What Are the Actual Costs of Owning a Timeshare?
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For anyone considering taking the timeshare plunge, then, a common question tends to come up: “What are the actual costs of timeshare ownership?”
Like some other major purchases, the acquisition of a timeshare comes with several ongoing fees, above and beyond the purchase price. For timeshare owners, this typically means being saddled with assessments and annual maintenance fees, for as long as the consumer possesses his or her interest.
What makes these additional ongoing costs fairly unique is that they tend to rise, year over year, without stopping or keeping pace with the rate of inflation. Timeshare owners are also responsible for keeping up with these sizable payments, whether or not they actually take advantage of their points or weeks.
It’s also worth noting that these high fees – particularly maintenance fees – tend to comprise the single biggest factor sowing consumer dissatisfaction and pushing timeshare owners away from the industry.
“Acquisition costs begin with a purchase price, and that can vary considerably depending on whether you’re buying it from the developer or whether you’re acquiring it on the resale market.
Once it’s acquired, you have to consider your annual maintenance fees, because that’s a cost that’s going to be with you throughout your entire ownership. There’s other possible assessments as well. The developer could decide to add amenities. He’s going to pass those additional costs onto you, and you’re going to have to pay them in order to maintain your unit.
It’s very hard to know when you’re making your acquisition what the future is going to bring in terms of the total ownership costs, over a period of time.”
For more on this important topic, readers should feel free to peruse the following blog posts and resources from Michael and other writers for the Finn Law Group team:
- The Ongoing Costs of Timeshare Ownership
- Who Is This Property Owner’s Association to Whom I Pay My Resort Maintenance Fees?
- Will My Timeshare Maintenance Fees Increase? (Video)
- The Timeshare Developer’s Dilemma
Led by Attorney Michael D. Finn with over 48 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.
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“My wife and I very stupidly got shammed into a timeshare in Florida which apparently is quite common. After a lot of researching online on what the heck to do about it after I realized how dumb it was I ran across stories of the resorts suing Michael Finn for how he was winning the cases to get out of them. That was all I needed haha. If these scam artists are suing him that was a darn good sign to me. They told me I had a case and said it could take up to a year or more before it’s finalized. 5 months in and it’s done already easy as pie on my end. The only better option besides hiring Michael Finn to resolve your timeshare case is not getting one to begin with.”
-Michael
“I interviewed and talked with 3 different law firms about getting out of my timeshare contract. The initial phone consultation was incredibly helpful giving me a good over view of what to expect and cost and all of that. When deciding they were responsive to me but not pushy to hire them (which was my experience with another firm I interviewed). They were not the cheapest option but I felt good going into it. I am very happy with my choice to hire them. Throughout the case my file got transferred to a couple of different people so sometimes it was hard to track who I should e-mail if I had a question, but they were always good about updating me when they had new information or my file was transferred. The case is FINALLY resolved after over a year and a half, which was longer than initially expected but the matter was not urgent. I would definitely recommend.
– Sarah
Timeshare Contract Cancellation Experts
Feeling trapped and overwhelmed by your timeshare obligation? Consulting with a timeshare attorney may be the most viable option for permanent, lasting relief. Don’t fall for scams. Finn Law Group specializes in timeshare law.
Michael D. Finn, Founder
Michael D. Finn is the founder of Finn Law Group and has been a practicing attorney for over 48 years, working on behalf of consumers with real estate, timeshare and fractional ownership issues.
Why Hire An Attorney?
When a consumer signs on the dotted line with a developer, they enter into an agreement that is legally binding. It’s a legal question, a legal issue – and so you’ll need a lawyer when it comes time to dispute, exit, or nullify that legal contract after the rescission period has ended.
