15 Apr What is a Timeshare Maintenace Fee?
Here is some helpful MAINTENANCE FEE INFORMATION pulled fresh from the February 2016 Time Sharing Today Newswire.
- Maintenance fees are an owner’s responsibility for the upkeep of their home resort.
- Review the annual budget received from your Home Owner’s Association (HOA) or Management Company. This is a breakdown of total fees billed, collected and what those fees were used for.
- Maintenance fee bills should be reviewed so you understand each charge, just like you review a monthly credit card statement. The National Timeshare Owner’s Association (NTOA) also suggests comparing the current bill to last years and look for any new or missing line items.
- Maintenance fees, like the cost of most things, rise over time. The average annual increase is about 6%. If the bill is substantially higher, look at the budget, ask some questions and let the NTOA know by contacting their HELP LINE at firstname.lastname@example.org or 1-844-ASK-NTOA.
- Ownership of deeded property may require the payment of real estate taxes. Some people may be eligible to deduct these taxes when filing income taxes. Check with your tax preparer.