The Word: Hurricane Special Assessment Fees
October 18th, 2017
Hurricanes may just be a fact of life in Florida or other hurricane-prone areas in the world. But there isn’t a lot of discussion about what happens after the storm is over. Recovery happens. But where does the money come from? Some of it comes from the Federal Government, the State of Florida, and donations. If you’ve purchased a condo, home, or timeshare property in a development, money for recovery also comes from you. It is known as a storm assessment fee.
Timeshare owners often find themselves wondering, “is there a legal way to get rid of a timeshare,” after learning about these fees. This article provides the education many timeshare owners aren’t given the event that they want to cancel timeshare legally.
What is a Storm Assessment Fee?
A storm assessment fee is a fee charged to property owners after a Hurricane or other weather event. After Hurricane Matthew hit last year, property owners were charged upwards of $1,000 or more to help aid recovery and replenish established funds for future storms. Storm assessment fees do have a benefit for people living in these areas. Not only do they help in recovery efforts but also in paying for measures like improving drainage systems to help prevent future minimal damage in a disaster. But for someone who doesn’t actually live in the area, paying a storm assessment fee has little to no real benefit.
The Timeshare Maintenance Fee
The most common way that timeshare owners find out about storm assessment fees is through the maintenance fees they are required to pay for their timeshare. The total cost of these fees depends on the type of timeshare you have, whether it is a resort, and where it is located. They range in the neighborhood of between $200 to $1,000 a year. But for those who have a timeshare in a hurricane-prone area, the cost can be significantly more once a damaging storm rolls in.
Timeshare maintenance fees are paid for as long as you own the timeshare. A $400 maintenance fee may seem worth the cost per year at the time of sign up but if you have owned a timeshare for a while then you’ve no doubt seen an increase in that fee over time. When factored in with the unpredictability of a hurricane or other damaging storms, these maintenance and storm fees can be very expensive. Once you consider the expense, you may wonder “is there a legal way to get rid of a timeshare?”
Deciding to cancel your timeshare contract is not an easy decision because it seems impossible but there is a way to get rid of a timeshare legally with the use of a timeshare exit strategy.
How to Get Rid of an American Timeshare
Timeshare properties are supposed to be an affordable way to have a vacation home for getaways from time to time. A hurricane changes that for someone who isn’t a resident. Do you have a timeshare exit strategy? When you buy into a timeshare, many people don’t consider what will happen if they don’t want or can’t use it anymore.
Like any other property, a timeshare represents a binding legal obligation. Companies who handle timeshare management often are not clear on what the terms of that timeshare actually are. As a result, individuals keep the timeshare going because they do not believe that there is a way out. Knowing how to get rid of an American timeshare is about understanding your options and the best way to go about them.
The best way to get rid of a timeshare is through legal means. Despite assumptions to the contrary, there are ways to cancel a timeshare contract legally.
If your timeshare meets these requirements and does qualify for a release, then getting rid of a timeshare legally is the right option for you. The entire process is transparent and permanent. Companies like Resort Release specialize specifically in finding the best way to get rid of a timeshare legally.
Timeshares are a great option for people until they aren’t anymore. No one should be stuck with a timeshare that they cannot use or don’t want to use anymore. You have the right to do with your time and money as you wish however a timeshare property shouldn’t prevent you or your family from exercising that right.
Resort Release will plan and execute your personal timeshare exit strategy. Our expertise with regard to timeshares is unparalleled so you will receive a solution that fits your situation; whether it is an inability to travel, wanting better vacation options, or to take your investment out of the hurricane zones. Contact us today!
COO, Resort Release