Over the past few years, one of the biggest complaints from timeshare owners has been the rising cost of annual maintenance fees, along with the problem of “availability”. Today we have a look at why you, the owners are complaining about these points. Inside Timeshare has spent only a short time searching the internet for just a few of the Diamond Resorts, two of which are considered their flagship resorts.
What has prompted this particular article is a complaint we have received from a couple in the UK who have had nothing but trouble in getting into one resort, in particular, Royal Sunset Beach Club in Tenerife, which is regarded as one of the top Diamond Resorts in Europe.
Our readers own around 46,000 points, which as we know are actually illegal in Spain as they contain nothing of substance, only a right to use subject to availability. Their annual maintenance bill is around £4000. Going by the average annual fees of at least £1000, our reader has 4 weeks to use per year.
Using today’s exchange rate of 1.11€ equals £1 sterling, our reader’s annual maintenance fees are 4433.20€ or 1108.30€ per week.
Now today we have found the following bookings available on the internet, as you will see this is a general site which compares the various booking portals such as Booking.com, Expedia.com and many others.
As you can see, the prices for 1 week in a 1 bedroom apartment sleeping 4 adults range from 56€ to 95€ per night. Even using the highest figure of 95€ per night that is only 665€ for the week or just 23.75€ per person per night!
Another Diamond Resort in the Canary Islands is Cala Blanca or Bahia Blanca, with the most expensive at 105€ per night, which is 735€ for the week in a 1 bed sleeping 4 adults. This equates to 26.25€ per person per night!
Another resort which is regarded as a flagship Diamond Resort is Sahara Sunset, which is based in Benalmadena on the Costa del Sol. There is no doubt this is certainly a lovely resort which is centrally located for all amenities of the Benalmadena Costa.
Prices on the general search, these range from 45€ to 79€ per night. Using the most expensive price, one week in a 1 bedroom apartment sleeping 4 adults is 553€. This is only 19.75€ per person per night. You can’t even get a travel lodge for that price!
It should also be remembered that our reader also paid an initial £30,000 to become a member, also being told that the resorts were exclusive and only open to members. Also, the fact that their timeshare did not just entail the initial cost, there is also the interest to be considered on the loan to finance the purchase. There will also be other fees involved such as RCI membership and exchange fees.
So just on their maintenance fees alone, the cost to our reader per person per night works out at 39.59€, based on 4 people. Almost double the price available to non-members who have not paid the huge amounts to join.
Does this look like value for money to you?
The simple answer is no!
If you purchased your timeshare in Spain after 5 January 1999, your contract is in perpetuity, you have points or floating week systems, which also includes fractional, you paid any money within the statutory 14 days cooling-off period, you may have a valid and viable case. This means your contract can be declared null and void plus the return of your full purchase price including double any deposits paid.
For more information please use our contact page and Inside Timeshare will get back to you.