It seems that when it comes to timeshare, everyone has an opinion, and there are more myths than truths flying around about timeshare. Timeshare Maintenance fees is one key area where it is easy to get confounded by the myths.
What are timeshare maintenance fees?
As the words indicate, maintenance fees are the yearly payments you make to ensure that your timeshare (and the resort) are kept in great shape on your behalf. You do not have to organize any of the work, but pay a company that will act on your behalf.
The most common myth is that timeshare maintenance fees are hidden costs that the timeshare seller doesn’t want to remind you of. In reality, everyone should know that you need to maintain your property so that it is in good condition when you arrive, so common sense should suggest that your are going to have to pay maintenance fees.
What are the fees spent on?
The money you pay in timeshare maintenance fees will pay for the costs associated with repairs, decorating, cleaning, replacement of items and furniture in addition to the cost of operation and administration of such tasks. As well as your timeshare, the money will be used to maintain any common areas such as the lobby, club houses, spas, gyms and so on.
Who administers our timeshare maintenance fees?
That will depend on who the developer of your timeshare is; most reputable companies will not seek to make any profit from these fees and often a mutual benefit company is formed to administer your timeshare fees.
Can I opt out?
It is not possible to opt out of paying your timeshare maintenance fees. Part of your contract duties is to stay up to date with maintenance payments. If you do not pay your timeshare maintenance fees, you may be liable for legal proceedings against you. In essence, these proceedings are to protect the other owners of the timeshare who do pay their fees.
Will my timeshare maintenance fees increase?
Your fees will naturally increase with inflation and to meet any rising costs of materials and labor.