Buying a timeshare or residence club membership comes with many questions, of which the subject of maintenance fees features frequently. Investing in a vacation property or vacation club membership is an exciting prospect and one that you will want to protect for the future. The regular payment of maintenances fees is an integral part of securing your investment for the future.
Why do I have to pay maintenance fees?
The main benefit to timeshare owners and residence club members is that you are essentially protecting your investment. You do not want your property to depreciate in value because of neglect or from natural wear and tear over the years, and you also want to be able to arrive to your property and enjoy your vacations like the first day you arrived. Paying your maintenance fees gives you the confidence that someone is taking care of your property and making sure that the common areas you enjoy so much are perfect each time you arrive.
Where does the money go?
Firstly, most timeshare maintenance fees are administered by non-profit organizations to ensure that funds are directed towards the areas that are needed. The fees cover such things as cleaning, improvements, repairs, the replacement of appliances and furniture as well as the general operation and security of your property in addition to the common areas like the pools, gym, spa etc.
Will they increase?
It is inevitable, like anything in life, that your fees will increment to cover the rising costs of inflation, labor costs, materials and so forth. On occasions you may be required to contribute an additional sum to cover the cost of unforeseen circumstances like flooding.
Do I have to pay?
If you are not up to date with your timeshare maintenance fees or residence club fees, you will not be able to access your unit until you have paid. This is to protect everyone who owns a unit on the resort so that those who pay are not supporting those who do not want to contribute to the general upkeep of their properties. Refusing to pay your maintenance fees can result in legal action against you and suspension of your rights to use your timeshare or residence club membership.
What are the common complaints about maintenance fees?
No one likes to have to pay a bill, but many of the complaints you read about on timeshare internet forums are companies who keep their maintenance fees artificially high. Although this might be the case in some new and emerging timeshares companies, in general reputable companies charge reasonable rates. Some people also complain that they were not told about the fees when they bought their timeshare, although it would have been clearly stated in the contract.