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Hello, The Timeshare is going to lose revenue during this crisis. Will I be expected, with other owners, to face a rise in my maintenance costs to cover this loss? I own Legacy Resort, Lake Buena Vista, Florida.
Thank you, Vicki
With any timeshare it is possible. The higher percentage of units that have owners that pay mf with hoa owning few, the less likely there will be an assessment.
So far, based on the few maintenance fees that we have seen, 2021 fees seem to be flat or just up a small percentage. Right now I think they are taking the surpluses and savings from shutdowns in 2020 and putting that back into the fees for 2021. So no significant increases yet. Even if the timeshare company loses money, that doesn't necessarily get rolled into our maintenance fees. MFs are there to run and operate the resort. For big developers, they get a percentage of the fees as a management fee and that goes to their bottom line.
As mentioned though, if owners don't pay their MFs, other owner have to pick up the slack and cover those bad debts.
So far, based on the few maintenance fees that we have seen, 2021 fees seem to be flat or just up a small percentage. Right now I think they are taking the surpluses and savings from shutdowns in 2020 and putting that back into the fees for 2021. So no significant increases yet. Even if the timeshare company loses money, that doesn't necessarily get rolled into our maintenance fees. MFs are there to run and operate the resort. For big developers, they get a percentage of the fees as a management fee and that goes to their bottom line.
As mentioned though, if owners don't pay their MFs, other owner have to pick up the slack and cover those bad debts.
So it’s possible 2022 fees will go much higher from the angry deadbeats who won’t pay their 2021 MF’s, because somehow it’s the developers fault we are in a pandemic and people are afraid of staying in a timeshare. I still think their cancellation policies were fair
The 'angry deadbeats' will not be around in 2021 to default on MF,they are jumping ship in 2020,having been treated in a shabby fashion by a timeshare company that even on a fundamental level will not pass unusable 2020 star options onto 2021,so why hang around, with a deedback solution on offer.?Timeshare disposal on this site being even easier costing even less, the revenue for the company will be coming from food&drink sales&MF,so the bottom line will not be very good reading come 2021.!
Hello, The Timeshare is going to lose revenue during this crisis. Will I be expected, with other owners, to face a rise in my maintenance costs to cover this loss? I own Legacy Resort, Lake Buena Vista, Florida.
Thank you, Vicki
We own in Vermont and just had an HOA meeting. All things considered, expenses and lack of certain expenses due to the virus cancelled each other out in the owners’ favor. So we are getting a decrease in maintenance fees for 2021, ranging from $30 to $50 per week.
We own in Vermont and just had an HOA meeting. All things considered, expenses and lack of certain expenses due to the virus cancelled each other out in the owners’ favor. So we are getting a decrease in maintenance fees for 2021, ranging from $30 to $50 per week.
We own in Vermont and just had an HOA meeting. All things considered, expenses and lack of certain expenses due to the virus cancelled each other out in the owners’ favor. So we are getting a decrease in maintenance fees for 2021, ranging from $30 to $50 per week.
I would so love to attend my HOA mtg one of these days...and, I'm not surprised to hear you say this. I spoke with a T/S executive recently and he said they were doing great - that doesn't surprise me, either. Of course, the one exception was HI and we were talking about US T/S. He confirmed that many people can drive to their T/S and they felt safer staying in them vs a hotel, etc. This is exactly what we have read here.
Also, at the T/S, they have reduced some of their expenses by not having certain amenities open, etc. In the Travel/Hospitality sector, I see T/S as one of the winners this year.
The 'angry deadbeats' will not be around in 2021 to default on MF,they are jumping ship in 2020,having been treated in a shabby fashion by a timeshare company that even on a fundamental level will not pass unusable 2020 star options onto 2021,so why hang around, with a deedback solution on offer.?Timeshare disposal on this site being even easier costing even less, the revenue for the company will be coming from food&drink sales&MF,so the bottom line will not be very good reading come 2021.!
I’ve actually been quite pleased with the response from Vistana. I’m not sure what you mean that they won’t let you pass SO from 2020 to 2021. Banking has always been an option, and if you did have SO set to expire this year, you can essentially get a free one-year extension via RSO. Those who missed the banking deadline also can use the RSO “trick” to extend those SO to the end of 2021.
There are restrictions on those, but the 120 booking window is much better than 60 days and helps ensure those with 2021 ownership get first choice for their usage next year.
I would so love to attend my HOA mtg one of these days...and, I'm not surprised to hear you say this. I spoke with a T/S executive recently and he said they were doing great - that doesn't surprise me, either. Of course, the one exception was HI and we were talking about US T/S. He confirmed that many people can drive to their T/S and they felt safer staying in them vs a hotel, etc. This is exactly what we have read here.
Also, at the T/S, they have reduced some of their expenses by not having certain amenities open, etc. In the Travel/Hospitality sector, I see T/S as one of the winners this year.
We can call in to the HOA meeting either by phone or via GOTOMEETING. I always do. I did attend one once when I just happened to be at the resort, but most of the board members had to call in as they live in different parts of the country and have jobs.
We can call in to the HOA meeting either by phone or via GOTOMEETING. I always do. I did attend one once when I just happened to be at the resort, but most of the board members had to call in as they live in different parts of the country and have jobs.
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