Many timeshare owners are surprised to learn about assessments. Simply put, if the timeshare needs renovations, disaster repair, or to simply pad the managing corporations bottom line, timeshare owners will often be assessed a large lump sum fee. These can sometimes span several years.
The fees can vary in size, but are generally at least $1000. If you don’t pay the assessment you will be denied access to your timeshare. You will still have to pay your maintenance fees or face collections or foreclosure.
Assessment can particularly hurt if you own multiple units in the same complex.
Imagine owning in Wyndham Santa Barbara…owners in the resort were recently hit with a ‘special’ assessment for last couple of years to pay for hurricane repairs. So much for insurance huh? The entire assessment on a single-bedroom unit totaled $1488.
Perhaps the worst part of an assessment is that it completely destroys a timeshares already low resale value. Often, even after an assessment has been paid, resale values remain low as future buyers are scared of another assessment in the future.
