Maintenance Fees Keep Resorts Beautiful & Vacationing Affordable
December 4, 2018
Whether you choose to visit the same resort year after year or explore other resorts within your exchange program, timeshares provide a great option for vacationing. A timeshare offers you a clean, maintained unit that features upgraded amenities like pool slides and manicured grounds, and to top it all off, it's already been paid for!
After all, a timeshare serves as your home away from home.
Similar to a house, condo, townhouse, or apartment, there are
costs associated with the upkeep of a timeshare. Unlike your
home, a timeshare provides you with a way to alleviate these
costs with other owners. Therefore the upkeep cost of owning a
timeshare is significantly lower than what it would be if you
owned a vacation home outright, by yourself.
property management company responsible for your timeshare takes
care of hiring the ground staff as well as repair companies,
inspecting their work, and ensuring they get paid. Owning a
timeshare also provides you a more cost-efficient way to upgrade
the furniture and appliances within your vacation unit since you
share the burden with the other owners of your timeshare. Not
only are you splitting the cost, but management companies
receive a bulk discount since your timeshare building will
usually update these items in all their units at the same time.
These updates are also budgeted and scheduled into your
maintenance fees, ensuring that you will not have to save up for
them in advance and that they consistently happen, giving you a
wonderful vacation every time.
Failure to pay
maintenance fees on time can result in several penalties across
the board. Your resort may refuse to process your reservations,
meaning you don't get to use your timeshare. Your HOA also may
contact you with letters, phone calls, and emails if you fail to
pay your maintenance fees on time and could turn your
information over to a credit reporting agency, harming your
credit. At the extreme end of consequences of not paying your
maintenance fees is your resort's decision to foreclose on your
property. Paying your maintenance fees on-time ensures your
continued use of your timeshare.
Even with the
maintenance fees, timeshares are still more affordable than
hotels for vacations in the long run. Consumer Reports recently
that found timeshares become more
affordable than hotels beginning in the 14th year of vacations.
This value exponentially increases the longer you own your
timeshare, so even when you choose to retire, you can still
afford to vacation in the manner in which you've become
Consumer Reports article
hotel stays to timeshare ownership. If it compared the cost of
owning a second home for vacationing, imagine doubling all your
home maintenance, plus adding maintenance for amenities like
pools, tennis courts, and fitness centers. In that light, your
timeshare investment and maintenance fees are actually a good
value in comparison and a lot less headache.