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Walking Away From Timeshare Maintenance Fees

Many people enjoy winding down and spending their leisure time at their timeshare, especially during their first years of ownership. But as the years go by, your maintenance fees tend to increase. An increase in maintenance costs can start to affect your budget and make your timeshare very expensive and difficult to afford. Then you might begin to wonder if purchasing your timeshare was such a great idea? Do not worry, you’re not alone.

Situations like these may cause owners to feel like the walls are starting to close in on them. With an increase in debt and maintenance fees, many owners will most likely explore possible alternatives in hopes of escaping this burden.

If you feel like you might find yourself in a similar situation with your timeshare maintenance fee, then you’ve come to the right place. Please continue reading to learn more about timeshare maintenance fees or initiate a Live Chat with one of our team members to help find the best possible solution for you.

Timeshare Maintenance Fee

Timeshare maintenance fees can come in monthly or yearly payments, depending on the contract you have signed. These fees are then collected by the timeshare management company that uses this amount to cover the property’s maintenance costs.

A percentage of the maintenance fee covers the employee wages and the upkeep for the resort units and amenities.

You may be asking, who exactly must pay this maintenance fee? Anyone who owns a timeshare. The money accumulated is then divided among the owners, who then utilize this to enhance the Resort and keep it clean and attractive. Like a house, car, gym, or any product that may require upgrades, timeshares need to be maintained and renovated over time.

What is the Average Timeshare Maintenance Fee?

The average maintenance fee can cost up to $1000 per year. The due date can vary by Resort; usually, owners pay once a year, but in some cases, fees may be are due monthly, quarterly, or even bi-annually!

These fees don’t exclude the fact the cost can increase every year, often faster than the average inflation rate. According to recent studies, the annual increment in maintenance fees equals about 4%. Many people are unaware that timeshares are perpetuity contracts; in other words, you’ll be paying these fees for the rest of your life, and your future generations will then inherit these costs forever.

What do Timeshare Maintenance Fee Cover?

The maintenance fee covers the regular upkeep and repairs to the property such as:

  • Landscaping: mowing grass, trimming the hedges, sprinkler systems, and raking leaves
  • Amenities: pool cleaning and chemicals, golf course maintenance, and gym equipment servicing
  • Business costs: insurance on the property, scheduling,  record keeping, and administration

There are other various situations that your maintenance fee covers, such as yearly HOA fees. If your timeshare developer was hit by a natural disaster, you would be responsible. Doesn’t sound fair right? 

Walk Away From Your Timeshare

Vacations and time off from the original routine are always necessary. Whether it’s to spend time with family or even a self-care trip to feel rejuvenated, this period of relaxation is a must.

But if your maintenance fees are too inflated, it may become challenging to enjoy our timeshare. You may suffer from stress about always thinking about these enormous costs and possibly even debt over time, and most likely, you will want to walk away from this timeshare.

If walking away from your timeshare is the route you wish to take, we advise you to be cautious and read through your contract.

What Will Happen If You Stop Paying Your Timeshare?

What will happen if you stop paying your timeshare? The timeshare management company will do whatever it takes to collect overdue payments. The management company will bombard you with phone calls, letters, emails, etc., which can be quite bothersome. As more time passes, the management company may even take legal action against you.

When getting rid of your timeshare, the best option is by seeking out professionals who can help guide you through the legal process. Please fill out the free consultation form on the right or initiate a Live Chat with one of our team members right away and learn about escrow. 

Walking Away From Timeshare Maintenance Fees

Late Payments

A late payment is a better option compared to selling or releasing your timeshare ownership. But the late fees may also result in penalties and will affect your credit score.

In most cases, one missed maintenance fee payment can lead the Resort to report against you, and you will face malicious entries on your credit report.

And these malicious entries will remain on your credit report for more than seven years, which will cause damage if not resolved on time. In various cases, the court can file a bank levy on your account for the missed payments.

Unless you pay the maintenance fee, you will not be allowed to visit the timeshare. 

Sell the Timeshare

You can always try and sell your property and relinquish your ownership. This method can be an effective strategy in avoiding future maintenance fees.

Like vehicles, timeshares can lose their value almost instantly, and when selling on the resale market, you may only receive a fraction of the original price you paid. Do not be alarmed; selling your timeshare can sometimes be your best option.

Selling your property online using sites such as eBay or Craigslist is another option as well. But this route can be challenging. When Googling timeshares on these platforms, you may find many bids that start as low as $1 or even $0!

Try To Give It Back To The Resort

When exiting your timeshare, the timeshare management company is not obligated to work with you. Some Resorts are more generous than others, something to consider when exiting your timeshare.

When it comes to the cancellation process, you must speak with the right people when exiting your timeshare. Otherwise, you may fall victim to misguidance and a lot of wasted time and effort or even a timeshare scam.

Walking Away Timeshare Maintenance Fees

If the Resort is not willing to rescind your contract, you may hire a timeshare exit company. These types of businesses are usually costly and may charge you $5,000 to exit the ownership.

If all options fail, we recommend looking into a timeshare exit company like Resort Advisory Group who is highly reputable in this industry.

When choosing the right exit company, select the one that does not ask for any up-front payments. There is no reason why the exit company should bill you before they have even successfully helped you exit your timeshare.

Work With A Company To Help You Negotiate An Exit

If the Resort is not willing to rescind your contract, you may hire a timeshare exit company. These types of businesses are usually costly and may charge you $5,000 to exit the ownership.

If all options fail, we recommend looking into a timeshare exit company like Resort Advisory Group who is highly reputable in this industry.

When choosing the right exit company, select the one that does not ask for any up-front payments. There is no reason why the exit company should bill you before they have even successfully helped you exit your timeshare.

Don’t Simply Walk Away From Your Timeshare

Remember, your timeshare contract is a legally binding document that can carry over from generation to generation. When exiting your timeshare, your best options are relinquishing ownership or exiting lawfully through a timeshare exit company.

A reliable timeshare exit company will be responsible for all the legalities when helping you get rid of your timeshare.

Final Thoughts

Most timeshare owners do not immediately want to exit their agreements. To all the timeshare owners, remember what most likely drove you to purchase your timeshare in the first place; a dream of vacationing at will and always having a guaranteed place to stay. However, pesky fees such as high inflated maintenance fees can stand in your way of such dreams. The good news is you have made your first steps in the right direction by exploring alternate options when reading this article.

Fill out the free consultation form on the right or initiate a Live Chat and get connected with a reputable timeshare exit company that can assist you with your timeshare cancellation process right away!

Timeshare Exit Questions?
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Timeshare Exit Questions? Contact Us!

By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to [email protected]

Timeshare Exit Questions? Contact Us!

By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to [email protected]

Timeshare Exit Questions? Contact Us!

By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to [email protected]

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