Timeshare owners know the routine. Every so often, along with the bill for the yearly maintenance fees for the timeshare, an owner will receive a special assessment fee. These fees are usually for a variety of different reasons. Sometimes you will receive a fee to pay for flat screen TVs, a Jacuzzi, new lighting fixtures, an additional pool. These are the amenities fees, and usually range from $100 on up, although these days there are reports of fees being in the low thousands.
The other kind of special assessment is related to insurance needs or damage. There are times when timeshare owners have to fork over for unforeseen circumstances, like a flood, water damage, or a hurricane. In order to repair the damage, the homeowner’s association must charge a special assessment. This occurs more often in areas subject to extreme and volatile weather patterns. A share in Palm Springs is less likely to merit these fees than a share in Myrtle Beach.
Due to the frequency of these accidents, timeshare companies will also pass on the rising cost of insurance onto the owner. In the case of insurance, repeated damage is likely to make the overall cost rise, and it is incumbent upon the timeshare company to find a means of paying these rising fees. If you are worried that you could be billed for continual damage to your property, consider either not buying a timeshare in one of these locations, or finding timeshare relief. One can’t predict the outcome of the weather, despite our best efforts.
When you receive these special assessment notices, you will also receive an explanation as to why you were charged the fee. If you were to learn that your unit is being outfitted with flat screen TVs, it isn’t like you can simply say, “Well, I don’t want flat screen TVs, so I’m not going to pay $200”. Your title states that you will pay all necessary fees associated with the maintenance and upkeep of your unit.
In many ways, the special assessments keep you hostage to the unit, in terms of both investment and continual payments over which you have little say. It is your responsibility as an owner to understand the terms and conditions of your timeshare ownership. Hopefully this timeshare info session was helpful. Andremember , don’t be caught in a contract you find unfair.