Timeshare Maintenance – The Myths Explored
When you purchase a timeshare or buy timeshare points with a vacation or residence club, you will be obliged to pay annual maintenance fees which will go towards the upkeep of your timeshare unit. There are various myths surrounding this topic, from the idea that maintenance fees are a scam to the notion that you don’t have to pay them at all. Below you will find the more popular myths explored in more detail.
MYTH 1 – Timeshare Maintenance Fees are a Scam
Timeshare maintenance fees are a reality not a scam. Paying your fees every year will ensure that your property is kept in good shape; essentially you are protecting your investment. Conceptually maintenance fees are not a scam, but you may find unscrupulous companies charging way over the odds for maintenance fees. These timeshare companies are usually easy to identify as they are often new ventures with little or no background. To avoid a maintenance scam check out the company before buying and choose a reputable long-standing company.
MYTH 2 – Fees only cover my unit
Your timeshare maintenance fees cover much more than the upkeep, repairs and cleaning of your unit, in fact, your money is used to make sure that the common areas and resort landscape is fully maintained too. Any pools, club houses, lobby areas, gym equipment etc will fall under the umbrella of your maintenance fees. Maintenance fees may also cover the salaries of security guards.
MYTH 3 – I only pay for the years when I use my timeshare
This myth could cost you legal battle and restricted access to your timeshare! There is no choice about paying maintenance fees, even if you can’t use your timeshare one year, you will still have to cover the cost of the fees. If you know that visiting your timeshare each year will be impossible, trying opting for a biennial timeshare contract. If you do not pay your maintenance fees you will not be able to use your timeshare and will be liable for court cosst etc.
MYTH 4 – Hidden Costs
Some people classify maintenance fees as hidden costs when in fact it should be common sense that when you buy a property, you will need to pay for its repairs and upkeep. In most countries, timeshare sellers are obliged to remind buyers of the existence of maintenance fees and you will find it clearly stated in the timeshare contract.
MYTH 5 – Maintenance fees stay the same
Don’t fall into the trap of thinking that your timeshare maintenance fees will stay the same. Like inflation is a reality, so to will your fees rise as the cost of living increases throughout the world. Some timeshare developers will offer a fixed price for a certain number of years but it is naive to think that your fees will not go up