COVID-19 and Maintenance Fees [MERGED]

[gwberg]

Why should we pay fees when we can’t use the properties during the coronavirus crisis?


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[bazzap]

Why should we pay fees when we can’t use the properties during the coronavirus crisis?


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Because we are all owners of the resorts.
They have significant operational, maintenance and probably also enhancement project costs even during closure.

 

[dioxide45]

You aren't renting a room for a week, you own a slice of a condo unit. Had you instead owned a vacation home, maintenance costs don't go away because of the current situation.

 

[DannyTS]

Why should we pay fees when we can’t use the properties during the coronavirus crisis?


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Do you own a second home as well? Is your cost zero when you do not use it?

 

[Luvtoride]

Do you own a second home as well? Is your cost zero when you do not use it?

I wish, Danny! Our 2nd home at the Jersey shore has the clubhouse closed, pool closed and maintenance projects still go on. Home owner fees and city taxes as well as our mortgage requirements go on. I don't view our Timeshare fees any differently.

 

[rthib]

Why should we pay fees when we can’t use the properties during the coronavirus crisis?

Because you agreed to when you signed your contract.

 

[Mroze]

Why should we pay fees when we can’t use the properties during the coronavirus crisis?


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Because you can Bank your time and use it at a later date.

 

[TXTortoise]

Because you can Bank your time and use it at a later date.

Nuance, but doesn't apply to fixed weeks...

 

[Dean]

Why should we pay fees when we can’t use the properties during the coronavirus crisis?


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To pile on, we own a condo or some variation thereof. Just like 08/09 when most things got cheaper, fees kept going up because the resorts have to be maintained. Fortunately for us we sold our Condo in HHI closing the end of Dec, we're feeling pretty good about that decision right now.

 

[Krebsie]

Does anyone know if MVC will provide some assistance with the yearly assessment due to COVID financial troubles???

 

[frank808]

I would be surprised if they helped with maintenance fees.

My opinion is nope.

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[csalter2]

Does anyone know if MVC will provide some assistance with the yearly assessment due to COVID financial troubles???

you won’t know until you ask.

 

[Dean]

Does anyone know if MVC will provide some assistance with the yearly assessment due to COVID financial troubles???

If you mean any reduction, I'm sure the answer is no. If it's just flexibility and waiving of late fees, I suspect they will on a limited basis. I'm sure they will be slower on any foreclosures (loans or fees) than usual.

 

[dioxide45]

If you have a specific hardship, they will usually try to find a way to work with you.

 

[WBP]

Now that we've begun to travel, again, to MVC Resorts, we've been impressed by the efforts that MVC is taking to manage Covid 19, and reduce its potential transmission. MVC, clearly has taken very substantial steps to mitigate the spread of Covid 19 with policies, signage, hand sanitizer dispensers, barriers, staff performance policies, mask requirements, and a very intensive villa cleaning regimen. Kudos to Marriott Vacation Club for their efforts.

My impression is that the MVC Housekeeping staff, are working their asses off, to provide their guests with a hospital-clean villa, and I can only hope, during these challenging times, that MVC Owners and guests are especially generous with gratuities for the housekeeping staff, when they vacate their villa.

SO, I wonder who is going to pay for MVC Resorts to have made the capital expense for all of the Covid 19 (structural) modifications that they had to make (e.g. barriers, signage, hundreds of hand sanitizer dispensers)? Will that money come out of Reserve Funds, AND who is going to pay for the intensive daily, operational measures that MVC resorts, are taking, to make their resorts safe for their guests, and staff?

In the context of 2021 Maintenance Fees, and overages from 2020, I can't imagine what our 2021 Maintenance Fees may look like.

Thoughts?

 

[bazzap]

Now that we've begun to travel, again, to MVC Resorts, we've been impressed by the efforts that MVC is taking to manage Covid 19, and reduce its potential transmission. MVC, clearly has taken very substantial steps to mitigate the spread of Covid 19 with policies, signage, hand sanitizer dispensers, barriers, staff performance policies, mask requirements, and a very intensive villa cleaning regimen. Kudos to Marriott Vacation Club for their efforts.

My impression is that the MVC Housekeeping staff, are working their asses off, to provide their guests with a hospital-clean villa, and I can only hope, during these challenging times, that MVC Owners and guests are especially generous with gratuities for the housekeeping staff, when they vacate their villa.

SO, I wonder who is going to pay for MVC Resorts to have made the capital expense for all of the Covid 19 (structural) modifications that they had to make (e.g. barriers, signage, hundreds of hand sanitizer dispensers)? Will that money come out of Reserve Funds, AND who is going to pay for the intensive daily, operational measures that MVC resorts, are taking, to make their resorts safe for their guests, and staff?

In the context of 2021 Maintenance Fees, and overages from 2020, I can't imagine what our 2021 Maintenance Fees may look like.

Thoughts?

There will have been quite significant unplanned Covid-19 related resort expenses in 2020.
There will also though have been significant savings in budgeted spend, as a result of resort closures - staff salaries and benefits, outsourcing services waivers and discounts...
Hopefully those savings should outweigh the additional costs, when setting the 2021 MFs?

 

[davidvel]

I would think the savings from washing towels and linens, housekeeping service, gas, water, soap, toilet paper, and electricity alone would more than make up for any added cost.

 

[frank808]

Just look in the mirror as a MVC owner. That will be the person paying the bills

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[Dean]

Now that we've begun to travel, again, to MVC Resorts, we've been impressed by the efforts that MVC is taking to manage Covid 19, and reduce its potential transmission. MVC, clearly has taken very substantial steps to mitigate the spread of Covid 19 with policies, signage, hand sanitizer dispensers, barriers, staff performance policies, mask requirements, and a very intensive villa cleaning regimen. Kudos to Marriott Vacation Club for their efforts.

My impression is that the MVC Housekeeping staff, are working their asses off, to provide their guests with a hospital-clean villa, and I can only hope, during these challenging times, that MVC Owners and guests are especially generous with gratuities for the housekeeping staff, when they vacate their villa.

SO, I wonder who is going to pay for MVC Resorts to have made the capital expense for all of the Covid 19 (structural) modifications that they had to make (e.g. barriers, signage, hundreds of hand sanitizer dispensers)? Will that money come out of Reserve Funds, AND who is going to pay for the intensive daily, operational measures that MVC resorts, are taking, to make their resorts safe for their guests, and staff?

In the context of 2021 Maintenance Fees, and overages from 2020, I can't imagine what our 2021 Maintenance Fees may look like.

Thoughts?

Owners pay for the costs, whatever they are. We'll pay additionally for those that don't pay and/or default as well.

 

[bazzap]

Owners pay for the costs, whatever they are. We'll pay additionally for those that don't pay and/or default as well.

This will likely be a major and currently unknown level of impact through deedbacks, delinquencies... when all owners receive their 2021 MF invoices.
Some may not want to continue, some may sadly not be able to afford to continue their financial commitment of ownership.
Only time will tell what level of impact this will have.

 

[WBP]

I should add that Marriott Vacation Club has done a spectacular job implementing Covid 19 precautions, policies, and cleaning regimen, at the resorts that we've visited, since July 1, 2020.

 

[Dean]

I should add that Marriott Vacation Club has done a spectacular job implementing Covid 19 precautions, policies, and cleaning regimen, at the resorts that we've visited, since July 1, 2020.

Ditto, been to Legend's Edge and Grande Ocean and overall very excellent approaches. The one issue I saw for GO was lack of communication for maintenance issues.

 

[rifralex]

Now that we've begun to travel, again, to MVC Resorts, we've been impressed by the efforts that MVC is taking to manage Covid 19, and reduce its potential transmission. MVC, clearly has taken very substantial steps to mitigate the spread of Covid 19 with policies, signage, hand sanitizer dispensers, barriers, staff performance policies, mask requirements, and a very intensive villa cleaning regimen. Kudos to Marriott Vacation Club for their efforts.

My impression is that the MVC Housekeeping staff, are working their asses off, to provide their guests with a hospital-clean villa, and I can only hope, during these challenging times, that MVC Owners and guests are especially generous with gratuities for the housekeeping staff, when they vacate their villa.

SO, I wonder who is going to pay for MVC Resorts to have made the capital expense for all of the Covid 19 (structural) modifications that they had to make (e.g. barriers, signage, hundreds of hand sanitizer dispensers)? Will that money come out of Reserve Funds, AND who is going to pay for the intensive daily, operational measures that MVC resorts, are taking, to make their resorts safe for their guests, and staff?

In the context of 2021 Maintenance Fees, and overages from 2020, I can't imagine what our 2021 Maintenance Fees may look like.

Thoughts?

Good Point, I can't see them adding that to our maintenance, though, unless they give us some additional benefits. somehow. On top of this, how do you think their new sales and additional sales, have been this year? I'm sure they're down tremendously, and that has to hurt revenue, also.

 

[bazzap]

Good Point, I can't see them adding that to our maintenance, though, unless they give us some additional benefits. somehow. On top of this, how do you think their new sales and additional sales, have been this year? I'm sure they're down tremendously, and that has to hurt revenue, also.

There will inevitably be a big hit on MVC sales this year, but this should not impact resort operational budgets or MFs which are totally separate.

 

[BocaBoy]

There will have been quite significant unplanned Covid-19 related resort expenses in 2020.
There will also though have been significant savings in budgeted spend, as a result of resort closures - staff salaries and benefits, outsourcing services waivers and discounts...
Hopefully those savings should outweigh the additional costs, when setting the 2021 MFs?

While there are certainly some extra expenses due to Covid-19, there should be substantial savings in many of the operational expense categories due to resort closures and low volumes of guests--e.g., reservations and front desk expenses, housekeeping expenses, utilities costs, some interior maintenance costs, activities costs, and many more. Although I am not predicting what will happen, there should be enough net 2020 savings to cause a very significant reduction in the maintenance fees at many resorts for 2021 as surpluses are carried forward. If this reduction in 2021 fees does not happen, I would expect resorts at a minimum to freeze their maintenance fees at the current level for several years. I view this as a key test of fiscal responsibility in the management of our timeshares.