Hi; recently my timeshare company charged me an assessment fee? I had only heard of maintenance fee till now. Can someone tell me what exactly an assessment fee is charged for?
As a partial owner, you too are responsible for your share of expenses when it comes to a timeshare. Usually a timeshare company will collect a maintenance fee that takes care of anticipated expenses which can include things such as appliance replacement and redecoration. Just in case the maintenance fee is low, then an assessment fee is also charged from the owners. Assessments are also sometimes a result of major expenses which can arise due to a natural calamity like an earthquake. This apart, major infrastructural changes such as constructing a tennis court or a swimming pool sometimes result in assessment fee being charged.
Many timeshare companies tend to collect this extra fee when the maintenance fee is not adequate to cover for certain expenses they incur.
As a partial owner, you too are responsible for your share of expenses when it comes to a timeshare. Usually a timeshare company will collect a maintenance fee that takes care of anticipated expenses which can include things such as appliance replacement and redecoration. Just in case the maintenance fee is low, then an assessment fee is also charged from the owners. Assessments are also sometimes a result of major expenses which can arise due to a natural calamity like an earthquake. This apart, major infrastructural changes such as constructing a tennis court or a swimming pool sometimes result in assessment fee being charged.