The Timeshare Sunset Clause
3 min read
Have you been surprised by your rising timeshare fees? Like most things in life, timeshare fees increase each year. However, some owners feel their fees are going up too much, too fast. And since the average owner is already paying almost a thousand dollars a year, any increase makes a difference. What’s behind rising timeshare fees and is there anything you can do about it?
All timeshare owner pay annual maintenance fees. These fees typically cover the basic operating costs of the resort such as routine maintenance, housekeeping, landscaping, and other expenses. And of course, the prices for all of that increase each year. However, inflation is just part of the picture. Other factors can also lead to increased maintenance fees.
Sometimes fees increase as a result of management changes. Most timeshare Boards hire a management company to handle the day to day running of the resort. Some companies charge more than others. Or companies may make different management choices that push fees up. In addition, mismanagement can also increase fees. For example, improper routine maintenance often leads to more extensive repairs down the road.
Also, if your timeshare is a part of a bigger company or network, decisions about fees may be happening way up the ladder by people without your best interests at heart. The bottom line often controls costs for big companies. In addition to maintenance fees, you may see other fees like exchange fees increase or get slapped with new fees altogether.
Owner delinquency and foreclosure can also be behind rising fees. With fewer owners paying in, then fees increase for those responsible owners making their payments on time. So if your resort has high levels of dissatisfied owners, you may be paying other people’s fees.
Of course, even with responsible routine maintenance, resorts age over time. And with that aging comes bigger repairs and upgrades. After all, who wants to vacation in the ’80s forever? Since renovations are costly, you could see those expenses reflected in your maintenance fees or in the form of a special assessment. In addition, unexpected damages from natural disasters or other factors are common. Hurricanes and tropicals storms routinely cause massive damages, and timeshare resorts are often in the path of destruction.
As a timeshare owner, you’re contractually bound to pay your maintenance fees. However, if you get involved with your Homeowners Association or run for Board of Directors, you may be able to influence the decision-making process. Of course, this isn’t always easy since most timeshare owners don’t live close enough to attend meetings.
Your other choice is to get out of your timeshare and be free of fees forever. This solution is more proactive and permanent. However, getting out of your timeshare can be difficult and time-consuming. Luckily, we’re here to help. We help owners like get out of their unwanted timeshares every day. Sign up for our free, no-risk consultation to see what we can do for you.
(Image by Andrew Khoroshavin from Pixabay)
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