Selling Vs Renting?

[Sphinxxykitten13]

I'm wanting to sell our timeshare, and don't even know where to start with that. Its so overwhelming.

But I was wondering if Renting is easier than selling? We owe soooo much money right now, and if we can't sell. (which seems likely). If renting might help us pay the loan down some.

Any advice on that would be great.

 

[Zac495]

I'm wanting to sell our timeshare, and don't even know where to start with that. Its so overwhelming.

But I was wondering if Renting is easier than selling? We owe soooo much money right now, and if we can't sell. (which seems likely). If renting might help us pay the loan down some.

Any advice on that would be great.

Depending on what you own, a great broker can help you. Seth Nock is a highly respected broker on this board - he may be able to help you. You will not get your money back. You can pm me.

 

[TUGBrian]

two very important and very informative articles at the top of this forum labeled "how to sell your timeshare" and "how to rent your timeshare" that will answer most if not all of your questions.

 

[Sphinxxykitten13]

Depending on what you own, a great broker can help you. Seth Nock is a highly respected broker on this board - he may be able to help you. You will not get your money back. You can pm me.

Thank you so much for helping me. When I would start looking up all this information it became a brain overload...and then shut down. I was reading the articles and threads but the information just seemed to much, like I didn't know where to focus my attention. But you really helped get me started, and calmed my nerves.

 

[Larry]

We owe soooo much money right now, and if we can't sell. (which seems likely). If renting might help us pay the loan down some.

Any advice on that would be great.

You say you owe "sooo much money" and if what you are referring to is owed on the timeshare it probably isn't worth as much as you owe and can not be sold or even given away. Don't know if there is a market for renting but if you can only rent it for the maintenance fees that will not help you pay down the loan.

If you own in a very popular area during a very desirable week than it may be possible to rent it to pay down the loan. I own several timeshares that I actually make money on by renting out weeks but I don't owe anything on my weeks.

Best of luck but if you can't sell the week or rent it out at a good price then stay on the boards and try and learn how best you can use your weeks for vacations at the resort or for trading.

 

[Sphinxxykitten13]

If you own in a very popular area during a very desirable week than it may be possible to rent it to pay down the loan.
.

We own on a point system. I spoke to someone about getting a week in Hawaii, and that we might be able to rent that week for a decent amount. We could get a 1 brm, for 1 week in Hawaii. (but that pretty much maxes us out lol). I have no experience though, and worried about all the details with renting. I think I might just stay away for now. Maybe if we can't sell we'll give it a go (since at that point we won't have much to lose).

I'm so glad I found this site. Everyones been really helpful, and nice. It helps me a lot just knowing there are people with more experience who might be able to answer my questions. *whew*

 

[vacationhopeful]

You haven't mentioned the points system you own, but if you really want to learn the ins and outs of the system, you need to fess up.

Wyndham points are great as a small deposit gets you an RCI exchange ===> 28,000 Wyndham points pulls some RCI week exchanges. RCI points allows usage at 45 days out that might cost between 7,500-9,000 points regardless of the unit size for 7 nights (and TUGGERS "throw away" the extra nights from a long weekend stay). If it is available 45 days from checkin, it is a great deal ... RCI has extra vacations and last call (cash deals). Gift certificates allow you to send relatives and friends to use (can't RENT exchanges or these other extras out, but you can give them away as Xmas presents, birthday, anniversity .. hosting family holiday trips). II exchange systems has their last minute deals too. I had my birthday party week (okay, it was 10 days in T/Ss) for my siblings & their spouses... oceanfront in FL, threaten them with violence if they tried to pay me for the rooms. Rack rate was over $400 per night - I got free breakfast, lunch, & dinners, drinks, sightseeing, tees, ride around in their rental cars, etc ... All too much fun; still the best vacation with the tribe ever ... my MFs for the 10 days was about $1600 ... there was 8 of us ... a bargain. Cheaper than a cruise for 2.

The independant exchange companies offer slightly different twists and locations --- just have to read, learn, and think out of the box. Right now you are thinking one block of points equals one week. TUGGERs think one week/membership offers these extras and how can I divide my 1 week I own into 3 weeks of vacation. And do I have enough vacation time from work.

Work the system, and BE HAPPY ... many timeshare owner never find us here at TUGs.

 

[Sphinxxykitten13]

Oh, I thought I wasn't supposed to say. lol I dunno, I guess I got confused on that.

Its Points through Shell Vacations Club. 5000 points.

 

[Happytravels]

shell vacation points.

Oh, I thought I wasn't supposed to say. lol I dunno, I guess I got confused on that.

Its Points through Shell Vacations Club. 5000 points.

I can so totally understand. My sister and her DH are in the same points family. She also didn't know what she bought. Asked me to make all the reservations, then invited us to go. It is a little confusing but learn to work the system and enjoy what you have bought!!!

We went with her and her DH in 2005 to the "Kauai coast at the Beachboy Resort" lovely resort and had a wonderful time.

If there is anything I can help you with just ask away...

 

[Zac495]

Oh, I thought I wasn't supposed to say. lol I dunno, I guess I got confused on that.

Its Points through Shell Vacations Club. 5000 points.

I was helping her via pm. I just wasn't sure what she was allowed to say without it sounding like an ad. How are you doing? I think renting could be your best option - it does look like a nice place.

 

[agentyumi]

Tips on Selling or Renting Timeshare

Reselling or renting timeshare property can be confusing with the value of the property often being well below the owners expectations. This is where many resale companies can step in with many misleading scams. These scams many different variations. Examples include:

- Appraisals (or CMA - Comparative Market Analysis).
- Waiting buyers.
- Over inflated guarantees.
- Telling the seller their propery is worth more than really is.

Consumers should watch out for these scams. Cold callers claim they have a buyer who is willing to pay top price for the timeshare and demand large administration charges upfront to guarantee the sale. Legitimate resale agents will offer to market your property but will not guarantee they already have a buyer with an agreed price. Below are some solid tips to adhere to when selling or renting your Timeshare property.

Price your property competitively.
Buyers are searching the resale market for a good deal. Make sure to price your property competitively by basing it on the price of a resort or development company which is selling the same unit. Also, if you own a week that is not in a prime season, price it more aggressively. It will be hard to sell a unit in an off season for the same price of a unit in prime season.

Do some homework and understand what the market will bear.
It is important to do some research on what properties comparable to your timeshare are selling for. In addition contact the developer of the property you own to see what units similar to yours are selling for.

Be patient.
No company can predict when your property will sell. Here are two major factors involved in successfully marketing your timeshare. Competitive Price (See above) and a Solid Advertising Exposure. If you are priced competitively, and advertise your property to as many people as you can, it will sell in time. There needs to be a realistic expectation as to how long it will take to sell your timeshare. The key here is patience.

 

[Sphinxxykitten13]

Thanks everyone

I just wanted to say Thanks for all the help

I haven't been on in a while (life seems to do that to you), but I wanted to say thanks.

We are still just paying, and not so much using. We might look into renting, but I'm still not sure if I have the time to really do all the background work. We'll see. If I end up having any luck I'll post an update.