Timeshare contracts require the owner to pay an annual maintenance fee on the property and that is something that most timeshare owners have put up with. However, yearly maintenance fees might not be the only sums you need to pay – unexpected assessment fees might also come up and often leads to you asking how do I sell my timeshare now for a fair price.
There are various situations that entail special assessment fees – here are some:
- Upgrades – resorts need to stay competitive and to offer services of a consistently high level. To ensure quality, buildings need more than regular maintenance – they need more expensive upgrades, such as refurbishing, the construction of a new pool or other remodelling work, the costs of which will distributed among timeshare owners;
- Weather damage – timeshare properties also need to be renovated in case they are damaged by extreme weather events, such as tsunamis or tornados;
- A change in resort ownership – a new owner might have a different pricing strategy and he might have made the acquisition only to get more profit;
- Other owners are bad payers – the special fees that you find yourself stuck with might be caused by the loss of income caused to the management company by another owner of your property who fails to pay his fees.
Original Post here: Unexpected Assessments That May Happen When You Buy A Timeshare
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