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When you buy a timeshare, you have to make sure you understand all the terms and conditions established in the contract, like the obligation to pay timeshare annual maintenance fees.
Learn more about timeshare maintenance fees and how to get rid of them.
The idea of owning a timeshare is that you have quality vacations ensured for the rest of your life at an incredible price, or at least that is what the salesmen tell you when you attend a timeshare sales pitch.
The truth is that timeshare ownership can get very expensive, given that, beside the initial purchase price, there are other annual charges, such as timeshare maintenance fees.
Maintenance fees are almost certainly the biggest reason why many timeshare owners want to dispose of their purchase.
Before making a purchase, it is very important that you understand all the financial responsibilities you have when you own a timeshare.
Maintenance fees are annual payments that are established and collected by the resort to maintain the unit in optimal conditions. Maintenance fees cover:
- Utilities
- On-site management
- Housekeeping services
- Remodeling
- Refurbishing
- Insurance
- Landscaping
- Pest control
- Taxes
Timeshare Maintenance Fees: How much do I have to pay?
The cost of timeshare maintenance fees depends to a large degree on the resort location, the size of the unit, and the amenities.
They vary widely and can go from $450.00 to $750.00 USD a year at an average resort. In some cases, the fees can reach up to $1000.00 USD.
It is also important to specify that those fees do not stay fixed. Due to economic changes, timeshare maintenance fees increase every year.
Sometimes, special assessment fees are added to cover unpredicted operating costs.
Timeshare maintenance fees: how are they set?
When you buy a timeshare, you have to keep in mind that you are buying a piece of property, which means that you have to take charge of the upkeep of your shared ownership.
Maintenance fees represent the resort's global operating costs, and they are spread among timeshare owners.
The operating costs vary mainly according to the size of the resort and the number of owners each unit has.
Timeshare Maintenance Fees: What happens if I stop paying them?
When the economic circumstances are critical, some timeshare owners decide to stop paying the maintenance fees, without thinking on the consequences that this action brings.
When you don’t have your annual payments up to date, it is very likely that the resort will sell your debt to a collection agency, which ultimately can affect your credit report and your financial situation very seriously.
Timeshare Maintenance Fees: How to get rid of them
Some others think of renting the unit to cover the annual costs, but that takes lots of work and is never sure.
Selling it is another possible solution, but it is easier said than done, given that the timeshare resale market is poor.
When the maintenance fees rise to a point you’re not able to afford anymore, it is better if you root the problem out completely, and the best way to do it is by canceling your original timeshare contract.
If you are not happy with your purchase and are struggling to make the payments on your timeshare maintenance fees, contact Mexican Timeshare Solutions for a free consultation on your matter.
Contact MTS today and get rid of your expensive maintenance fees. Get the financial freedom we all need.
To receive more information about timeshare maintenance fees and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662.
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Quisiera cancelar membresia de park Royal,pueden Detallar que se requiere y en que tiempo se puede realizar.y los gastos que tendría que considerar una vez hecha la cancelación.para considerarlos.Gracias
The cost of the maintenance fees increase every year, so is not affordable to still paying for something that we could use it anymore, for that reason i highly recommend you to avoid timeshare presentations, maintenances fees for me and my family is the main reason to quit , is totally a rip off.
i wish could turn back in time and avoid that timeshare preentation with royal holiday ! really people you dont need a timeshare , is the worst investment that me and my family we ever did, the years passing by and the maintenance fees also do it to ! be careful.
After trying many times to quit of our timeshare we finally did it , and the most strong reason was the maintenance fees, royal holidady actually is charging like an 60% more than the las year , is insane ! we cannot afford anymore that payment such a shame.
Actualmente no podemos ya seguir pagando las cuotas de mantenimiento de nuestro tiempo compartido con royal holiday , esta crisis frente al dollar a nosotros los mexicanos nos ha afectado bastante en cuanto eso , y las cuotas han subido muchisimo , ya no podemos seguir pagando , hemos mandado nuestra informacion ya a ustedes espero nos puedan ayudar , gracias.
Actualmente estamos viviendo una situacion muy desagradable con esto de el mantenimiento en roya holiday, de por si son caras las cuotas de mantenimiento imaginense que suban casi un 40% , de verdad no podemos ya seguir pagando , asi que piensenlo 2 veces antes de adquirir .
The maintenance fees are the worst part of the timeshare process , totally diferent of what they promised at the begining , now im looking for the cancellation with my resort , i cant pay anymore the fees !
Hola hasta hac poco me acabo de librar de un tiempo compartido , y deben de saber que una de las cosas que me hizo cancelarlo fue el elevado costo de las cuotas de mantenimiento , cuotas por servicios inexistentes nomas buscando la forma en como cobrarte mas cosas, de verdad que llega ser ridiculos los costos que estan por los cielos.
Timeshare people not deliver what they say, honestly i dont know how me and my family we fell into this scam, they never told that maintenance fees were so high, and we need each month to upgrade our membership to use the timeshare , i still do not understand what happened..
Oh god, actually i feel so sorry for me..the cost of the maintenances fees are INSANE, really i dont believe that someone can afford to pay for that quantity , the worst part is that if you dont pay promply the resort can demmand you ,because you SIGN a contract before, i dont know what to do ..
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