When you are about to embark on purchasing a timeshare, investing in a lifetime of wonderful vacations, it is natural for you to be hesitant and want to dispel the myths you have heard related to timeshare. Maintenance fees probably come pretty high on your list, so let’s take a look at some of the common questions people have:
What are the benefits of maintenance fees?
Firstly, maintenance fees are vital to protect your investment. When you have spent your hard earned cash on a luxury timeshare, it is important that your property does not depreciated in value because of neglect or the wear and tear caused over time. Maintenance fees give you the peace of mind that someone else is looking after your unit and the common areas while you are not there to make sure that they are kept perfect for your arrival. All you have to do is show up.
What do maintenance fees cover?
Your maintenance fees include cleaning, repairs, improvements, replacement of furniture and the general operation of the property and its common areas, generally anything that is required to maintain your timeshare in a condition as close as possible to that in which you bought it. Usually, a percentage of the fees contribute to a fund that covers infrequent replacements like kitchen appliances or one-off repairs.
Why do they increase?
Like any service or product, prices rise and labor costs increase, therefore naturally your maintenance fees will increment to meet those expenses. There may also be occasions where you will be required to pay an additional sum in the rare case of an unforeseen circumstance like flooding or a storm.
Are they compulsory?
To protect all owners, you are legally bound to pay your share of the maintenance fees. It is not recommended to stop paying your fees as you will very likely be met with expensive legal proceedings or high penalties. If in doubt, contact your timeshare company to organize a payment plan.
Why do people complain about maintenance fees?
The main complaint that people have about maintenance fees are generally related to unregulated companies who give timeshare a bad name by charging artificially high fees. You can avoid this by making sure to research the timeshare company before attending a presentation. As a rule, most of the larger, established companies have more reasonable rates. Even so, when it comes to the maintenance of your dream property, remember that quality is not cheap.
Timeshares need to be looked up as a purchase and not an investment. Regardless of how timeshares are presented, they don´t perform as well as a house or stock investment. If you look around the resale market for timeshares on websites like EBay, Redweek, or TUGBBS will find that you can buy a timeshare for far less money than what the first owner purchased it for.