Timeshare maintenance fees are an overlooked aspect of owning a timeshare or vacation club membership. These fees are usually annual, but in the worst-case scenario, they can be monthly. Fees are typically around $1,000 a year at a minimum, and they’re established to cover the everyday costs of managing a resort. When it comes to timeshares, the real winners are always the resort owners who are making a living out of the fixed fees that you’re paying. Although timeshare owners aren’t the ones making regular repairs to the property, they’re the ones who benefit the most out of the contractual fees that come out of your pocket.
It’s essential to fully comprehend the cost of maintenance fees when signing a timeshare contract. Unfortunately, if you fell victim to a pushy timeshare agent’s sales pitch, you probably signed a life-long contract that you didn’t get a chance to even read. Now you’re experiencing buyer’s remorse, and you’re tired of paying the price of upkeeping that timeshare you hardly visit. Fortunately, it’s not too late for you; here’s a guide to understanding timeshare maintenance fees and what you can do to escape them.
What Are Timeshare Maintenance Fees For?
The timeshare management company collects annual or monthly fees for the stated purpose of paying the costs of maintaining a resort. Timeshare property repairs come with a price—and you’re responsible for paying said cost. Although regular maintenance to ensure that everything is running smoothly at the resort sounds reasonable, these fees sound less reasonable when you realize that you only visit your property once a year. Some owners don’t even get the chance to see their property yearly, but they are still responsible for paying these fees. Paying monthly or yearly fees becomes even more frustrating when you realize that the money you’re putting into this property is primarily going to the resort owners instead of scheduled maintenance.
Although a fraction of your payment is going toward resort landscaping, amenities upkeep, and general business costs, it’s no secret that a big chunk of your payment goes to the resort owners. In your initial timeshare presentation, you were probably told about these maintenance fees if you’re lucky (some people find out after they’ve already been charged). An agent told you that you could expect to pay roughly $1,000 a year—but what your agent failed to mention is that these fees inflate. As far as hard numbers go, this means that your original $1,000 yearly payment can jump to a $1,500 payment in less than a decade.
What If I Stop Paying Maintenance Fees?
Now that you’re aware of where your money is going, you’re fed up and realize that these fees are outlandish. You’re tempted to stop paying these fees, thinking they’ll magically go away—don’t do this. If you stop paying your fees, then timeshare owners will do what they do best; they will make intimidating phone calls and possibly get a collections company involved. This may lead to legal action against you.
Timeshare maintenance fees are a ball and chain, but you don’t have to pay them for the rest of your life. Is being a timeshare owner weighing you down? Easy Timeshare Relief can help you break free of your timeshare nightmare, and we have the track record to prove it. Contact us today.