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- Special Assessments in Orlando?
Special Assessments in Orlando?
My family has just purchased a timeshare unit in Orlando. I advised my parents that we ought to purchase somewhere further inland, but they wanted maximum RCI points.
To other Orlando owners out there: Does your resort ever get damaged by hurricanes? When it does, do you have to pay extra maintenance fees?
What happens if an entire resort (or the state of Florida itself) gets demolished or sinks under water? Are owners freed from their contracts? Do they get a cut of the insurance settlement?
Thanks! MF
Mack F.
If you bought a timeshare and it was developed as a condominium, you are an owner...even if you own RCI points...you still OWN that week and are responsible for it. (THe points are backed by an owned week you own)
Owning a condo means you will have a HOA or COA that run the condo and are voted in by you. When you pay the maint fees, sometimes the HOA provides for some of the $$$ to be placed in the account for emergencies. If the HOA is on the ball ( the ones you voted for), they will make sure they have pruchased an insurance policy for damages caused by storms. fire or anything they want to pay the insurance for.
Assessments occur when the HOA & the management company they hire ( like Marriott or Sheraton) determine they need $$ for additional needs or even emergencies. The assessments come from the owners....thats you.
The hurricans in the past have damaged many of the Orlando resorts. The building codes have been upgraded since then ( for new buildings) as they were all under the false (???) impression that they are far enough inland for safety....of course not true..as is no area of Florida ( How far more inland can Orlando area be?
In other words, you, the owner, are one of 51 or 52 owners responsible for the apartment condo you have purchased.
Sometimes, with the bigger development companies, they MIGHT try to guarantee owners of an out of commission resort weeks elsewhere.....but the exchange companies need to get some help (usually in other weeks) from that development company.
Currently, the (Pompano Beach) Santa Barbara (Fairfield/Wyndham) is still out of commission since Wilma ( yes...weeks & FF points owners paid assessments) to help with the lack of $$ from the insurance companies.
I have read that Celebrity Resorts are charging all owners an assessment...( maybe more than one). UNfortunately, the HOA there appears to be under the control of the management company.
Kenneth K.
I own a week at Vistana and received an assessment last year of over $1000 for upgrading of the interiors. This wasn't a result of hurricanes - just of wear and tear - at least according to the materials sent out.
I'm guessing this is why some people have these weeks listed here for $25!
Brian A.
mentzn wrote:I just received a special assessment for Sheraton Vistana for $1703. If I don't pay it what happens? I understand I will not be able to trade it but if I just stop paying the maintenance what can they do?
When developer salespeople sell a timeshare they neglect to tell the buyer that maintenance fees WILL rise each year and that possible special assessments may occur.
If you don't pay the special assessment and the maintenance fee, your credit rating will be negatively affected .... the same as any other bill you owe.
Rising maintenance fees and special assessments were the two main reasons we sold all of our timeshares.
R P.
