Special Assessment Fees on a Timeshare Relief
For many timeshare owners, their greatest frustration is the costs that creep up annually, which tend to be higher than the initial purchase price of the timeshare. These ongoing costs include maintenance fees, which typically increase year over year, and special assessment fees. The financial burden that these exorbitant fees can place on a timeshare owner can be quite the shock.
But what are these timeshare owners paying for? Where does the money go? Why are they obligated to pay these outrageous fees, perhaps for a resort that they are yet to make use of?
A special assessment fee, as the term suggests, is a fee charged for an extraordinary type of investment. This fee could be imposed on a timeshare owner for a variety of reasons, including:
For a resort to continue to be perceived as a destination of choice, maintenance is required to continue to give it a modern feel. This means regular updates and upgrades. And when there is need for the resort’s amenities or services to be upgraded, it is you, the timeshare owner that has to foot the bill. In most cases, the resort does not consider the value of your checkbook before they request for these assessment fees for upgrade.
• Weather Damage
If the area your resort is just got through a hurricane, there may be damages that require repair, and it is likely that this amount was not budgeted, and some of it is not covered by your insurance. As is the case with upgrades, a bill can be imposed if there are any major damages. Since we do not have the ability to predict when disasters such as flooding, tornadoes, hurricanes, and avalanches occur, it will be impossible to tell when these assessment fees may be required.
• Change in Ownership
Some resort companies look to acquire failing resorts and make them profitable ventures, and this could include repairs and upgrades of the existing resort. On the other hand, this could also mean that the new resort company employs “more effective” methods (or tricks) designed to squeeze profit out of the individual timeshare Relief owners than the former ownership did.
When large resort companies that control many resort locations acquire a new property, all the timeshare owners in their network are usually notified that an upgrade must be made to meet the company’s standards. In this care, you could be paying special assessment fees on a resort you know nothing about, only because you own a timeshare with the parent company.
• Poor Management
If the resort you own is declining in its quality, there could be red flags. Not only does the quality of your vacation suffer as a result, but your bank account might take a hit too. Poor management of the property means there will be unavoidable breakdowns, repairs, upgrades, or there could be change in ownership. All of these elements mean more fees for you.
Truth is, timeshare special assessment fees will be levied at just about any opportunity. Mother nature’s plans and the resort’s demands will not always align with your plans or budget. If you do not pay these assessment fees, you could face really bad consequences. Dealing with liens, collection agencies or wage garnishment is never fun. Depending on your circumstance, however, a class a class action suit could help, though this may not be realistic for most situations. In any case, if you want out of your timeshare contract, always remember never to pay upfront fees for any company to buy, sell or list your timeshare scams companies are looking to prey on your complex situation and get away with your cash.