Advice for a Newbie Re-thinking

[rfryrear]

My husband and I are so new to the TS world and are really having second thoughts. We are still in our recission period and are leaning toward rescinding until we can become better educated. I also feel given our financial market we are in, I need to be prudent with anything that I buy!

We bought an explorer pkg 18 months ago and it was time to use our days at the Westin Kierland. We had to go through the sales presentation and I guess got caught up in the whole idea, and we ended up buying an EOY, week 36, 67,100 pts, and the resort offered was the Sheraton Vistana Villages in Orlando. It was $13,600 and they credited us around $1300 from what we paid for the Explorer pkg.
As I discovered this website, which is great, by the way, I am finding that perhaps the process to exchange or even to use my week may be a hassle. And it looks like there are some deals to be had, which would be my preference.


Question: Given the information that I gave, did I really make a good value purchase? or should I wait for a re-sale at a Westin with more points and perhaps an every year option vs EOY? I live in the Phx area too. And do I rescind to the address in my info packet and also call the salesman?

 

[casey2]

If in doubt resend and do much more research.
If you then decide you want to buy from the developer you will feel good about it.
But most likely you will want to buy resale.
Hang out here for a month or two before you decide to buy anything, check out all the different companies too.

 

[vacationtime1]

we ended up buying an EOY, week 36, 67,100 pts, and the resort offered was the Sheraton Vistana Villages in Orlando. It was $13,600 and they credited us around $1300 from what we paid for the Explorer pkg

You paid $12,300 net. You can purchase a better unit on the resale market for less money. I have seen multiple transactions on SVV units with 81,000 annual StarOptions in the $8,000 - $10,000 range. You can do better. Rescind.

 

[DeniseM]

Absolutely rescind! If you do your homework and then change your mind later and decide you want this exact same deal after all, they will be delighted to sell it to you again. (But you won't change your mind after you do a little research and find out how much you can save on a resale!)

Check out the ebay prices for Starwood timeshares posted at the top of the board and then rescind following the instructions in your purchase papers EXACTLY.

Here is a sample letter: http://www.tugbbs.com/forums/showpost.php?p=530861&postcount=24

 

[SDKath]

That's very pricy for an EOY in Orlando, where there are too many timeshares to start with. Many Starwood timeshares go for $500!! SVV EY 81,000 SO units go for about $6500 now!! And you really want 81,000 SOs at least so you have enough points for a 1BR somewhere else in the SVN system! Less than 81,000 SOs is kinda useless.

RESCIND! And make sure it's certified mail sent. Katherine

 

[capjak]

An EOY SVV timeshare is about $3500-4500 (81000 Staroptions) resale. 2 bedroom (non lock off Platinum).

 

[oneohana]

Unless you want to compete with the millions of owners that were allowed to join SVN, I wouldn't even consider getting something that isn't worth at least 81000 staroptions (resale of course).OK, not millions, but enough to make a difference in trying to get a decent reservation at a top resort. IMO

Take your time and read the other threads. The "deal" they offer will always be there. If you still want to purchase from the developer, learn how to get the most out of it.

 

[rfryrear]

thanks to all

thank you for your valued opinions! You gave me the info that I needed and it confirms that I was acting on emotion and even though I wanted to tell the salesman that we wanted to wait, I gave in! AZ has a 7 day recission period, and I am on the 2nd day. Tomorrow I will send a "certified" letter. Do I need to notify the sales office that I was in? or just send it to the address listed in the packet?
I definitely want to buy. with 5 grown kids spread all around the country, I want to be able to enjoy some fun time with them.
I will learn so much from you all....thanks again!

Rosie

 

[rfryrear]

thanks so much for the sample letter and note about sending it certified!
I was thinking about going back to the sales office at the Westin Kierland, but was not looking forward to having to face them in person.

sincerely grateful!

Rosie

 

[rfryrear]

I did it! Sent the rescission letter.

I rescinded my purchase today and it really felt good! I never like paying full price anyway. I am looking forward to getting educated and learning more about the TS experience. I just know that at the right time and the right property will come up. I have enjoyed reading so many of your posts and your knowledge and am thrilled about someday owning a TS...resale of course.
Outside of Starwood VN, what would be another TS company that would be good to have? Also, from what I understand, I need to purchase a resale from a "mandatory" resort in order to be able to convert starpoints? (if that is important to me? doesn't look like a good value though)
Perhaps a little clarity on the "mandatory" vs "voluntary" hotels would be good for me.

Rosie

 

[DeniseM]

I rescinded my purchase today and it really felt good! I never like paying full price anyway.

Good for you!

Outside of Starwood VN, what would be another TS company that would be good to have?

There is no short answer to that question, but here's my advice for buying your first timeshare - http://tug2.net/advice/Timeshare_Buying_Tips.htm

Also, from what I understand, I need to purchase a resale from a "mandatory" resort in order to be able to convert starpoints?

No resales can be converted to Starpoints (hotel points) but mandatory resaless can be converted to Staroptions. (Timeshare exchange value.)

Perhaps a little clarity on the "mandatory" vs "voluntary" hotels would be good for me.

The Starwood FAQ at the top of the board has a good explanation of those terms, and just to clarify, the Starwood hotels and the Starwood timeshares are in different systems.