Hidden fees and extra expenses are some of the most common reasons for timeshare regret. You thought you knew what you were in for when you signed the contract but then the hidden fees started adding up. A particularly troublesome cost is from ‘special assessment fees.’ But what exactly do these fees pay for and why are you paying them? Also, what are your timeshare exit options if the special assessment fees become overwhelming?
What Are Special Assessment Fees?
Special assessment fees are an additional charge on top of your normal timeshare maintenance fees that covers expenses like storm damage repairs and other unforeseen expenses. They are also used to cover the cost of upgrades, some of which you may never use. You may even have to pay them for revenue gaps caused by joint-timeshare owners who aren’t holding up their end of the deal. These fees can be added to your timeshare maintenance fees at any time, in any amount, and you have no say in whether or not you have to pay them. Your only choice is to look into timeshare exit options or pay the fee.
Reasons For The Fee
There are several potential reasons you could be hit with a special assessment fee. One is upgrades. While improvements to the services and amenities of your timeshare doesn’t seem like a bad thing, there are some frustrating situations that could develop. For one, they may not be at the timeshare you go to. Many timeshares are owned by corporations that run several resorts. You may be hit with a special assessment fee for upgrades at a resort you don’t even go to! There are also situations where a large company buys the timeshare and decides to do massive upgrades on the resort – and you have to foot the bill unless you look into timeshare exit options.
Do you pay your timeshare expenses on time, all the time? That doesn’t matter when it comes to revenue gaps. If other people in your timeshare can’t or refuse to pay their bills, timeshare companies often charge the upstanding owners special assessment fees in order to make up for the lost revenue.
Many timeshares are located in tropical areas that are prone to severe weather. When a storm rolls through and causes damage, the timeshare owners are charged to make the repairs. This can be especially frustrating considering you’re already paying maintenance fees. Many timeshare owners simply assume the maintenance fees cover repairs – they don’t. This is a major breaking point where people start looking into timeshare exit options.
What To Do When Hit With The Fee
It can be quite a shock staring down a special assessment fee that you weren’t expecting. Even though they are frustrating, it’s important to pay them. If you refuse to pay a special assessment fee, the resort can just up the price of other required fees in the future. You can also end up foreclosing on the timeshare. The only guaranteed way of avoiding these fees is to look into timeshare exit options.
Best Timeshare Exit Options
Tired of your timeshare? At Timeshare Legal we offer a way out. For qualified candidates, we can completely cancel all recurring points, credits, weeks and any outstanding financial obligations owed directly to the timeshare developer.
If you still enjoy your timeshare but upgrades have gotten you in over your head, we also offer partial cancellation services. We will reduce your ownership to a more manageable level where you will still be able to travel within your budget. As one of the most respected and trustworthy timeshare cancellation companies, we are committed to helping our clients find the best possible solution for their timeshare issues.
