Timeshare maintenance fees are the annual payments owners must provide that cover the costs associated with everyday operations at a resort. These costs are split among all owners, can be charged on a yearly, monthly, quarterly, or biannual basis, and must to be paid regardless if you are able to use your timeshare that Use Year.
What are Timeshare Maintenance Fees?
Understanding Maintenance Fees
What Do Maintenance Fees Cover?
Timeshare fees are used towards the upkeep of the timeshare property. Landscaping, utilities, staffing, management companies, taxes, insurances, and other similar services are essential to keep a vacation property like this running at its top performance level. With so many vacationers visiting each year, there will always be upgrades and other changes that will happen to common areas and within units to keep everything fresh and attractive for owners and potential buyers.
Cost of Maintenance Fees for Timeshares
The cost of a maintenance fee is completely subjective to each individual resort. They are often determined based on the property's location, amenities, unit size, additional benefits, and other factors in a particular timeshare contract. They can cost anywhere from a few hundred dollars to a few thousand dollars depending on these characteristics. According to the American Resort Development Association (ARDA), the average timeshare maintenance fee is $980 as of 2018.
One of the biggest benefits of paying for maintenance fees on timeshares is that their prices do not fluctuate with the demand or popularity of a resort during specific times of the year. While hotels can raise their prices during their busiest travel times and make it difficult for many to afford accommodations, maintenance fees are only raised by the resort when necessary to ensure properties are kept in tip-top shape.
What if I Can't Pay Timeshare Maintenance Fees?
When you buy a timeshare, you are signing a contract that states you agree to pay your annual maintenance fees for the length of your ownership. When you fail to pay your timeshare maintenance fees, a number of events can happen.
To start, owners will not be able to book their next vacation or other future vacations for that matter. Then, the management company or homeowners' association will begin collection efforts where you could face late fees or incurred interest. Continued failure to pay these fees can also lead to a decreased credit score, foreclosing on your property or selling it at auction. In some cases, resorts take owners to court to pay these past-due bills.
What are Maintenance Fees for Timeshares on the Secondary Market?
The price of maintenance fees for those who purchase on the secondary market are the same as those who purchase through the timeshare developer. Though this particular fee doesn't change, it doesn't mean you won't find incredible savings in other places!
The reason marketplaces like SellMyTimeshareNow.com are considered to be the more affordable timeshare buying alternative is because the asking price for these timeshares (aside from the maintenance fees) are significantly lower than those who buy directly from the developer. You could save thousands of dollars by shopping the secondary market and vacation each year without worry of seasonal price hikes!
Still Confused About Timeshare Maintenance Fees?
There's so much to learn about the timeshare industry before you feel comfortable enough to purchase, and our team understands! We want you to feel confident in shopping for a timeshare resale or rental and our independent timeshare experts would be happy to answer any of your questions regarding maintenance fees or just timeshares in general. To speak to one of our representatives, please fill out our contact form or reach us directly by calling 1-877-815-4227.