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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

Nice Quiet Vacation Location

This resort is not on the coast; it is in TN about an hour and a half east of Nashville and an hour west of Knoxville. [more]

Overall was a Great stay.

We had experienced a few things wrong with the rooms, the formica is peeling up from the countertops neer the range and the tile on the floors was separating from the floor.. [more]

Hooray for HOllywood

There are no overhead fans in the units, also the windows do not open for fresh air. We sneezed a lot, had to get some live large leaf plants for our unit. [more]

Very pleasant and quiet

The staff was very friendly and helpful. My kids loved the theater and used it twice and we were the only family there. The front desk was great and very accommodating. [more]

Very good, nice staff, easy parking.

Leave more coffee filters in general and perhaps one packet of coffee to get your vacation started more easily. Otherwise everything neat and clean. Good location on cape cod. [more]

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