The Lowdown on Timeshare Special Assessment Fees

Owners of timeshare properties know the drill. Each year, they receive a billing statement indicating their annual maintenance fees for the timeshare they've purchased. On top of those yearly recurring fees, timeshare owners get billed for what timeshare companies refer to as special assessment fees. These fees include charges for amenities, in addition to insurance costs acquired over the year.

Fees for amenities cover a variety of things. It is not uncommon to find items like a newly installed bathtub or pool, high definition TVs, and even a new sound system for the entertainment area, all listed under charges for amenities of their timeshare unit. Fees reflected under amenities normally amount to a few hundred dollars and may even go all the way up to a couple thousand dollars.

Another type of fees charged under special assessment includes insurance coverage as well as expenses incurred due to damages in the property. Most of these expenses can be attributed to natural causes, accidents, and other unanticipated circumstances. For instance, a timeshare unit may sustain some water damage after a flooding incident in the wake of a recent thunderstorm. Hence, timeshare properties located in areas with highly unpredictable and constantly changing weather patterns suffer most, and are thus more likely to incur fees of this nature because of the increased likelihood of experiencing these accidents.

With the greater incidence of these events, companies that offer timeshare, often transfer the burden of taking on the rising insurance costs onto the owner. To make matters worse, insurance companies charge a lot more for damages that have been repeatedly incurred by the property. Thus, the location of your timeshare becomes of prime importance if you are looking to cut back on these fees. So if the idea of being constantly charged for these damages greatly concern you, then it is best that you opt out of buying a timeshare in such areas. If, on the other hand, you are already saddled with this problem, consider seeking timeshare relief.

Special assessments come with a brief explanation justifying the charges reflected in the notice. And refusing to pay for the newly installed lighting fixtures in your timeshare unit can not be easily settled in your favor, because more often than not, your contract stipulates your agreement to pay all required fees that come with maintaining your unit.

In effect, special assessments effectively bind you to your timeshare unit, with their seemingly unending fees and charges, most of which are incontestable. Therefore, it is prudent that timeshare investors make the effort to understand the terms and conditions prescribed in their timeshare ownership. Avoid being trapped into a timeshare contract that holds many biases against you.

Timeshares in British Columbia are Getting Faced Up

There is a new wave of real estate that is challenging the traditional timeshare dominance in British Columbia’s Columbia Valley. As reported by the Calgary Herald, fractional real estate is making an impact and slicing a market share with timeshares. The Residences at Fairmont Ridge, town houses in Columbia Valley and a part of redevelopment […]

Investing in a Timeshare or in a Travel Club Membership is a Lifetime Option

You might feel pressured and immobilize with you timeshare. Sometimes, when you are so dying to get out or opt to trade it to a different location, you find yourself consumed with so much hassle, time, effort and money. You’d wonder how you were able to get into the trap of this annoying vacation spot. […]

How to Sell Your Timeshare Decently in No Time

Here are some tips on how to sell your timeshare fast even under poor economic condition. We all know that this kind of property needs an immense amount of money to sustain its existence but in reality, you are just nourishing an empty and immobile property. Timeshares are truly attractive to every person who is […]

Hawaii Timeshare Sales Ideal for Holiday Gifts

This holiday season, the best way to show your love is to give a most exciting travel destination. Would it be nice to spend a grand weekend with your loved ones with a reasonable budget? Hawaii timeshares are offering holiday discounts so you can take your family on an ultimate getaway. Holiday timeshares are not […]

The Trend on Selling Timeshares in Today’s Market

There a number of reasons why you might be selling your timeshare. You may want to either move to a bigger area or in a smaller one. Or, you find it as a financial burden or that you don’t really need it anymore. Whatever your reasons are, when it comes to selling timeshares, you want […]