Before Buying that Timeshare

• Take your time. Treat a timeshare purchase like the purchase of a home or any other significant commitment. Don’t let high pressure sales tactics and long presentations force you into a hasty decision.
• Do your research. Check the market and the value of the vacation property before you buy and investigate the seller, the developer and the management company. Ask for references and contact current owners to verify their satisfaction with the property.
• Know the cancellation period.. Consumers must notify the seller in writing via certified mail or return receipt mail.
• Recognize that timeshares can be difficult to resell. Buy a timeshare only if you plan to use it. It is an option for future vacations, not an investment.
• Consider extra costs. Most timeshares require consumers to pay annual assessment fees, maintenance fees and taxes, closing and broker commissions, and finance charges. Some fees can rise dramatically in the future so it’s important to ask if there is a cap on future fees.
• Beware of scams. If you are offered a prize as an incentive to attend a timeshare presentation, ask for details and watch out for hidden conditions and fine print. Keep in mind that the value of promotional gifts may be low in comparison to the fees and charges associated with a timeshare purchase. Any ‘free’ travel or vacations you are offered may have blackout dates and other restrictions.
• Read everything before you sign. Carefully review contracts and all other paperwork before you sign anything, and get all special promises about discounts, waived fees or other promotions in writing.