The Hidden Costs of Timeshare Ownership

Owning a timeshare may seem like a good deal because you’re praying for a fraction of the cost it would be to get a hotel every year. Plus, it’s all yours for the rest of your life. However, there is a definite downside to timeshare ownership that many timeshare companies tend to minimize, such as all the hidden additional costs of ownership. If you are considering becoming a timeshare owner, you need to know what you are getting into and at what cost.

The most common fee that you will find with timeshare ownership is the maintenance fee. In addition to your initial purchase, there will also be an annual maintenance fee to pay for the maintenance of the property. This can be paid once a year in a lump sum or, in some cases, it can be paid monthly. Maintenance fees can vary from location to location, but know that they will always continue to increase.

Another unexpected fee you may encounter includes taxes, which sales agents never warn you about. Be sure to ask about the tax on your potential timeshare because in most of the world, there is a timeshare tax imposed for each night you stay in your timeshare and it can range from $ 20 to more per night.

One hidden fee that you would think is included in your maintenance fee is utility fees. Your maintenance fee doesn’t cover the amount of electricity you use during your stay, so at the end of the week, you end up getting a bill for it. If you use the air conditioning unit all week, this can be quite expensive.

Other hidden fees include transportation costs. You are just for that, so if your timeshare is far from where you live, you need to make sure to factor in how much it will cost to drive there or fly there and rent a car or use public transportation. Your source of transportation and the distance of your timeshare from your home should definitely be considered when calculating the profitability of owning a timeshare.

Finally, there are also commercial and exchange rates. Most timeshares are part of a larger network, so if you want to use your timeshare week in a different location, you will have to pay a fee to make that happen. If you are seriously considering buying a timeshare, don’t let the purchase price fool you or influence your decision. Timeshares cost much, much more because of the fees mentioned above that sales agents tend to skip and don’t exactly stand out in their contract.

Timeshares may be for some people, but they are definitely not for everyone. If owning a timeshare no longer fits your budget or lifestyle, you may want to consider your timeshare relief options.