Dues cap?

[avic77]

Is there a cap on the annual maintenance fees? or will they continue to increase for the life of the contract?

 

[mort1331]

 

[mort1331]

Sorry I meant to answer you.
There is no cap over the life time, but there is a yearly cap. Cant remember it off the top of my head. Others on here will know the % max per year.
But what ever the raise is it has to be justified, like any dues.

 

[disneynutz]

Sorry I meant to answer you.
There is no cap over the life time, but there is a yearly cap. Cant remember it off the top of my head. Others on here will know the % max per year.
But what ever the raise is it has to be justified, like any dues.

15% per year if I remember correctly.

Bill

 

[Dean]

Is there a cap on the annual maintenance fees? or will they continue to increase for the life of the contract?

IIRC it's 15% per year excluding taxes. As we've already seen related to the cap on reallocation, it really isn't much of a cap. 15% per year above taxes would price all of us out pretty quickly. And there's always the possibility of a special assessment which would also likely be outside the cap.

 

[Lynne M]

Is there a cap on the annual maintenance fees? or will they continue to increase for the life of the contract?

Dues represent the operating costs of your home resort - basically, your share of the upkeep of the place, since you're a part-owner. Property taxes, housekeeping, landscaping, utilities, trash pickup, etc. Since the cost of those things goes up every year, so will your dues.