Buy a timeshare, what fees are involved ?
If you are thinking on buy a timeshare, you should do your research before signing to anything. You have to keep in mind all the terms and conditions established in the contract, and you must know what fees are involved in buy a timeshare.
Even most people hate them; timeshares still remain one of the top sellers in the travel industry. But some people don’t know what they are buying.
Timeshares have been presented as the cheapest way to travel. Timeshare salespeople have convinced people that buy a timeshare is the best way to save money when planning a vacation. But there are a lot of timeshare costs hidden, and obviously, the salesperson will not tell you about these costs.
The cost of owning a timeshare
Timeshare prices can vary tremendously; they are based on some variables like the size of the resort, the age of the resort, the resort brand, the location, the current market demand, the amenities, etc. But the truth is that the cost of a timeshare does not end with the purchase price. There are other timeshare fees to take in consideration.
Before making a purchase, is important to take in consideration all the financial obligations you will have, and what fees are involved in buying a timeshare.
What fees are involved in buying a timeshare?
Before making a timeshare purchase you need to think objectively, and know what fees are involved in buying a timeshare:
Maintenance fees: Timeshare maintenance fees are annual payments established and collect by the resort. They cover utilities, on-site management, housekeeping services, remodeling, refurbishing, insurance, landscaping, pest control, taxes, etc. Timeshare maintenance fees do not stay fixed, they increase every year. This is almost the biggest reason why timeshare owners want to get rid of their timeshares.
Special assessment fees: These are not the same as maintenance fees. A special assessment fee is unexpected. Special assessment fees are imposed to cover damages to the resort or renovations. Besides, they cover the increasing number of timeshare owners who are cancelling their timeshares contracts. Less owners, higher fees. The worst of all is that resorts can charge you an assessment fee anytime for any amount.
Transfer fees: They are charged when you decide to pass your timeshare to someone else. Timeshare transfer might be a good option to get away of your timeshare. But a timeshare transfer is a long process with so many people involved; in addition, you have to pay the transfer fees during all the process.
Trading/Exchange fees: A timeshare exchange costs money and time and it is not easy to be accomplished. Timeshare fees are involved, and if you use a timeshare exchange company like RCI or II, you will be charged a membership fee too.
Membership fees: These fees are charged by the resort, whey they ask owners for a membership fee to have extra benefits.
Think twice before buying a timeshare
It is important to see timeshares as a purchase, never as an investment. If they were an investment, why are so many timeshare owners looking to get rid of their timeshares ownerships? Simple, they cannot afford the payments. Even you are not able to use the timeshare, you still have the obligation to pay the timeshare fees. It does not make sense to own a timeshare if you can afford getting to it.
If you are stuck with a timeshare you cannot afford, and feel you disappointed of the resort for the hidden costs, contact us. At Mexican Timeshare Solutions, we help you to relief yourself from your timeshare. If your timeshare fees rise to a point you are not able to afford anymore, contact Mexican Timeshare Solutions for a free consultation, we can help you get you out of your burden financial obligations.
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