Timeshares allow owners to visit luxury hotels and resorts every year, but once individuals sign a contract with a timeshare company, they become obligated to pay annual maintenance fees. Moreover, such fees tend to increase over time while owners visit resorts only once a year! Sounds not great, right? It might be the first reason why timeshare owners give up their property. Check up on the Newton Group reviews to seek the most convenient pro services for your timeshare cancellation. Today, we’ll walk you through how to get out of timeshare maintenance fees.
Timeshare maintenance fees at the glance
Like any other property, a timeshare requires regular maintenance for resorts and facilities, and the costs for maintenance fall on the owners. To maintain the timeshare property, a timeshare management company collects payments from owners every year or rarely every month. These fees cover regular repairs to the facilities, like amenities (cleaning of the pools, servicing of the gym and fitness centers equipment, etc.), landscaping (upkeep water sprinkler systems, mowing the grass, etc.), and business outlays (property insurance, administration, etc.).
The exact cost for annual maintenance differs from resort to resort, but $1,000 is considered the average fee for timeshare maintenance. However, this totality tends to grow around 2% a year every year. The truth is that a timeshare owner is obligated to pay these high fees no matter whether individuals visit the resort this year or not. Timeshare maintenance fees are non-negotiable, which means you can not refuse to pay them at all.
What happens if you stop paying maintenance fees on a timeshare?
If you stop paying required maintenance fees on your timeshare, a resort will do anything to collect them. A timeshare company will make phone calls and send letters to you. It can even turn debt into foreclosure or assign this debt for you for your entire life! In the worst scenario, timeshare companies will perform legal actions against you. If you want to know how to eliminate timeshare maintenance fees, the only way remains to get out of your ownership.
Getting rid of timeshare maintenance fees
The best option to eliminate all the burdensome maintenance fees on a timeshare is to get rid of a timeshare itself. You can perform this task using different ways – transferring a contract to someone else, using a rescission period, asking a resort to take the property back, or donating a timeshare.
Following a rescission period to cancel your timeshare legally is the easiest solution, but since this time window is concise, multiple owners miss a rescission period. Once an owner decides to sell a timeshare, transferring a contract occurs in such a case.
This process incorporates creating a buy-sell agreement and a deed and then recording it in the county. When returning property to a resort, there is little chance that a timeshare company will accept your manner. As for donating a timeshare, an owner won’t get back any money they spent on a timeshare, so this option is not practical for numerous individuals.