for sale for as little as £1. Their contract may be very long, and they may be concerned that the financial responsibility will be carried on to their children after they die, they may be unhappy with what they’re getting for their money, or simply just want more freedom in their choice of holidays. Either way, it amounts to the same thing: people are more motivated to sell than they are to buy.
This can make things really hard for those trying to get out of their timeshare contracts. Timeshare resorts are more than aware of the dwindling demand for their product and many are employing all sorts of tactics to stop people from leaving their timeshare. A lot of the time, as we see regularly at Timeshare.Lawyer, they are using underhand techniques to do so. This can be really stressful for those being hampered by the burden of a timeshare they just can’t shake.
We would never recommend taking to eBay, Gumtree, or any similar platform to sell your timeshare. You should also be wary of some companies claiming to have a buyer for your timeshare. Most of the time, this is a scam. With so many people desperate to sell, fraudsters are rife in the space. The best, and most effective, way to say goodbye to your timeshare for good is to take steps to have the contract nullified.
Avoid the murky waters of the resale market and give us a call for some expert, impartial advice. We are always here to help.