Although people may see the advantages of a timeshare, no one talks about the fees incurred while owning one. According to Timeshare industry facts, the yearly maintenance fee alone averages about $786. If you’re thinking about purchasing a timeshare, you should consider these negative impacts.
Maintenance Fees
Timeshare maintenance fees are the fees you pay to keep your timeshare property in good shape. The timeshare management company will collect the money every year to ensure that your lawn is mowed, the pool is cleaned, the general house maintenance is checked on and the insurance of the property is paid accordingly.
Rising Costs
Every year the maintenance fees increase and considering that you visit this place once a year then you are left with questions like “is it worth it?” you might need to consider getting a timeshare exit plan together when it comes to this. Timeshares seem enticing at the beginning but when you do the calculations on the increase in fees every year you will consider looking for timeshare exits.
Paying
Remember once you are in a timeshare then you have to pay the fee whether you use the property or not. Some of these properties are in places you do not wanna visit again but because you are registered with a timeshare company you have to pay anyhow. the maintenance fees get subsidized during the sales process and when the homeowners start handling the fees then they can get surprisingly high.
Debts
Once you stop paying for the maintenance fees, then this becomes a debt, and just like any other debt, you have to pay. The timeshare company might forward your details to the collections company which will then have to collect the money from you by all means. This could also lead to legal action against you.
The only way to not pay for these fees and the extra costs that comes with being in a timeshare maintenance company is by exiting. If you’re looking to exit your timeshare, contact Lonestar Transfer today. We are more than happy to assist you!
