You’re tired of the city and want to invest in some vacation property, but you’re not sure if timeshares are legitimate. Over 8 million Americans own a timeshare today, but that number has been steadily decreasing over the years.
A timeshare scam may be looming around the corner for you, so look out for deals that sound too good to be true.
In this article, we will help you terminate a timeshare and discern a legitimate timeshare deal from a scam.
If you’re considering investing in your favorite vacation resort, read here to explore how to identify and avoid a timeshare scam!
What Is a Timeshare?
Timeshares came to the market in the 1970s and started as a great innovation. Many early timeshare holders were happy with their purchases because they were now lifelong owners of a vacation rental spot, which made planning future vacations hassle-free.
Timeshares have since changed.
Users are now required to pay a large sum up-front and subsequent maintenance fees every year after.
The vacation stays are typically only one week long, and you do not fully own the property, but are only co-owners.
There have since been many scams on the timeshare market, and once you invest in a timeshare, you are generally stuck vacationing in that one spot.
Are Timeshares Legit?
If you are looking to invest in this vacation property, you need to be wary of timeshare scams. Many people with timeshares today have no way out.
Situations and circumstances change, but timeshares are forever.
Countless families want out of their lifelong commitment, but timeshare companies are unwavering. Don’t fall victim to the scams of timeshares and steer clear of any telemarketing attempts, emails, and phone calls regarding these vacations.
Most times, buying a timeshare is a bad idea because you are confined to vacationing in the same place for the rest of your life.
Read on to learn how to avoid timeshares and how to terminate a timeshare.
How to Avoid a Timeshare Scam
Many public timeshare presentations entice customers with a free gift. Oftentimes, they offer a free stay at a 5-star hotel for attending the presentation.
If an offer sounds too good to be true, it most likely is.
Do your research before going to a presentation. It’s a smart move to investigate the developer and the resort ahead of time to make sure you are avoiding a scam.
Never pay upfront fees.
These fees are usually hefty and not legitimate. You should also never be forced into signing anything without thinking it over first.
If you are already stuck in a timeshare scam, contact your state’s Department of Real Estate, the Federal Trade Commission, or your state attorney general’s office.
You will need to take legal action to terminate your timeshare.
Avoid a Timeshare Scam When Buying a Timeshare
If you are wondering, “should I buy a timeshare?” the answer is no. Be wary of illegitimate timeshares.
They are oftentimes a scam and will end up costing you more money than you were told you would save.
Feel free to contact us with any further questions regarding timeshare scams.