New here & doing some research! We have always thought about owning a timeshare & been to many presentations, but ever since finding TUG many years ago, I knew we would never buy retail. (Thank You!!) The last presentation Hubby said was our last. :hysterical:
We are ready to buy something resale, but I have a few questions.
1. Is there a post or something that outlines each step of the buying resale process & any red flags that I should be looking for?
2. Considering a 3BR EOY or a 2BR EY. What would you recommend? Why?
3. Do you recommend buying in the location that we envision us vacationing with our kids & their families (say 10+ years out) or in a location that we feel has good trading power and/or potential for renting?
1. Is there a post or something that outlines each step of the buying resale process & any red flags that I should be looking for?
- Learn about Right of First Refusal (ROFR). This is the legal provision that allows Marriott to review sales contracts involving MVCI properties and if they wish 'step-into' your shoes as the buyer and repurchase themselves any week you are trying to buy. ROFR applies to most MVCI resorts and generally gives Marriott a 30 day window to decide once they receive a copy of your sales contract to buy a resale week.
- Research eBay, Redweek, and other sources of information to see what weeks are 're-selling' for. You don't want to overpay, but also need to offer enough money to the seller that your sales price will be more likely to pass ROFR (meaning Marriott will not want to spend that amount of money to repurchase the week themselves instead of letting you go ahead and buy it). There is no 'magic number', but TUG's resident wizard 'GregT' has done some prognosticating - ("A la peanut butter sandwiches!") and there is a thread somewhere on TUG with his formula.
2. Considering a 3BR EOY or a 2BR EY. What would you recommend? Why?
- I am the oldest of 6 kids and have 6 kids of my own. So, owning 3BR units work best for our large family. If this math continues I'll need a 12BR soon.
- Definitely consider a lock-off unit as this will provide you flexibility in the future once your vacation options change. Perhaps you will travel some just as a couple in the future. With a lock-off, you can use what you need and save what you don't for a future use. Learn more at
http://tugbbs.com/forums/showthread.php?t=180523.
- If you are looking at owning in Florida, consider a Marriott property that is a 'Florida Club' resort. These 5 resorts have free exchange privileges between them. They are Villas at Doral, Legend's Edge, Grande Vista, Beach Place Towers, and Ocean Pointe. You can learn more about the Florida Club at
http://dioxide45.tripod.com/FloridaClubExplained.pdf. Thanks Dioxide.
3. Do you recommend buying in the location that we envision us vacationing with our kids & their families (say 10+ years out) or in a location that we feel has good trading power and/or potential for renting?
- I would say have your cake and eat it too. You can get both. We own in Orlando (which despite having a plentiful supply of inventory, still has great trading power). We have enjoyed going there not only to our home resort of Grande Vista, but also trying out other MVCI properties in Orlando via exchanging with II like Cypress Harbor, Lakeshore Reserve, and Harbor Lakes.
- I think a 3BR Grande Vista Lock-Off is a very strong trader, and makes a great place to start (if you are also interested in going to Orlando should you not get a trade you want).
- Also, remember with II, if you can't use your ownership week in a given year the way you want to, just deposit it with II. You will then have 2 years to use it (and not lose it).
Welcome aboard and good luck with your purchase decision.
