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How often does maintenace fees go up or assessments appear?
- Thread starter tofuyan
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They go up every year. So does everything else, so the fees must also.
Some resorts manage to keep the MFs low enough but I have had some resorts that have likely gone up 75% in a total of 5 years. Others have horror stories about climbing MFs as well, and will likely chime in.
Special Assessments happen if units are not cared for well and reserves are underfunded. Some TS do not do a good job of having reserves and just have special assessment when they have something big that needs repair.
Special Assessment can happen with also Natural disasters, hurricanes, floods etc, where they may be insurance but the deductable in under funded or not funded in the reserves.
Sometimes when management companies are switched at a resort, new management companies may charge a special assessment to get the resort back up to a minimally accepted norm for that system, eg, Wyndham, *wood, Marriott may be more apt to have that kind of special assessment.
So expect fees to go up.
If the remain the same bonus,
if they go down, throw a party.
Some resorts manage to keep the MFs low enough but I have had some resorts that have likely gone up 75% in a total of 5 years. Others have horror stories about climbing MFs as well, and will likely chime in.
Special Assessments happen if units are not cared for well and reserves are underfunded. Some TS do not do a good job of having reserves and just have special assessment when they have something big that needs repair.
Special Assessment can happen with also Natural disasters, hurricanes, floods etc, where they may be insurance but the deductable in under funded or not funded in the reserves.
Sometimes when management companies are switched at a resort, new management companies may charge a special assessment to get the resort back up to a minimally accepted norm for that system, eg, Wyndham, *wood, Marriott may be more apt to have that kind of special assessment.
So expect fees to go up.
If the remain the same bonus, if they go down, throw a party.
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Yes, the MF's can be expected to go up every year, pretty much comes with the program. One thing to also be mindful of, if you buy from a developer during their initial sales efforts and before a majority of the planned units are sold, you will probably be underpaying MF's. Reason is two fold . . . 1. their upkeep isn't very much while they're still building and 2. it's easier to sell them, making the MF's not much of an initial issue in terms of cost to own.
Be careful, as they will almost always go up at an accelerated rate for these reasons. As you've probably already learned, buying resale is most often the best course of action but if you do, be sure to know the MF and SA history of the resort before committing.
I've bought a couple of resales that jumped rather high (%-wise) in my first few years of ownership, including a $1000+ across three year SA at one. I still consider my "ownershp value" to be good and do not regret buying any of them.
Be careful, as they will almost always go up at an accelerated rate for these reasons. As you've probably already learned, buying resale is most often the best course of action but if you do, be sure to know the MF and SA history of the resort before committing.
I've bought a couple of resales that jumped rather high (%-wise) in my first few years of ownership, including a $1000+ across three year SA at one. I still consider my "ownershp value" to be good and do not regret buying any of them.
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In answer to your other question, a well managed resort should never have to charge a special assessment fee. (And most resorts do not charge such fees.) How can you decide if a particular resort is well managed before (or even after) you buy? Beats me.
Jya-Ning
TUG Member
in forums.atozed.com, it has the MF for the resorts since 1994. You can get a feeling what it is. When it is o.k., it does hold steady. But when it is bad,it is higher than inflation.
Is it worth it? Maybe yes, Maybe not. Every year, there is good % of owners want out, that is why PCC (post card company) can constant find owners pay them $3000 or more to take TS off their hand. On the other hand, if you do commit to yourselves and your family to spend enough time every yaer together, the hotel also is up . I believe in 15 year, the rate is up by at least 100% if not higher in some place. And the tax is up even more. So if you do want to spend time in a place out from your home, it does worth it.
On the other hand, there also have owner and exchange companies that rent out units in deep discount from time to time as well s hotel, but it does take energy to find those deal. And with the same time and energy, you can find better in exchange.
You need to make decision on it. The only good part about Wyndham point, is so far, if you bought resale, and find out you really don't want to commit, you can put it on eBay starting with $1, and there will have people take it out from your hand.
Jya-Ning
I had a TS that I bought very inexpensively. The maintenance fees had taken a huge jump just before I purchased, but since I've owned it, the fees seem to be dropping a little each year. Not much, but it's surprising that they are going down.
travelhome
TUG Member
Could you please help with which section of that forum I can find MF info? I just registered and need to learn my way through.
Thanks a lot!
sfsailors
TUG Member
Jya-Ning
TUG Member
That is a great tool to calculate how much you will pay when own a Wyndham FSP TS. For historical data, try http://forums.atozed.com/viewtopic.php?f=164&t=2487. And if you happen to own a Wyndham TS that listed in there, but does not have 2008's MD, please post there so it can get updated.
Jya-Ning