Money Talks News: Buying, selling a timeshare

Money Talks News: Buying, selling a timeshare
(Source: AP Images)

Money Talks News - There are many things that are easy to get into but hard to get out. Think marriage or car leases.

Another example is timeshares.

The first problem with timeshares is they are not easy to sell, especially with a loan. And the annual maintenance for a timeshare is even more expensive.

The most important tip for selling a timeshare is do not pay any company money up front to sell that timeshare. The resale business is rife with rip-offs.

Another important tip to remember is start with the company you bought the timeshare from. Ask them what is selling and if they have interested buyers.

Also do a search for people who are selling ones similar to yours and price yours for less. Remember, the lowest price will usually sell first.

You can also list your timeshare on sites like eBay, which could help it get sold faster.

If you are in the market for a timeshare, avoid buying from the developer new. Instead, find a desperate seller who is willing to sell it for pennies on the dollar.

If you do buy a timeshare, plan on owning it forever because you probably will.

Another important tip is never borrow money for a timeshare. If you do, the timeshare will be even harder to sell if you try and get out.

For more tips on buying and selling timeshares, head to the Money Talks News website and search for timeshares.

© 2017 Money Talks News. All Rights Reserved.