Timeshare Tips from the BBB
Whether you’re considering purchasing a timeshare interest or an owner eager to leave an obligation, the timeshare industry can seem daunting, confusing, and complicated, particularly if you’re trying to navigate the waters without an objective, helpful guide.
Fortunately, there are consumer protection advocates who make it their business to protect, guide, and assist consumers looking for help or relief. One such agency is the Better Business Bureau (BBB), which recently published an interesting post on timeshare industry “tips” and guidelines for consumers “looking to buy or sell.”
A nongovernmental nonprofit with both national and local arms, the BBB works to foster a trustworthy, ethical marketplace for both buyers and sellers by educating consumers; promoting best practices and championing marketplace role models; and calling out and addressing substandard marketplace behaviors.
So when BBB Wisconsin writers describe the timeshare industry as “one of high pressure sales techniques with hefty promises” that often “don’t live up to their hype,” it’s worth taking note.
What advice does the BBB have to offer? Let’s take a look.
Tips For Timeshare Buyers…
For those considering dipping a toe into the timeshare industry, the BBB advises taking caution and doing your research: Check out “if the company is legitimate” with consumer protection agencies and experts in your state, research the different types of timeshares and know which you’ll be buying into, understand the realities of dues and annual maintenance fees (which tend to rise year to year), and be sure to understand how your potential resort company handles exchanges.
Tips For Those Trying to Exit a Timeshare…
Again, the advice from the BBB could best be summed up as, simply, take caution and do your research: Be wary of any offers to sell your timeshare to eager buyers (a common sign of the pernicious “resale scam”), and always look up the legitimacy of your seller or redemption company using the consumer resources available online.
Don’t feel pressured to rush into a sale, and don’t feel trapped by the machinations of phony sellers or your resort company’s restrictions. Take note of all the options available to you in order to make the best choice for your budget and lifestyle.
Other Timeshare Articles of Interest from the BBB: