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Tips on Buying a Timeshare

From Boston's Channel 5

In light of the recent scandals in the Boston Area -- such as those orchestrated by Robert Reposa -- Channel 5 has published an excellent collection of buying tips on their website. Many of these are aligned perfectly with the advice Timeshare Consumer Group has offered in the past, and we strongly urge prospective timeshare owners from both coasts to read the article before making a purchase.

Some of our favorite tips:

Make sure it's legal.

"Check the property to make sure it is a legal timeshare. Different states have different laws. In Massachusetts, timeshares must be registered by the developer in the appropriate county before they can be sold. Make sure the one you are considering is registered."

Get it in writing.

"Once you verify the legal existence of the property and timeshare status, get a contract and everything in writing. This should include not only the price you will pay for what time period, but any extra fees you will incur, including maintenance or other charges."

Understand what a timeshare is before buying.

"Understand the terms and conditions. 'Timeshare' means exactly that. You'll be sharing a property, for whatever time you buy, with others. Everything in the unit will be community property."

Do the research.

Timeshares are not a cut-and-dry industry. There are many different kinds of timeshares, plenty of rules and just as many exceptions to those rules. Along with TCG there are a number of great websites to get help on the ins and outs of timeshares. Here's one from the Federal Trade Commission.