Will My Timeshare Maintenance Fees Increase Due To Covid-19?
The coronavirus pandemic has had a devastating effect on travel. Cancellations, rescheduling, and missed vacations have become the norm. If you own a timeshare, chances are that you have either been unable to use it or have been severely restricted on when you can use it. In addition, the maintenance fees that are supposed to go toward the upkeep of the facilities are still due. What this means is that you are still responsible for paying for your timeshare even if you are unable to use it. Perhaps just as concerning is the possibility of increased maintenance fees during this period. Let’s take a closer look at timeshare maintenance fees and how the pandemic may have caused them to increase – not decrease.
What Are Timeshare Maintenance Fees?
Timeshare maintenance fees are supposed to go toward the maintenance and upkeep of the timeshare facilities. The cleaning, repair, and general upkeep of the property is meant to be financed by monthly maintenance fees that are paid by the timeshare owners. Failure to pay these fees can result in foreclosure proceedings being brought against the delinquent owner. Due to the severely decreased traffic in the timeshare properties due to Covid-19, you would think that maintenance fees would decrease. Unfortunately, that has not been the case.
Why Are My Maintenance Fees Increasing?
Timeshare developers may claim that an increase in maintenance fees is due to inflation or the continued need to update a property. In response to the coronavirus pandemic, developers have also cited more stringent cleaning protocols as a potential reason for a rise in the fees. What they don’t tell you is that some increases may be due to the developer trying to boost profits or to make up for a down year. It is important that you understand that you have a right to know exactly why your maintenance fees are increasing. It is recommended that you contact your developer to get an accounting of where your money is going.
Timeshare Lawyers At Your Service
The continued rise in timeshare maintenance fees can make your timeshare a burden. Your timeshare should always be a source of comfort and relaxation, never a source of stress. The Finn Law Group can help you determine if there is a viable way to move on from your timeshare. Our attorneys will present you with options and help ensure that you make the best decision given your circumstances.
