Your unexpected Christmas gift – timeshare maintenance dues
The season of joy and celebration is here and the last thing that you would want at the moment is an unwanted guest or present. That said, you could unknowingly be welcoming one if you’re not careful. And, a good place to start where these might be stemming from, would be your timeshare contract. Commonly enough, most timeshare contracts not only handover a timeshare property but also the unending burden of maintenance dues. But it takes slightly more research than just merely listening to what your developer has to say to understand what this fee entails.
Here’s a mini overview of comprehending this fee and finding ways of getting rid of it for good.
What does it involve?
Everything from the beauty and brains of your property is fueled by maintenance dues. The amount you pay will be used for the upkeep of your property – this could include mowing the grass, initiating fixtures around the house, cleaning out the pool, etc. Your fees could also be used for adding any upgrades to your timeshare such as the installation of new appliances, adding more amenities such as building a gym with brand new equipment, etc. Lastly, these maintenance dues are also used to keep important payments in check such as insurance, taxes, utilities, etc. Maintenance fees are also crucial because they must appear in maintained records as the timeshare buyer is legally obligated to pay this, regardless of whether or not the timeshare is being used by the buyer personally.
Why is it a problem?
Usually, this fee is collected annually to maintain and upgrade the timeshare regularly. This means you will be expected to pay these dues for years to come. In addition to it being a legal and financial burden, this fee also tends to rise every year. In some cases, you might also observe a drastic increase that does not even match the standard inflation rates of the market. On average, the annual maintenance fee starts with a rate of $1,000 and is then increased from that point on.
To make matters worse, several developers and salespersons will attract buyers by quoting a lesser annual fee for the starting year. What they don’t reveal is how this fee can go up higher without a warning (and sometimes, without a reason). Although you are fully and legally authorized to check the breakdown of your maintenance fee, some dodgy salespeople out there might not be willing to do so and give you vague answers instead.
How do I put a stop to this?
If you feel like you are being charged higher amounts than what’s required, take pictures of your property on a time-to-time basis to ensure that you aren’t being overcharged for maintenance.
However, if you want to get rid of your dues completely, you will have to go another way. The safest and most legal method to get rid of your timeshare is to drop your timeshare completely. There are multiple choices to go about this decision and it is important to speak to a team of experts such as the ones at ETR to be able to go through with the exit. We can handle everything from negotiating a deal with your developer to processing a safe exit from this nightmare. Feel free to give us a call as we have been serving clients for over 15 years and will treat your case with utmost vigilance – as we always do.