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Maintenance Fees Keep Resorts Beautiful & Vacationing Affordable

December 4, 2018
Timeshare Maintenance Fees

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.

The 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 conducted an analysis 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 accustomed.

The Consumer Reports article only compared 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.

Read More from Consumer Reports.