For a lot of years, timeshares were only available to the rich and famous. Well, perhaps not the famous – but the bottom line was that you had to boast a considerable bank balance to cover most of your holidaying expenses for the next few decades.
Over time, this has changed drastically. The industry has become incredibly flexible and whether it’s via the right-to-use option or another variation, it is possible to purchase a timeshare on a budget – so to speak.
Something else that has progressed is the resale market. With some timeshare schemes gathering some negative press over the years, the term “timeshare resale” might sound a little shady to some prospective buyers. However, rest assured, it’s not – and can be the most viable way to purchase one of these deals.
Here, we’ll take a look at just why so many people are opting for the “second hand” option and effectively snapping up the timeshares that other owners simply didn’t want anymore.
It’s a Market Inundated With Sellers
First and foremost, you’re entering into a buyer’s market. Once the kids have grown up and left home, most families just don’t have any use for their timeshare. It might have been worthwhile for the first five years or so, but after that it just doesn’t get used and the annual maintenance costs are becoming a real pain.
Therefore, there are absolutely hordes of sellers out there looking to flog their unused timeshare. Most of them still have a significant number of years to run and are perfect for anyone else who is sure they are going to use it.
All of this means one thing; supply is outstretching demand. You don’t need to be a financial wiz to realise that means one thing; timeshare resales go for bottom dollar.
We’re revealing one of the Industry’s Top Secrets
It sounds like marketing spiel, but it’s actually a true fact. If you’ve already started researching timeshares there’s a big chance that you’ve read little about the resale market. In fact, whilst compiling this article, we even found it difficult to back up with published statistics as this segment of the industry is so “closed”.
Speak to any official timeshare provider and they’ll give you very little information on resales. And, in truth, why would they? As we’ll see later in the article, they are officially significantly cheaper than the mainstream ones that are available, so it’s in their interests to keep schtum and just try and sell what they know. This all means that again demand is lower than it should be, and again the prices are lower.
There’s None of the Developer and Marketing Fees to Contend With
Here’s one solid fact we did contend with. Travel and Leisure reckon that the average timeshare resale deal will be 50% cheaper than the original developer’s price. This isn’t as ridiculous as it sounds, after all, the original dealers somehow have to pay for those swanky sales rooms and the big marketing pushes. It’s understood that half of the cost of the timeshare is made up of those fees and suffice to say, the second hand seller doesn’t have to deal with them.
In summary, there are umpteen reasons why the timeshare resale market is taking off. Whether or not this stays the same remains to be seen, as more and more eager buyers discover this method of shaving the costs. However, for now, it’s definitely something that you should look to investigate.