As a barrage of hurricanes hit the Western Hemisphere, some resorts may have received damages. But who is suppose to cover the Bill? Timeshare owners. One thing has become clear to me: it may be time to cancel your timeshare contract. You may not think so, but you can get rid of a timeshare legally. Due to the devastating effects of Hurricane Irma, many Florida resorts will now be charging extra maintenance and “Special Assessment” fees ranging from $100 to $1,000 per year.
According to Board-certified real estate lawyer, Gary M. Singer of the Sun Sentinel,
“Special assessments are levied against the owners for unexpected or infrequent expenses that have not been budgeted for. As an owner in a community association, you are responsible for paying both types of assessments, and if you don’t, you may be subject to foreclosure and fees to pay for the foreclosure.”
Timeshare owners already pay significant fees. Can they really afford to pay more due to the unpredictable effects of Mother Nature? Now may be the time to plan your timeshare exit strategy. A company like Resort Release can help. Unlike most companies of its kind, Resort Release has an A+ rating with the Better Business Bureau. During this time of year when maintenance assessments are due to be paid, it’s time for us to rethink timeshares altogether. Are they worth it?