Most of us buy our timeshare so we can enjoy decades of incredible getaways with our families, but circumstances can change over time. Health complications, changes holidaying habits or unexpected financial situations might mean selling our Ownerships/Memberships becomes a sad necessity.
Unfortunately, selling timeshare isn’t as easy as buying it. When you first purchase your Ownership/Membership, ATHOC-member Clubs have a cooling-off period of 7 days, during which you can cancel and receive a full refund; once that period has passed, you can no longer cancel, meaning your only option is to transfer it to another person. Non-member Clubs have a cooling-off period of 14 days.
Many Owners/Members find that the easiest way to get rid of their timeshare is to simply transfer it to a family member or friend. That individual will then become the Owner/Member, and will assume responsibility for paying maintenance fees and all other costs.
If you don’t have anyone close to you willing to take over your timeshare (or you’d just like to get some of your money back), it’s time to think about selling it. There are three ways to do this:
- Through a licensed reseller
- Through a private sale
Before you decide to sell, it’s important to realise that, unlike property or stock, timeshare is not designed to provide financial return. It’s a lifestyle product that helps Owners/Members enjoy incredible holidays, and you won’t get your money back if you sell. We talked earlier about how Owners/Members have a beneficial interest in the Club’s assets, but this interest is only realised when the Club dissolves.