Should I Sell My Timeshare During The Recession
These days, one of the most common questions posed to financial advisors by their clients is “Should I sell my timeshare?” The answer, of course, depends on the financial state of the person asking it. If you have no need to sell your timeshare, and you can afford to spend the time off taking vacations that take advantage of the timeshare, and you enjoy your family holidays, then you probably shouldn’t sell it.
If, on the other hand, you are like most people these days – that is, you are too concerned with holding onto your job and maintaining basic cash flow than with taking vacations to the Bahamas – then it is probably a good idea to sell the timeshare. In a lot of cases, timeshares can provide quick boosts of liquid cash into your financial situation, and this is almost always a good thing, particularly if you can use that excess liquidity to pay off some of your long term liabilities, such as a loan or mortgage.
The next question, of course, is how you should go about selling the timeshare. During the recession, a lot of people were selling theirs, which meant that we saw a rise in the number of online timeshare marketplaces – in other words, websites that existed solely for the purpose of bringing timeshare buyers and sellers together. These websites were generally largely unhelpful to sellers, however, because the sellers vastly outnumbered the buyers, and so buyers were basically able to pick and choose between the timeshares they wanted, and dictate terms (such as price) to the sellers. This has changed somewhat in the last year or so, but there still a lot more sellers than buyers of timeshares, and so these online timeshare websites tend to level the playing field in favour of buyers.
Our suggestion, then, is to avoid the online option entirely, and to stick with word of mouth. This is probably the best way to go – however, make sure that you trust the person you are selling to, because there are a lot of frauds out there. Buyer beware – or in this case, seller beware.
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