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Owning a Timeshare

Before we get to the great benefits of owning a timeshare, and there are many, let’s take a look at some basic, yet vital information that will insure that you get the most out of your timeshare. Remember that each timeshare and exchange company has different rules and regulations in place.

Maintenance Fees

As we’ve discussed in other sections, timeshares require the payment of annual (or in some cases bi-annual) maintenance fees. Some resorts include real estate or property taxes with this bill, others will bill you separately. Currently (2012), the average annual maintenance fee in the United States is $784. While generalizations can be tricky, one can safely assume that these fees have risen over time. It is vital prior to purchasing to ask about the history of these fees and find out if the individual owners have a vote/voice in setting them.

Regular maintenance fees cover normal wear and tear on the timeshare units and common areas, such as the pool, the clubhouse and the grounds. Most resorts have a timetable for replacing items such as televisions, bedding, kitchen appliances, etc. This timetable and more information on annual fees can usually be found in the Public Offering Statement (POS).

When considering a purchase either on the primary or secondary market it is unlikely that you will be given access to the Public Offering Statement prior to purchase. Therefore, make sure you get answers to these questions.

Special Assessments

Maintenance fees differ from special assessments in two distinct ways. While maintenance fees are regularly occurring, special assessments are by their nature “special” or assessed on a non-regular basis. Special assessments are levied to cover costs over and above normal wear and tear and replacement of items. A good example of when a special assessment is needed and what it covers is damage caused by a hurricane.

Again, as with maintenance fees, it is important to ask about the history of these assessments to get an idea of what you can expect as an owner at a resort. If the resort has had a history of large maintenance fee increases and/or a consistent history of special assessments, it may be a sign that the resort is not being managed properly. It would be wise prior to purchase to ask questions about the history so that you can have a better understanding of what your future obligations may be.

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Recent Reviews

A great place to base your Williamsburg excursions from.

Wonderful staff, clean rooms and amenities, great location. Fun game room. Indoor and outdoor pool great for kids. Very convenient to area attractions. [more]

My home away from home.

I bought into this time share in 1999, and never regreted it. I stay often and my friends and families that have stayed at the parkway have always enjoyed it. [more]

very relaxing

people amazing helpful pleasant always available any maintenance issues fixed immediately.location perfect. shopping and sight seeing readily available. [more]

central location

The rooms were spacious and clean. The pool was large and clean. Several good places to eat and get ice cream were in easy walking distance, as were the grocery and drugstore. [more]

Excellent Location, New, Fresh

Rooms were very nice, full kitchens. The Silverton Casino is right across the street and is a very nice casino and is attached to the Bass Pro Shop. [more]

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