Many timeshare owners get lured into signing a contract by imagining all the fun vacations they’ll be able to enjoy. This is easy to do. After all, who doesn’t like thinking about a lazy vacation full of fun, sun and relaxing? Unfortunately, timeshare ownership is more of a responsibility than many people realize, and a larger financial burden as well.
One of the largest problems people have with timeshares is the infamous maintenance fees. Today we’re going to look at this often overlooked aspect of timeshare ownership to help clarify what they are, what they should cover, and why they can be such a problem.
Maintenance Fees Basics
Maintenance fees are annual fees that are intended to cover the everyday costs of running the resort. These costs are split up among all timeshare holders so that each person pays a small portion of the total cost. Depending upon your contract, these fees might be paid annually or monthly.
The fees everyone pays in go to a cover a range of costs like basic property upkeep, landscaping costs, staffing, and utilities. So the type of resort your timeshare is in directly affects the amount of fees you’re likely to have. Remember, timeshares are always on the market so the property must always be attractive to potential buyers. The maintenance fees you pay help with this ongoing effort.
Maintenance Fee Problems
While it’s easy to understand that upkeep is necessary on any property, timeshare owners often end up with fees that climb. In fact, the American Resort and Development Association says that on average timeshare maintenance fees rise 8% a year. This means that the longer you own your timeshare, the more you’re likely to pay in fees. This is a stark reality that many timeshare owners encounter.
Another problem people have with these fees is that you must pay them no matter how little you use the property. So even if you don’t take a vacation one year, you have to pay maintenance fees. Since it’s common for people to use the property less over the years, the combination of higher fees and reduced use can leave one unhappy with the entire situation.
As you can see, maintenance fees might be necessary to upkeep the property, but they can quickly become a burden. If you’re among the many timeshare owners that find themselves increasingly displeased with your situation, we can help.