Avoiding Timeshare Scams

Timeshare homes and condos can provide a great way to have regular access to a comfortable vacation spot without the expense of owning a beach house, cabin in the woods or mountain getaway. The timeshare market is riddled with scams, however, and learning to identify and avoid timeshare scams is essential to enjoying the benefits a timeshare can provide.

Nearly 8 million people in the US are timeshare owners. Unfortunately, scam artists see the high level of timeshare ownership as an opportunity for fraud. There are a variety of scams unscrupulous people or businesses use to bilk timeshare buyers out of their hard-earned vacation money, including hidden fees or scams involving taking buyers’ deposit money and vanishing.

When you’re considering buying a timeshare, begin by doing your homework. Visit the Better Business Bureau’s website and do a little background checking on the entity you’re doing business with. See if they have grievances filed against them and examine what those grievances are before doing business. Also do a quick Google search of the company and see if there is anything that may throw up a red flag, such as negative news stories or bad reviews.

Also, be wary of signing anything at the timeshare presentation. Give yourself the time to consider the offer and do some research. If the sales rep pressures you to buy immediately, walk out. Deals that are too good to be true often are, especially when it comes to timeshares. Before signing any paperwork, get a lawyer to review it. After signing paperwork, get a copy of it immediately and file it for your records.

Again, be wary of high pressure sales tactics. Reputable companies selling time shares may be a little pushy, but aggressive sales pitches are often the mark of a shady operator. If you feel uncomfortable, get up and leave.

Checking out the local word of mouth is also a great way to avoid timeshare scams. If you’re staying at a timeshare resort where you’re considering buying property, talk to other owners to see what their experience has been. Be sure to ask about fees and costs, maintenance schedules and other relevant information. Also inquire about how well the timeshare management communicates with residents and how responsive they are to concerns.

With a little effort on your part, you can avoid bad deals and outright scams in timeshare ownership, allowing you to get a great value on a vacation home.