The ownership of timeshare comes with the responsibility of maintenance fees that have to be paid every year. But does it really make sense to pay fees for a place that you only get to visit once a year? Here’s what you really need to know about timeshare maintenance fees.
What Are These Fees?
Any Florida Timeshare Attorney will tell you that these annual fees are collected by the timeshare management company to cover the costs of maintaining the property. Think of it as paying the cost of having the oil changed in your car on a regular basis.
This fee covers the costs of:
● landscaping, such as mowing the grass, raking leaves, and trimming hedges.
● business costs, such as insurance on the property, the proper keeping of records, administration, and scheduling
● the upkeep of amenities, especially if the timeshare property has a pool, gym, or golf course
The Price Of Timeshare Maintenance Fees
They can vary from state to state, and from property to property, so there’s no official price tag to put on them. However, fees are going up almost every single year, usually faster than the normal inflation rate. In the end, that doesn’t make the attraction of owning a timeshare worth it.
They are made worse by the fact that they are non-negotiable; they are in the contract and have to be paid every year. This is because these fees are the main source of income for the timeshare property. That’s why they can raise these fees every year without any recourse.
Timeshare Special Assessments
Special assessments may be made on your property to cover unexpected expenses. These are passed by the HOA Board of Directors and cover events such as severe storm damage that aren’t covered by insurance, for example. These special assessments are made without warning and can be levied at any time so there is no time for you to prepare for these costs.
Repercussions For Not Paying Timeshare Fees
Timeshare fees make up a real debt that you owe. If you choose to not pay it, then the company will go out of its way to do anything it takes to collect them from you. They will call you on the phone and send letters, and if that doesn’t work, then they will assign your debts to a collections company to collect from you. The only way to get out of paying is to completely get rid of your timeshare. As long as you own the property, you have to keep paying the fees.
Timeshares may seem attractive at first, but they can end up eating a lot of your bank account, especially for something you’re not using 90% of the year. You should never feel pressured to sign for a timeshare immediately, so if a company is trying very hard to do so, then you should speak to a timeshare attorney as soon as possible to help you out. You would be better off knowing exactly what you’re getting into before you sign a contract to something that you can’t get out of.
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