You own a timeshare. You have owned it for many years, paid it off, and faithfully pay the maintenance fees. However you notice the resort is falling into disrepair, there are more and more vacancies every year, and you have a bad feeling about your timeshare’s future.
When you notice your timeshare property getting run down as it ages, the timeshare owners association or management may not be collecting enough maintenance fees to cover repairs and preventive maintenance. Some timeshare owners may have abandoned their timeshare, not paying the maintenance fees, and washing their hands of the deal. When this happens everyone loses. Plus the timeshare resort starts sliding downhill eventually ending up in bankruptcy.
Take this story out of Fairmont, British Colombia: Sunchaser Vacation Villas, a timeshare in Canada, has had to double their maintenance fees over a period of a few years to cover serious maintenance issues. In addition, special assessments are being charged to the owners to cover the costs of maintenance for the foundation, replacement of plumbing, flooring, counter tops, and more. Timeshare owners never like it when their maintenance fees increase. They really complain and look for a way out of their timeshare when special assessments come rolling around. No one likes surprises – especially when it comes to their money.
Well known timeshare developers like Marriott raise their maintenance fees regularly, and usually around 5%. For example, for 2015 Marriott’s Ko Olina Beach Club were as follows:
Ko Olina 2BR EOY
– Property Tax Fee – $79.06
– Replacement Reserve – $120.72
– Operating Fee – $776.15
– TOTAL – $975.93
– Increase of $43.51 (4.67%)
Ko Olina 2BR EY
– Property Tax Fee – $158.11
– Replacement Reserve – $241.43
– Operating Fee – $1,552.30
– TOTAL – $1,951.84
– Increase of $87.02 (4.67%)
Ko Olina 3BR EOY
– Property Tax Fee – $86.97
– Replacement Reserve – $132.80
– Operating Fee – $853.85
– TOTAL – $1,073.62
– Increase of $47.91 (4.67%)
Ko Olina 3BR EY
– Property Tax Fee – $173.93
– Replacement Reserve – $265.59
– Operating Fee – $1,707.69
– TOTAL – $2,147.21
– Increase of $95.79 (4.67%)
In the mean time
Fairmont Vacation Villas – The Court of Appeal for British Columbia has ruled they can not collect huge special assessment fees from the timeshare owners. Apparently the timeshare resort had to make $28 million in repairs and charged the owners up to $6,000 each to help cover the cost. The owners objected and at least for now courts have held for the owners – they don’t have to pay.
Club Land’or has filed for Chapter 11 bankruptcy. (see the Chap 11 here) They are claiming tens of millions of debt, and less than $50,000 in assets.
So what do you do when your maintenance fees double? You have to make a decision. Do you sell your timeshare, give it away, or keep it? Keeping it requires a commitment to paying the maintenance fees and being able to justify them. You’d need to feel like the fee is worth what you get from your timeshare. Otherwise you’ll resent it and it will a source of stress for you forever. In that case, you need to sell the timeshare.
You can’t undo what you did by buying the timeshare in the first place, and it won’t just go away. You’ve got to do something to fix the situation. Get in touch with a timeshare resale broker to discuss all your options. You will be glad you did.
Timeshare-Resale-Broker.com is the leader in the Vacation Resale Brokerage Business and innovators of timeshare resale services for individual consumers and software for resale agents. Since 1979 (over 38 years) we have had original management. All of our Timeshare Agents are Resale Specialists and members of NAR, the National Association of REALTORS®.
We pioneered the first timeshare resale broker website on the Internet in 1995. We advertise on many more.
People wanting to sell and get rid of a timeshare benefit from the professionalism of a licensed timeshare resale broker who stay on top of the ever changing technology as well as industry direction. We work with all buyers for the vacation properties registered in our database. We have a team of REALTORS® and personnel who are forever assisting the buyers, sellers and insure that the time share sale transaction is as smooth and easy as possible. Call today to get rid of the timeshare albatross! Call us at 1-800-247-4392
Experience: We have sold and closed timeshares in over 29 countries, in 47 states in the USA, have closed deals with sellers and buyers from over 89 countries. We have helped thousands of owners get out of an their unwanted unit. We have a program that gets you out of your property without waiting for a buyer too. This stops the fee payment burden right away.
We offer all our expertise to you!
Our offices are at 14500 Hwy 105, Conroe, Texas 77304.