When someone is being sold a timeshare, it’s all about the big picture. The salesmen will show you this potential future where you own a beautiful timeshare that you can enjoy forever without costing an arm and a leg. They often go into every last detail of the benefits of timeshare ownership while skimming over topics like maintenance fees. Most buyers understand that these maintenance fees exist, yet assume they are minor and manageable. In reality, these costs are often the worst part of timeshare ownership. So how exactly do maintenance fees spiral out of control? Timeshare cancellation may be your only answer.
Lower Property Value, Higher Fees
The real killer with maintenance fees is they aren’t stagnant, neither is the quality of your timeshare. Maintenance fees that start off manageable quickly add up. They often increase every year, far exceeding the cost of inflation. Even worse, the older your timeshare gets, the more repairs it will need, which increases maintenance costs on a property that is decreasing in value. Essentially, you pay more and more while receiving less and less.
Special Assessment Fees
Timeshare buyers often aren’t aware that they are financially responsible for changes and upgrades made to the timeshare. In reality, they may be charged special assessment fees in order to upgrade the timeshare. These are not included in your maintenance fees. At least you get to benefit from the upgrades right? Unfortunately, not all the time. It is common for large timeshare companies to own several properties. If they decide to upgrade one property, it is within their right to spread the cost across all of their properties. If you don’t move forward with timeshare cancellation first, you could end up paying for upgrades you don’t even get! Even though your timeshare property is probably insured, you could also end up paying fees for natural disaster damages that aren’t covered by insurance – another example of paying fees with no benefit.
Revenue Gap Fees
If you don’t pay for your maintenance costs, you will likely be charged late fees. But did you know that those you share the timeshare with could negatively impact your wallet? When another tenant stops paying for their timeshare, you could be charged fees that help the company fill the gap in their revenue. You could be punished for someone else’s actions. Worse yet, if the non-paying tenant settles their debts, you won’t get a refund. The only way to escape this unfair situation is through timeshare cancellation.
Another predatory tactic that is used to make timeshares seem more affordable is showing a price that doesn’t reflect the mandatory fees of an all-inclusive result. You may think you are paying a certain price for your timeshare but it doesn’t include the high costs you will be forced to cover for all-inclusive services. This can lead to situations where a party cannot afford to go on vacation even though they are paying for a timeshare.
Timeshare Cancellation The Right Way
Truly, the best option is to never purchase an upgrade or never buy a timeshare to begin with. However, if it’s too late, consider the services offered by timeshare cancellation companies. At Timeshare Legal we offer a way out. For qualified candidates, we can completely cancel all recurring points and credits and any outstanding financial obligations owed directly to the timeshare developer.
If you still enjoy your timeshare but upgrades have gotten you in over your head, we also offer partial cancellation services. We will reduce your ownership to a more manageable level where you will still be able to travel within your budget. As one of the most respected and trustworthy timeshare cancellation companies, we are committed to helping our clients find the best possible solution for their timeshare issues. Call us today to escape your timeshare nightmare.