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 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 explore possible alternatives in hopes of escaping this burden.
If you feel like you might be in a similar situation with your timeshare maintenance fee, 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 you find the best possible solution.
How Can You Walk Away From a Timeshare Maintenance Fee?
Here is what you can do to walk away from a timeshare maintenance fee;
- Look for selling options
- Give away your timeshare
- Try to contact the resort to take it back
- Hire a reputable lawyer
- Hire an authentic timeshare exit firm
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, which uses this amount to cover the property’s maintenance costs.
- Depending on the contract, timeshare maintenance fees can be paid monthly or yearly.
- The timeshare management company collects the fees to cover property maintenance costs.
- A portion of the maintenance fee is allocated to employee wages and resort unit upkeep.
- These fees are obligatory for all timeshare owners.
- Accumulated funds are distributed among owners for resort enhancement and cleanliness.
- Timeshares, like houses or cars, require ongoing maintenance and renovations.
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 due monthly, quarterly, or even bi-annually. Some facts about timeshare maintenance fees;
- 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 future generations will 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. There can be various reasons to get out of a timeshare.
- If If your maintenance fees are inflated, it may become challenging to enjoy our timeshare.
- High fees might deteriorate the overall timeshare experience, making you reconsider its value.
- 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? Here is how it will happen;
- 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 to seek 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 immediately 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.
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!
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