Whether you are considering vacation ownership or you are already an owner, it is important to understand your timeshare maintenance fees. It is best to learn about these costs before buying a timeshare, so you can make an educated decision about this major, long-term purchase. To owners looking for a better understanding of their maintenance fees—it’s never too late to learn! Below, we’ve answered essential questions regarding timeshare maintenance fees.
When you purchase your timeshare, you agree to pay your maintenance fees for the duration of your ownership. Failure to pay timeshare maintenance fees will result in collection efforts by the management company or homeowners’ association. You could incur interest and late fees if your contract specifies it, which will then inflate the total amount due to make your account current.
If you continue to fail to pay your maintenance fees, the management Timeshare exit company or homeowners’ association will send the bill to a collections agency. This can lead to a decrease in your credit score. You could also be taken to court by the timeshare management company to force you to pay your past-due bills. Finally, since deeded timeshares are a real estate property and maintenance fees are part of the purchase contract, failure to pay them could result in the resort foreclosing on the property and selling it at auction to recover the money.