Do You Need an Appraisal to Sell a Timeshare?

Video Transcript

"Hi my name is Stetson Lowe and in this clip we're going to be talking about timeshares and if you need an appraisal to sell a timeshare. First let's talk about timeshares. They're a fractional deed ownership where you own a portion of a single family residence or a condominium which gives you a share of that time every year or every two years depending on your contract. So you don't own the whole condominium outright, you just own a small fraction. So it's really hard to evaluate what the value is on that timeshare based on an appraisal. Some people would say yes get an appraisal but there are some states where it's actually illegal to have your timeshare appraised. So let's talk about what an appraisal is. An appraisal is an evaluation of the cost to build or comparable sales of a similar property. So in the timeshare situation the appraiser would seek out market data that would have comparable sales in that same building of the timeshare. Another thing you have to consider with timeshares is there are peak seasons they're typically found in resorts, resort area, ski villages or beach side towns. So certain weeks of the year are more valuable than other weeks. So the appraiser would need to take this into consideration as well. Overall I would recommend getting an appraisal done when you're going to sell your timeshare if the law allows for it. Check with your local and state governments for that."