When you buy a timeshare, you have to make sure you understand all the terms and conditions established in the contract, like the obligation to pay timeshare annual maintenance fees. Learn more about timeshare maintenance fees and how to get rid of them.
The idea of owning a timeshare is that you have quality vacations ensured for the rest of your life at an incredible price, or at least that is what the salesmen tell you when you attend a timeshare sales pitch. The truth is that timeshare ownership can get very expensive, being that beside the initial purchase price there are other annual charges: there are timeshare maintenance fees. Maintenance fees are almost certainly the biggest reason why many timeshare owners want to dispose of their purchase. Before making a purchase, it is very important that you understand all the financial responsibilities you have when you own a timeshare.
Maintenance fees are annual payments that are established and collected by the resort to maintain the unit in optimal conditions. Maintenance fees cover:
- On-site management
- Housekeeping services
- Pest control
Timeshare Maintenance Fees – How much do I have to pay?
The cost of timeshare maintenance fees depends to a large degree on the resort location, the size of the unit and the amenities. They vary widely and can go from $450.00 to $750.00 USD a year at an average resort. In some cases, the fees can raise up to $1000.00 USD.
It is also important to specify that those fees do not stay fixed. Due to the economic changes, timeshare maintenance fees increase every year. Sometimes, special assessment fees are added to cover unpredicted operating costs.
Timeshare maintenance fees – How are they set?
When you buy a timeshare, you have to keep in mind you are buying a piece of property, which means that you have to take charge of the up-keep of your shared ownership. Maintenance feesrepresent the resort global operating costs, and they are spread among timeshare owners. The operating costs vary mainly according to the size of the resort and the number of owners each unit has.
Timeshare Maintenance Fees – What happen if I stop paying them?
When the economic circumstances are critical, some timeshare owners decide to stop paying the maintenance fees, without thinking on the consequences that this action brings. When you don’t have your annual payments up to date, it is very likely that the resort sells your debt to a collection agency, which ultimately can affect your credit report and your financial situation very seriously.
Timeshare Maintenance Fees – How to get rid of them
Some others think on renting the unit to cover the annual costs, but that takes lots of work and is never something sure. Selling it is another possible solution, but it is easier said than done, being that the timeshare resale market is poor.
When the maintenance fees rise to a point you’re not able to afford anymore, it is better if you root the problem out completely, and the best way to do it is by cancelling your original timeshare contract. If are not happy with your purchase and are struggling to make the payments on your timeshare maintenance fees, contact Mexican Timeshare Solutions for a free consultation on your matter. Contact MTS today and get rid of your expensive maintenance fees. Get the financial freedom we all need.
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