How To Stop Paying Timeshare Maintenance Fees
When you own the timeshare, you are also responsible for paying the annual maintenance fee. Make the shadow go, right? Not only because you are paying these fees to maintain the place you visit only once per year, but also because the fees increase every year! So what are timeshare maintenance fees, and how bad are they? And can you remove them if you own a share? We’ll guide you through everything you need to know.
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For time-share owners, these annual fees are collected by the time-sharing management company annually (or possibly monthly) for the stated purpose of covering the usual costs of maintaining maintain their time-sharing assets. Just like regularly changing the oil in your car, the time divider needs regular maintenance to make sure everything is in good working order. Of course, this comes at a cost – and that cost is passed on to you.
The shared maintenance fee in turn covers the regular maintenance and repair of the property such as:
- Landscaping — lawn mowing, hedge trimming, leaf raking and even sprinkler systems
- Facilities maintenance — pool chemicals and cleaning, exercise equipment maintenance, golf course maintenance
- Business expenses — property insurance, record keeping, scheduling and management
The average annual maintenance fee is $1,000. But the unexpected happens when you find out fees increase every year, often much faster than the normal rate of inflation. The latest figures show an average increase of about 2% a year. So by hard numbers, your initial $1,000 fee could be closer to $1,220 by year 10 — a total increase of about 18% .1 Read more: how to connect an amazon fire tv to a receiver Sign up for these outrageous fees (and the debt that goes on) that isn’t worth it — no matter how tempting the timeshare!
Maintenance fees must be paid annually whether or not you use the property. They are not negotiable. Read your contract carefully to see what is really revealed about your maintenance fees And here is a sad but very sobering fact: Sometimes maintenance fees are subsidized by the developer during the sale . But once the initial sales push is over, and the fees are left to the Homeowners Association (HOA), these fees can add up dramatically without any warning! That’s right, you read that right. We understand. No one wants to stay in an “outdoor” property that really only has a hole in the roof! Read more: how to unlock yourself from someone’s snapchat The problem is that rising fees seem to be a major part of corporate timeshare earnings because they are used for a variety of purposes other than maintaining accounts produce. Regular maintenance fee not included). They are worse because they seem to be all costs thrown at you, the owner, and you have no choice but to pay for them.
When you break it all down, these fees form a real liability that you have to pay. . . for life! If you stop paying, the time-sharing company will do whatever it takes to collect. They’ll call and mail, then hand it over to (you guessed it) a collection agency. always catches up with you, and it needs to be paid at some point. Like it or not, the time-share maintenance fee is a personal responsibility — until it isn’t. If you really want to get rid of them, then removing timeshare altogether is your best bet.
The only way to completely eliminate timeshare maintenance fees and other special assessment fees is to get rid of your timeshare. Because as long as you own the property, there’s really no way to end the year-to-year raid on your bank accounts. Read more: how to naturally curl hair with a comb
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