4 Facts About Timeshares and Yearly Maintenance Fees

09/17/2022

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A timeshare is a kind of ownership of vacation property. With timeshares, the owners share the resort’s use and operating expenses. While condominium vacation resorts make up a majority of timeshares, developers have extended the timeshare concept to houseboats, yachts, campers, and motor homes. Here are more facts about timeshares from timeshare exit experts.

1. Maintenance Fees

Inevitably, timeshare owners pay annual maintenance costs, which may convert what started as a convenient perk of ownership into an uncomfortable burden. One of the primary reasons people stop buying timeshares is the yearly maintenance costs, which nearly always rise faster than the inflation rate. As reported by SFGATE.com, the annual maintenance price for a timeshare is approximately $786.

2. If the Buyer Stops Making Payments, You Could Still Be Liable for Payments

Most timeshare contracts are written so that only a quitclaim deed from the original owner may transfer the timeshare. A quitclaim document, however, changes ownership and doesn’t change who’s responsible for making the mortgage or annual maintenance fee payments. A timeshare exit company will transfer the legal ownership to the buyer, but the original owner remains liable for all charges for the duration of the timeshare’s life. Timeshare exit experts can help you get out of your contract seamlessly.

3. There Are Reputable Timeshare Cancellation Companies

The reality that their timeshare, on which they may have spent tens of thousands of dollars, could be worthless is difficult for most timeshare owners to comprehend. When the timeshare gets too expensive, they first think of getting rid of it or renting it out. Too many businesses have sprung up in recent years to take advantage of the widespread belief that timeshares are easy to resell.

4. An A+ rating From the BBB Is Achievable

The BBB is not a government agency. It’s a for-profit business that charges a membership fee. Therefore, the BBB’s “A” rating does not guarantee a firm’s trustworthiness. However, it’s still a good idea to check the Better Business Bureau website for the timeshare to see if there are any negative reviews or complaints. You can use it to evaluate the amount of negative feedback relative to positive. Some timeshares receive one positive review for every twenty-five negative ones. Even if the timeshare has an “A” rating, that’s a major red flag.

All things considered, buying a timeshare can be costly. However, if you already own one, timeshare exit experts can help you get out of your contract. Call Lonestar Transfer today to book a consultation with one of our timeshare exit experts!

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