You want to sell your timeshare
Buying a timeshare gives you the right to holiday accommodation for a set amount of time each year.
If you no longer use your timeshare or are having problems paying the annual maintenance fees you may decide you want to sell it. Selling a timeshare can be difficult as there are usually more people trying to sell timeshares than people who want to buy them. You're unlikely to make a profit and will probably have to sell your timeshare for much less than you paid for it.
If you do decide to sell your timeshare, you need to watch out for scams. You should be aware of some rules about the resale of timeshares before you try and sell.
This page explains the best way to sell your timeshare and point out some common scams.
How do you sell a timeshare?
You should look at your contract before trying to sell your timeshare. Your timeshare company will have rules about sales and you will probably have to pay a transfer fee.
Contact your timeshare company and find out their policies on resale before you agree a sale. If your timeshare has an Owners’ Committee, they may be able to offer advice.
There are two ways to sell your timeshare. These are:
- privately to another person, for example by putting an advert online or in a local shop
- through a timeshare resale organisation who help you to find a buyer.
Selling your timeshare through a timeshare resale organisation
Using a timeshare resale organisation can be the best way to sell your timeshare. However you need to be very careful about which organisation you choose.
There are some dishonest timeshare resale organisations operating illegally who may offer to sell your timeshare for a big profit. This kind of organisation will probably try and charge you a fee, often disguised as a deposit.
If you sign a timeshare resale agreement in a European Economic Area (EEA), country you're protected by the Timeshare Regulations. This means that:
- you have a 14 day cooling-off period during which you can cancel the agreement
- the trader can't take any money from you during the cooling-off period
- the trader must give you certain important written information about the agreement
- you must be given written information about how to cancel the agreement and a cancellation form.
If the trader doesn’t follow these rules they are breaking the law and your cooling-off period may become much longer than 14 days.
If you sign an agreement outside the EEA, you're not protected by these rules. For advice on timeshare resale agreements signed in Europe outside the UK, contact the UK European Consumer Centre (ECC). You can call their consumer helpline on 08456 04 05 03.
Choosing a timeshare resale organisation
You need to make sure that the resale organisation you choose is trustworthy. Check if the resale organisation is a member of the Resort Development Organisation and follow its code of conduct.
Be suspicious if a timeshare company offers you a very high price for your timeshare. Timeshares are not financial or property investments so when you sell you are unlikely to get as much money as you paid.
There are many organisations trying to take advantage of people who want to sell their timeshares. Often, organisations say they can sell your timeshare and then pressure you into buying more timeshare products.
Be suspicious of any organisation that:
- contacts you without an invitation, for example by cold calling
- asks you for any kind of up-front payment, for example a deposit or administration fee
- says they have a buyer waiting to buy your timeshare
- asks you to send them your Ownership Certificate
- puts a lot of pressure on you to make a decision quickly
- asks for your credit card details but tells you they won’t take any payment
- asks for any personal information, for example your bank details or address
- invites you to a resale presentation possibly with discounted travel or accommodation.
More about how to avoid timeshare scams.
Other useful information
The following organisations can help you find a trustworthy resale organisations:
The Resort Development Organisation
Telephone: 0032 (0) 2533 3069
The UK European Consumer Centre (UK ECC)
Telephone: 0845 604 0503