Timeshares in Europe: How Does it Work? Everything You Need to Know!
All European Consumer Centres regularly hear from unhappy consumers who feel sellers have used hard-sell techniques to trap them into long-term holiday accommodation contracts they don’t really need. Most are called ‘timeshares’ or ‘holiday clubs,’ but some go by different names. They all lock you into a contract for a number of years — sometimes as many as 50 — in exchange for the right to save money on future holidays.
If all the factors — buyer, seller, time, place, and contract — are right, you might close a good deal. But unfortunately, this industry attracts many companies that will try to scam you. Make sure you avoid common traps, and remember EU law offers you robust protection if the contract duration exceeds one year. Keep the following tips in mind:
- Don’t ruin the holiday of a lifetime with a purchase you’ll spend a lifetime regretting. Think hard before you buy a timeshare, a holiday club membership, or anything similar.
- Beware of ‘free’ holidays, wins in lotteries, or party invitations. There is no such thing as a free lunch.
- The more aggressive the sales pitch, the more suspicions you should have. On the other hand, there are plenty of wolves in sheep’s clothing that speak your language.
- Don’t ever pay anything when attending a presentation. Ever. No exceptions.
- Request a version of the contract in your own language. You are entitled to it. Reputable companies will provide it without hesitation.
- Do the math. Watch out for hidden extras, like insurances or maintenance costs. Calculate your total expenses over the life of the contract.
- Before you sign anything, check the company’s website. You should also read what people have written about the company on other websites.
- Beware of contracts that offer accommodation or leisure time activities for one year or less. They are not covered by the same protection from scams as contracts whose duration exceeds one year.
- Never pay anything when signing the contract. You have 14 days to change your mind. If you do, you can cancel it without providing a reason.
- Too late? Don’t fret. If the trader did not treat you fairly, you may still be able to get out of the deal. Ask your local European Consumer Centre about your options.