If you have questions about the timeshare resale industry in general, then we are here to help! We have compiled a collection of questions most frequently asked by potential sellers and/or buyers to assist you along the way. If you have any further questions, please contact one of our experienced brokers.
What is a timeshare?
A timeshare is a type of shared ownership to a specific resort property for one or more weeks out of the year. You are essentially prepaying for your annual vacation accommodations, and timeshare resorts typically offer much more spacious and luxurious rooms than a traditional hotel. Additional benefits are also given to timeshare owners.
Why buy a preowned timeshare?
With a preowned timeshare, you are buying a membership from a current owner, rather than directly from the resort. Because of this, you can find timeshare properties on the resale market for up to 40% off the retail price, since there are no additional developer fees being tagged on to the price tag. You will only pay the fair market value price of the unit, and will receive the exact same ownership.
What is the difference between fixed, floating, and flex weeks?
Owning what is called fixed week timeshare gives you the right to use a timeshare unit for one specific “fixed” week once a year.
Your floating week is more flexible than a fixed week. You can use your floating week at any point during the year, as long as your resort has availability. In order to take the best advantage of your floating week, it is recommended that you reserve your timeshare week as far in advance as possible.
Flex weeks in the other hand are very similar to floating weeks, with the exception that you are restricted to using your week during a certain designated “season,” rather than at any point throughout the year.
What is the points system?
Over the past few years, the points system has become a much more popular form of ownership. With a points system membership, owners prepay for a certain allotment of points to use every year on vacations. The more points you get, the more flexible and wider array of timeshare options you have to choose from. Points can be used all at once, scattered throughout multiple vacations, or banked for the next year.
Can points system timeshare also be bought on the resale market?
Yes, always, points memberships can be purchased on the resale market just like any other timeshare type.
Do all benefits transfer with a timeshare resale?
Typically yes, all or most membership benefits transfer easily on the resale market. However, each timeshare resort brand has their own resale restrictions in effect, so it is important to do some more research on your desired timeshare in order to know exactly what you will be getting before you purchase.
Will I have to pay any maintenance fees?
Yes. Whether you buy a timeshare off the resale market or from the resort developer, you will be responsible for paying maintenance fees on your unit.
What is a RTU?
RTU stands for Right to Use, also referred to as a leased timeshare. These types of contracts are used most frequently for Mexico timeshares, and enable you to use a specific week at a timeshare property for a set amount of time (years contracts from 20 to 99 years). Since there is a time restriction on these RTU timeshares, be aware of how many years are left on a contract when looking at timeshare resales, to make sure you are paying for what you want.
If I bought my timeshare from a resort developer, can I still resell it?
Yes of course! No matter how you originally purchased your timeshare, you can sell it on the resale market.
Find out how much you can charge in a simple step when you call our team.
Do I need to have my timeshare appraised before selling it?
While a lot of timeshare resale companies will tell you that you have to pay for an appraisal before selling, it is not necessary. Timeshares are different than traditional real estate properties because you are not trying to satisfy a mortgage lender. However, if you would like an appraisal, call our team and we will be glad to help.
What information do I need to have?
It is a good idea to have as much of your original paperwork to get started selling your timeshare. This includes:
- Your original contract
- General resort information (name, address, etc.)
- Last maintenance bill
- Financial agreement (if any)
- If any of your paperwork is missing, our timeshare specialists can help you recover any needed documents.
Can I sell my timeshare if I still owe money on it?
Yes, you can still sell your timeshare even if you haven’t paid off the mortgage on it, though you will still be responsible for paying off your original debt on the property. The brokers at our offices can help you refinance your mortgage or to find several other options
Will all of my membership benefits transfer over to the new owner?
While most benefits transfer smoothly on the resale market, it is a good idea to contact your resort or conduct some research to see if your resort brand has any resale restrictions.