Are There Any Hidden Costs In a Timeshare?
When purchasing a timeshare interest, buyers are often sold a lot of sizzle, but very little steak, as our own Michael Finn once put it.
That means that they’re being offered a lot of big-picture ideas and positive-sounding information – without being given any substantive insight into a lot of important topics, let alone the chance to peer behind the curtain at the reality behind a salesperson’s words.
One aspect of timeshare ownership where consumer expectations often fall short of reality? Many buyers vastly underestimate the ongoing costs that are part and parcel of owning a timeshare. In time, this leads to significant dissatisfaction on the part of consumers; in fact, frustration with rising fees and costs is one of the biggest push factors driving owners away from the timeshare industry.
This all beggars the question: “Are there any hidden costs to owning a timeshare?”
Michael recently offered his thoughts on this important matter in a video interview, which you can see below:
And here’s a transcript of what he had to say:
“Indeed, there is. The number one hidden cost, even though it’s not completely hidden, is maintenance fees. It’s definitely in there. You’re probably not going to get a number. You’re just going to be aware of the fact that there are maintenance fees. Probably won’t trouble you at that time. But when you find out later on not only what your maintenance fees are costing you, but the fact that they’re going up on a very regular basis, and they’re going up way more than the cost of inflation? Suddenly, that becomes a serious problem. That’s why I call it a hidden problem.
It’s also going to be a problem that haunts you when you decide that it’s time to dispose of your timeshare, because those maintenance fees are going to make it very difficult for you to resell your timeshare when people realize that for the amount that you’re spending on maintenance fees, they can just go out and book a vacation without incurring any annual liability. What would be the sense of incurring an annual liability if you didn’t have to?”
For more thoughts on some of the matters that Michael touched on in the video – including rising maintenance fees and the difficulties associated with the timeshare resale market – we encourage you to peruse some of the resources below:
- How Much Can My Timeshare Maintenance Fees Go Up Each Year?
- Who Is This Property Owner’s Association to Whom I Pay My Resort Maintenance Fees?
- The Timeshare Developer’s Dilemma
- The Evolution of the Timeshare
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.