Timeshare Fees: A Quick Guide
Buying a Timeshare, Timeshare Agreements
3 min read
When you buy a timeshare, you pay a hefty initial price—on average, about $21,000 in 2017. You may also be paying finance charges and other fees associated with the sale. And you’re definitely going to be paying maintenance fees. But for some timeshare owners, those are just the tip of the iceberg. Submerged beneath the water lurks an array of hidden timeshare fees just waiting to be charged. In part one of our series on timeshare fees, we explored those more common and predictable fees. Here we’ll explore the world of hidden timeshare fees so you won’t find yourself sinking.
Program fees may go by other names depending on your company, but this is an annual fee your company charges you for being a part of their exchange program. So, if you want to be able to trade or exchange for a resort outside of your home resort, you’ll pay this fee. And like so many timeshare fees, programs fees increase every year.
When you paid your program fee, you got the privilege of being able to make exchanges. When you make the trade or exchange, you will likely be charged an exchange fee.
If you have a deeded timeshare, your resort may push you to convert to a points-based timeshare. First, you DO NOT have to convert, no matter what they say. However, if you do choose to convert, you will be charged a conversion fee to change from a deeded timeshare to a points-based timeshare.
If you choose to upgrade to a better points plan, better week, or better unit, be ready to pay your upgrade fee—on top of the additional cost of the new plan, week, or unit. Upgrades often happen when owners find themselves unable to reserve the time or resorts they’re interested in because their points are insufficient. Anxious to get some value out of the money they’ve spent, they choose to pay even more money and upgrade. And the upgrade fee is the price they pay on top of what they’re already paying.
Let’s say you’re lucky enough to have extra points leftover. Hooray, although that may mean you didn’t get to take a vacation this year, in which case, boo. But the really bad news is that in many points-based timeshares, those points eventually expire. During the sales presentation you did ask about what happened to unused points and they said, hey, no problem. You can rollover unused points. What they may not have mentioned is that typically, you can rollover a certain number of unused points for a fee. So, now you pay to use the points you already owned.
All-Inclusive timeshares wraps food and drinks and sometimes other resort amenities all in one package. And the prices often seem to be quite low. Unfortunately, those prices don’t include the daily all-inclusive fees. Daily? Yes, all-inclusive fees are per day and per person. The actual amounts vary by resort and time of year, but they can easily reach $150 at peak season. Suddenly that cheap vacation doesn’t seem so cheap anymore.
If all these hidden timeshare fees are adding up for you, it may be time for you to think about timeshare cancellation. We work with clients in your situation every day to help them get out of situations that just don’t work for them. Contact us for a free consultation today.
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