When you buy timeshare, the total sum that you agree to pay for it includes the down payment as well as resort operational costs called yearly maintenance fees. Some resorts require owners to pay on a monthly basis, others require annual payments, but all companies selling timeshares charge fees.
The maintenance fees that you, as the owner of the timeshare, must pay are used by the management company to cover various costs, such as property upkeep, insurance payments, the fees of the management company, utilities, property refurbishing and taxes. The amount you will be required to pay for property maintenance depends on the size and the type of the property as well as on the resort. Yearly costs usually start around $1,000 for a relatively small property on a medium-priced resort and can go up to thousands of dollars for large and high-end properties.
Timeshare ownership might incur some unexpected expenses as well, such as the costs of property repair or restoration in the case the resort is affected by a natural disaster or the one-time costs of some sort of major improvement, such as a new tennis court. To be able to accurately budget and calculate whether buying or keeping a timeshare is suitable for you, try to find out all you can about these expenses from your management company.
Originally Posted over here: Understanding a Timeshare’s Yearly Fees
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