Whether due to mounting fees, an inability to use their interest, or some other factor, many timeshare owners eventually reach a point where they wish to get out from under their obligations. Inevitably, should this time come, owners will look to a few different solutions – including the timeshare resale market.
This is a logical impulse! After all, countless consumer goods retain significant aftermarket value, and can be bought and sold on a thriving, easily accessible secondary market. Ideas that come to mind include cars, boats, art, furniture, and other valuable goods.
But is the same true for timeshares? Do they retain resale value? And, if so, this beggars another question: “How can I determine the resale value of my timeshare?”
Our own Michael Finn recently took on this common consumer FAQ in a video interview.
Here’s what he had to say:
And here’s a transcript of his remarks:
“There is an easy thing that you can try.
Number one, get ahold of your maintenance fee statement, and get an idea how much you paid last year for your maintenance fees. Then go on a travel site: Travelocity, Expedia, whatever one you like. Find a comparable resort similar to yours, and see what it’s going to cost to stay in that resort for a seven-day period, what the advertised price is.
Compare that to your maintenance fees. If they’re pretty close to the same amount of money, that pretty well tells you that your resort probably doesn’t have much residual value, because you can have a comparable vacation experience without spending any upfront money.”
For more thoughts and insight on the value of timeshare resales, please feel free to peruse some of the following resources from Timeshare Attorney Michael Finn and the Finn Law Group team:
- The Nearly Nonexistent Timeshare Resale Market: Is the Industry Eating Its Young?
- Dispelling the Timeshare Value Myth
- The Timeshare Developer’s Dilemma
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.