Timeshares are a great way to have your dream vacation, but you can get tricked if you aren’t careful. Some people use this opportunity to scam families out of their money. New scams are coming up every year, but you can follow these tips to avoid any issues down the line.
Avoid Prizes for Presentations
Some timeshares have presentations that show all the available properties, but some presentations also offer prizes if you’re willing to attend or purchase a timeshare. Timeshares should speak for themselves, and there should be no reason to entice people into coming to the presentation. If you notice one that has a prize, avoid it at all costs.
Sleep on the Offer
Never purchase a timeshare on the spot. Snap judgement puts you in a dangerous situation, especially if you don’t know all the details of the property. You shouldn’t ever feel pressured to purchase a timeshare. Just state that you’ll be glad to think about the offer, so you have time to evaluate whether or not it’s truly a good deal.
Read the Contract
Contracts are legally binding—so if you sign something without reading the fine print, you may never know what you’re agreeing to do. The best thing to do is to take the contract home and carefully read every word. If you aren’t sure about the wording or the situation, you can hire an attorney to read over the contract with you. After all, the average timeshare costs around $19,000 per week, and an attorney is usually only a few hundred.
Ask for References
Due to the high number of scams in the timeshare industry, you should consider asking for references. This is an excellent way to avoid spending thousands of dollars on a fake timeshare. Once you receive the references, call them and ask about the timeshare to ensure the information is correct. Figure out how long the person has owned the timeshare and whether the property is legitimately available for purchase.
Equate it to Real Estate
Timeshares aren't bought and sold like real estate, but the practice is very similar. When you buy a week of a timeshare, you’re paying 1/52th of the price of the property. Equating the timeshare like real estate property brings the situation to a much more serious level and brings up questions like, “Will I be able to sell this property later?”
Research, Research, Research
Above all, you should research the property. Never purchase a timeshare without learning all you can about the resort, the property, and the state it’s located in. Before you buy anything, you should know the market value of the real estate, so you know what sort of deal you’re getting. By educating yourself, you may find that the low price isn’t a steal, but rather a scam looking to con you out of thousands of dollars.
Never Call 1-900 Numbers
Timeshares are sold in a variety of ways, but 1-900 numbers are often scams. This extension is what is known as a “premium-rate” telephone number. You may recognize 1-900 numbers from television psychics and other TV consultants. They may charge your carrier just to place the call and learn about available timeshares.
