Your timeshare annual maintenance fee will be in your mailbox soon. It is that annual reminder that you not only own a timeshare but you will be paying for it the rest of your life.
That’s okay if you use your timeshare every year.
Some of us are not able to use our timeshare every year for various reasons – but we will get to that later.
The question a lot of us are asking: “How much will the fee go up this year?” According to most timeshare laws and policies it should not go up more than 25% a year. 2015 brought an exception to that limit for timeshares in Florida. A change to the law made taxes and some fees exempt to the cap on increases (Florida HB 453):
“In no event shall the total common expense assessment for the multisite timeshare plan in a given calendar year exceed 125 percent of the total common expense assessment for the plan in the previous calendar year.
b. Component site common expenses and ad valorem taxes shall not be included in calculating the total common expense assessment under sub-subparagraph a.” Lines 695 – 700
That’s not the only part of the law that is unfriendly to the consumer or owner. They also changed the law to make it harder to force the resort to take back the timeshare in case of an error in the contract. Back to the maintenance fees…
The average timeshare maintenance fee in 2005 was $471. The average in 2016 was $966. Chances are that if you have owned a timeshare over 10 years the annual fee has doubled. That does not count special assessments that may have cropped up from time to time.
For a large number of timeshare owners it is the maintenance fee that compels them to sell or give up their timeshare. What may have seemed reasonable in the beginning just does not work for them any longer. After all, circumstances in life will change and our abilities to take vacations and afford them change along with it.
Maybe it is time to take the timeshare exit off the maintenance fee freeway. Selling your timeshare is not so foreboding when your timeshare is in the hands of a timeshare resale broker.
Using a timeshare resale broker to sell your timeshare you have an assurance of professionalism, accountability, and skill.
Worried about the maintenance fee for a timeshare you don’t use? Don’t worry. Sell it.