Owning a timeshare comes with no shortage of associated costs. A quick check of your finances will remind you (as if you needed reminding) that you’re paying monthly dues, travel costs associated with getting to your property, and likely maintenance fees. But what about your special assessment fees?
If you’ve gotten hit with these charges, you may have simply accepted the added cost and paid the bill accordingly. But if you haven’t yet seen a special assessment fee – or haven’t looked carefully at why you’re paying them – there are a few things you should know. You may decide that you don’t want to pay any more for your timeshare than you already are.
Why You’re Being Billed
There are a few different reasons why you might be hit with a special assessment fee. First, your resort might have undergone a change in ownership. When a new owner comes in, they may choose to make renovations and ask the property owners to absorb some of the cost. Even your current owner may opt for upgrades. These changes may be aimed at improving the aesthetic value of the property, but likely do little to enhance your experience as a timeshare owner.
Rather than a change in management, you may be told that you’re being billed a special assessment fee because some of your fellow owners aren’t paying their dues. This is common in resorts that have a high delinquency rate, and essentially results in you (and the other responsible owners) picking up the slack for everyone else. If this is the case, the fee may be a strong indicator of the resort’s declining value.
You may own a property in an area prone to violent acts of nature, such as earthquakes, floods or hurricanes. When these natural disasters strike and wreak havoc at your resort, a special assessment fee may be charged to make necessary repairs. If you’re continuously hit with charges from repeated catastrophes, you may get fed up and think seriously about refusing to pay them.
Consequences and Resolutions
Before you choose not to pay any special assessment fee, it’s important to consider the consequences. Depending on your agreement with the resort, you could be pursued for collection activity (check your contract to verify what you can and can’t be billed). At the very least, refusing to pay may prompt the resort to hike up the extra costs – only further straining your finances.
Consulting with your resort about a special assessment fee may be a less volatile, but ultimately futile, course of action. The best likely outcome you can anticipate from reaching out to a resort rep is a more in-depth explanation of your charges. And if you choose to take legal action against the resort (assuming you have grounds to do so), bear in mind that the cost for such litigation is quite high.
Ultimately, you may want to explore options for timeshare liquidation. If the cumulative cost of your property is too great of a burden, there are a number of resolutions that will enable you to vacate your timeshare. Contact Celebration Resort Relief to learn more about timeshare exit strategies.
There is no cost for your confidential consultation to discover how you can release your property in an affordable, legal way. Whether you’re facing special assessment fees or just want to better understand your rights as a timeshare owner, we’re here to help. There’s no timeshare release problem that Celebration Resort Relief can’t resolve.