As a timeshare owner, it is important to know everything you can about the property before you buy a timeshare, and timeshare maintenance fees are an aspect that are often overlooked by buyers. In this article, we’ll be exploring what maintenance fees are and why they’re important to you as a timeshare owner.
What Are Maintenance Fees?
The term ‘fee’ tends to make people cringe but maintenance fees allow resorts to maintain the property year after year. Maintenance fees are the yearly payment that every owner must pay to be able to rent the timeshare property. Maintenance fees can either be spread out to all of the owners equally, or based on your deeded location or home resort. As the name suggests, the fees will cover general maintenance costs which cover furniture, exterior repairs, appliances, resort operating costs as well as replacing or fixing anything that goes wrong with the property.
These fees are regulated by the developers or the homeowners association in charge of the property. In many cases, owner-elected officials will be in charge of deciding what the fees are for the year. These fees are not set in stone and generally will rise through time with the hard costs of operating your resort or club. Due to inflation, the rising cost of virtually everything, it makes sense that these costs will rise from time to time.
Importance of Maintenance Fees
Maintenance fees are incredibly important to maintaining the value and luxurious feel offered by your vacation club. By paying these fees, you enable your resort or club to prevent their properties from looking dated or worn. Without the funding to address wear and tear on the properties, the resorts appearance and feel would surely suffer, which would ultimately lead to a lower resale value for that resort
It is also important to stay up to date on the maintenance fees because your property can deny you access to your property if the fee are not up to date. Also, they can prevent you from renting out your week or trading for another. It is worth it to stay current on your maintenance in order to get the full value of all the benefits of your timeshare ownership.
If you are looking for more information about the implications of maintenance costs or just have more questions about timeshare resale in general, feel free to contact us.