Why are your maintenance fees so high?
Are you seeing a steep increase in your annual timeshare maintenance fees? Steve and Lainey realized just how much they were paying when they tried to trade their fixed week for a different one. They weren’t able to make the trade, so they went online to rent. Fortunately, they found the same unit as their own, in the week they wanted. Ironically, though, the cost to rent the unit was much cheaper than the maintenance fees they were paying for their own unit. “That totally burned me,” Steve said. “I made up my mind right then to get rid of my timeshare.”
Maintenance fees at resorts across the country are skyrocketing. Contracts that started at a reasonable $400 a year have doubled—in some cases, tripled. Why so much? The reasons go far beyond inflation.
Defaulting on Payment
One big factor is because other owners default on their payments. This can happen when, say, the original buyer “gifts” their property to a friend or family member who doesn’t fully understand the obligations of ownership. The new owners think they’re getting a free vacation property and are taken by surprise when maintenance fees come due. They either can’t afford to pay them, or simply refuse to do so. That leaves the remaining owners to pick up the difference—and the defaulting ones to deal with ruined credit and potential litigation, since maintenance agreements are legally binding contracts.
Another factor for rising fees are unscrupulous companies that take timeshares from owners, then deed the properties wholesale into fake holding companies designed to go bankrupt.
These companies leave unsuspecting owners thinking they have responsibly divested when in fact they have brought hardship on all of the remaining owners.
One way you can better control your maintenance fees is to become more active in the management of your timeshare. Just as condo owners regularly participate in their homeowner associations, you should do the same with your timeshare, whether it be reviewing financials or organizing fellow owners to influence the company that manages your resort.
If you need more advice, or if you’re maintenance fees have become too great of a burden, give us a call. We’re ethical, responsible and trustworthy.
Not only will we help you find the best option to get rid of your timeshare, but we won’t hurt other timeshare owners in the process. Call one of our specialists today at: 1-800-965-6565
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