So, you have bought a timeshare and now you realize that you also need to pay maintenance fees every year. Firstly, this should not really come as any surprise as timeshare sellers’ good practice states that customers should be notified of maintenance fees before signing their contract. However, in any case, reference to the fees are in your timeshare contract agreement.
What are they for?
Maintenance fees may seem like a punishment but in fact they are intended to safeguard your investment and make sure that you continue to enjoy your timeshare property for years to come. They cover both inside your property as well as resort facilities: pool, spa, clubhouse, common areas. Your maintenance fees will pay for the replacement of appliances and furniture as well as general repairs that help your property retain its value and continue delighting you whenever you visit.
Can I stop paying my maintenance fees?
You should beware of stopping the payment of your maintenance fees as they are part of your contract. If you do not make regular payments you will not be able to make use of your timeshare property. In the worst case scenario you will be liable for legal proceedings and any of the costs incurred.
Do maintenance fees increase?
Like anything, the costs of maintenance fees will increase over time to reflect rising costs of labor, materials and services. With a reputable timeshare company these increments are reasonable, although there have been cases where young or fraudulent companies have been accused of maintenance scams.