In depth review of Con #2 of Buying a Timeshare FLEXIBILITY

Flexibility

Although there are timeshare plans that afford more flexibility than others, some people feel nothing is quite as flexible as being able to decide when and where you go each year, in the more traditional methods of travel planning. If you want a holiday week, you may not be able to trade your timeshare for it, because there are many timeshare owners hoping for the same week. You also may not be able to decide last minute that you want to use your timeshare in a certain location.
If you buy a floating week timeshare, you will have more flexibility in when you use the timeshare, but availability is given on a first-come, first-served basis. So, planning farther in advance serves you better.

In depth review of Cons of Buying a Timeshare

Reputation of unethical players and scams

Most of the major industry players value their brand's reputation more than the sale, and many have committed to standards of ethics in recent years. An organization to which we belong, ARDA (American Resort Development Association) includes most major timeshare businesses today and members subscribe to a set of consumer-friendly ethics rules. However, timeshare has an unfortunate reputation of being associated with hard sales pitches and sneaky sales techniques similar to the notoriety of used car sales. While these horror stories are few and far between these days, as with any industry, there occasionally still are unethical salespeople trying to do whatever it takes to bring home their commission. That is why it is important to do the homework you are doing right now.


Before walking into a situation where you know there will be a pitch, educate yourself on timeshare and go into it with an understanding of the pros and cons and what makes financial sense for your family's lifestyle. Research the resort and management company to be aware of any outstanding complaints. If you end up changing your mind after the purchase, most states have "rescission period" laws that allow you to cancel the sale within two or three days.

Additional Timeshare Scams

The Overpayment Scam
The essence of this scam is that a purported renter or buyer sends you a cashier's check for more than you agreed on and has you wire the difference back. Some time later, however, the bank discovers the check was counterfeit and holds you responsible for the entire amount.

U.S. Postal Service tips:

Be skeptical of anyone asking you to wire money to overseas bank accounts, or to cash money orders or checks, on their behalf.
Know who you're dealing with—never give out personal or financial information to anyone you don't know.
Familiarize yourself with postal money order security features.
Never accept money orders or checks for more than the selling price.
Never agree to wire funds to a buyer—legitimate buyers won't pressure you to do so, and you have limited recourse if there's a problem.
Never wire funds to anyone unless you're sure the money order or check they gave you was cleared by your bank and the funds released

Common Timeshare Scams

There are many different versions of timeshare scams that have been robbing innocent and trusting owners of their hard-earned money. The best way to protect yourself is to be educated about these fraudulent practices so you know when things aren't legit. One of the oldest scams in the resale business is making a return. Essentially, the owner receives a "cold call" from "Jim" who states that he has a buyer for the owner's timeshare at a slightly lower amount than the asking price. The owner agrees to sell through Jim. A few days later Jim calls saying a fee is due to cover "advertising" costs, and that "state regulations" require that the owner record a statement saying that the money to be paid is for advertising only. Months of ensuing excuses by Jim about why the sale isn't finalized result in the owner being told there is no buyer, a reminder that the money paid was for "advertising", and a quick exit by Jim