Paying your Maintenance Fees on your Timeshare
One of the things you must consider when you buy a timeshare is that you will be required to pay yearly maintenance fees. Details of these fee should be in writing in your contract.
Your maintenance fees are a legal requirement that protects you as well as other owners. If you cannot pay your maintenance fees you should contact your timeshare operator, as failure to adhere to your maintenance fee payments may result in legal action against you. You have to pay your maintenance fees regardless of if you use your timeshare, so you should try to make sure that someone occupies your unit, even if you cannot make it yourself.
Maintenance fees cover all the repairs and general caretaking of your timeshare property, making sure that all of the appliances, furniture, fixtures and details are in correct working order. Your fees will also include the replacement of items that deteriorate over time so that your timeshare investment is protected for the future. Likewise, the maintenance fee quota covers the caretaking of common areas including the pool, spa, clubhouses, gym and other amenities.
You should also be prepared for the maintenance fees to increase over time. As the cost of manpower, materials and services get more expensive due to inflation, so will your fees increase. Established timeshare companies are renowned for reasonable increases, so it is better to avoid emerging companies who have been known to hike maintenance fees after the initial period.
When you buy a timeshare, you have to keep in mind you are buying a piece of property, which means that you have to take charge of the up-keep of your shared ownership. Timeshare maintenance fees represent the resort 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.