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Foolishly purchased HGVC TS and then added on to it. What can I do now?

D

darkenedaura

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Hi All, I really wish I had done my research when I bought my timeshare, but the gist of it is that in 2014 we bought a time share for around 19k, and then this year we added on to it for another 20k. Net net, they essentially lumped our first purchase (3400 point TS in Orlando), into the new one (7000 TS in Las Vegas). MF is around $880. While we can afford it, reading a bunch of posts on this forum has me sick to my stomach, as I realize that we've essentially wasted around ~30k give or take. Is there any recourse here? We're way passed the 5-7 day rescind period, so my gut feeling is that we are where we are.

Now that being said, we do like the HGVC properties, and probably will go to the locations and make use of the points each year (and try to brings friends and family to help recoup some of the cost), but trying to do this for the next 30 years to recoup the losses doesn't sound like a wonderful plan. Would love to hear if anyone else is in this situation and what they've done to make the best of a bad situation?
 
sadly there is little you can do to "cancel" your contract more than a year later....

on the upside, you have bought into a wonderful timeshare program, and can enjoy many years of great vacations.

alternatively you can look to rent out some of your units/points/etc to offset your annual dues if you like, there are articles in the TUG advice section teaching folks how to rent their timeshares to get started!

Welcome to TUG!
 
e.bram said:
~ 30k loss? More like 39k loss with TSes in Orlando and Vegas.
Click to expand...

Why is Vegas worth less? I mean regardless, your comment is just making me feel worse about my purchase and not providing useful information on how to make the best of the situation :/
 
We took a poll a few months ago on where TUGgers bought their first timeshares. It was just about 50/50 had bought from the developer vs. buying resale. So you're in good company here. If you enjoy the vacations, and have the opportunity to do more of it, you could 'dollar-cost-average' it down by adding some resale points to the mix.

Or just hang around TUG and learn to get the most from your purchase. You bought into a great system, with great locations, so just join TUG ($15/yr), learn, and use it the best you can.

Jim
 
e.bram said:
~ 30k loss? More like 39k loss with TSes in Orlando and Vegas.
Click to expand...
Actually the las vegas hgvc units would fetch about $7000 resale. I will take any las vegas hgvc 2br platinim units for $1000.
 
darkenedaura said:
Why is Vegas worth less? I mean regardless, your comment is just making me feel worse about my purchase and not providing useful information on how to make the best of the situation :/
Click to expand...

Like the post above mine says, your 7k point platinum week in Vegas is worth at least 7-8k. Enjoy the program as hgvc is great and is actually building new resorts in maui, Hilton head, ect. Please stop by the hgvc forum on this board to get more tips on how to best utilize your week. While yes you overpaid, at least you bought a great point value week with low maitience fees for the amount of hgvc points, you could've done a lot worse and many,many people have.
 
The money spent is water under the bridge (unless you have a mortgage). Ignore the purchase costs now, there is nothing that can be done about it. Focus on reading all the HGVC advice here, so you can maximize those points and maybe get 2 weeks a year out of it. That will take some of the sting out of it. But yes, a lot of us purchase from the developer before we learn differently. So as much as it hurts, let it go. Nothing you can do to get that back. And you did buy into a good system! Enjoy!
 
e.bram said:
~ 30k loss? More like 39k loss with TSes in Orlando and Vegas.
Click to expand...
With HGVC, the OP was about right on the residual value of the two ownerships. Your number uses assumptions based upon a "generic" timeshare and "conventional" wisdom about locale that do not apply to every property out there. There are some significant exceptions to those rules.
 
darkenedaura said:
Hi All, I really wish I had done my research when I bought my timeshare, but the gist of it is that in 2014 we bought a time share for around 19k, and then this year we added on to it for another 20k. ...
Now that being said, we do like the HGVC properties, and probably will go to the locations and make use of the points each year (and try to brings friends and family to help recoup some of the cost), but trying to do this for the next 30 years to recoup the losses doesn't sound like a wonderful plan. Would love to hear if anyone else is in this situation and what they've done to make the best of a bad situation?
Click to expand...
The term "sunk cost" comes to mind. Other than 20/20 hindsight messing with your demeanor on vacation, consider this as a learning point and move on. Focus on the part of your comment that I highlighted in bold. Enjoy your vacations!

If you are afraid that this feeling of spending too much on something will ruin every chance at enjoyment of the product in the future, then consider selling out. But then, even that sunk cost will have been for naught. The only thing you should consider as a "current" cost of keeping the TS is the ongoing MF. As long as you see value between what you are paying and the benefits received (luxury accommodations and vacation time), then you will be in good shape moving forward.
 
Last edited:
Welcome to TUG.
The most important thing you can do now is to keep reading, asking questions, and learn how to maximize the system that you own.

Most people here are genuinely friendly and helpful, but there are a few on every forum who take pleasure in making someone else feel bad. Ignore those posts.

Which resorts have you been to so far? My favorite is probably Kings Land on the Big Island. We stayed at the Grand Waikikian this past summer, and it was lovely as well.

I look forward to the Maui resort opening in 2017 :whoopie:
 
If you bought where you like to stay then that's good. If you bought to trade, also good, you have a timeshare that trades well and you will enjoy it. You can also rent it to get Maintenence fees covered, it is a good situation overall. I have bought and sold (or gave away) timeshares that I feel were a good deal. They may not be the most luxurious places, but for 2 of us they are fine and trade very well. I have only been disappointed by a few resorts and only one that I owned. For the most part, I have enjoyed my timeshare vacations!
Silentg
 
First: IMHO, you'd do well to pay no attention to "e.bram" posts.
He is among the more negative posters whom some of us block.

Second: As mentioned, many here paid full-freight for a HGVC TS.
Even so, as said, it is quite a good, flexible, consumer-friendly system.
Don't worry about recouping your cost. Just get years of enjoyment.
When you're ready to sell, it will have a better resale value than most.

.
 
Instead of focusing on past mistakes, learn from them and use what you have to the best of your ability. You can't change it, so don't stress it.

Sent from my SAMSUNG-SM-N910A using Tapatalk
 
The best thing you can do now is learn your system and get the most "bang for your buck" out of it.
Now that you found TUG you will be able to expand on your investment. Buying in like 50% of us means you are committed to do more with your family and enjoy life.
 
It's time to stop thinking about it as a foolish purchase and remember why you bought it. You thought it was a good idea at that time. There's no reason to change that thought now. Read all about how to use it and then use it to the fullest. If you ever want to buy more points later, you can do that easily by buying resale. For now, enjoy what you have.
 
It's time to stop thinking about it as a foolish purchase and remember why you bought it.
Click to expand...
This is great advice. You own in a fantastic system with awesome resorts, and it trades well. You'll get many years of wonderful vacations out of this. Could you have spent less on it? Yes, but you didn't know that then, so don't sweat it.

I don't own HGVC, but I can tell you that buying our timeshares has been some of the best money we've ever spent.
 
Thanks everyone for the advice, you've all made me feel better about it, I'll definitely be learning how to maximize my purchase. We've been to the resorts in Orlando (Park Soleil) and the Hokulani Waikiki as well as the Grand Waikikian and we loved all of them!
 
Your purchase actually has value if you decide to sell, albeit less than what you have paid. This is more than most people could say when they bought at a resort that has zero or negative value. Please stick around and learn how to make the best use of your resorts.
 
That is great! Enjoy your timeshares, write reviews for us. When we share our vacation experiences, good and bad, it helps others to plan and what to look for in a vacation!
Silentg
 
For what its worth, i also purchased our first week direct from HGVC, found TUG a few weeks later and then felt bad about how much we paid.. But after a while just started focusing on the travel and vacations..

I won's say our decision to purchase a timeshare from Hilton was a great financial decision, but it has been a fantastic lifestyle decision. We are really enjoying our travel and always look forward to the next trip.
 
Like many others here, I bought my first Hilton timeshare from the developer. But I figured I got my money's worth out of it in less than five years since I used those Orlando points for three weeks/year in Hawaii.

Enjoy great vacations, and don't look back.
 
darkenedaura said:
Hi All, I really wish I had done my research when I bought my timeshare, but the gist of it is that in 2014 we bought a time share for around 19k, and then this year we added on to it for another 20k. Net net, they essentially lumped our first purchase (3400 point TS in Orlando), into the new one (7000 TS in Las Vegas). MF is around $880. While we can afford it, reading a bunch of posts on this forum has me sick to my stomach, as I realize that we've essentially wasted around ~30k give or take. Is there any recourse here? We're way passed the 5-7 day rescind period, so my gut feeling is that we are where we are.

Now that being said, we do like the HGVC properties, and probably will go to the locations and make use of the points each year (and try to brings friends and family to help recoup some of the cost), but trying to do this for the next 30 years to recoup the losses doesn't sound like a wonderful plan. Would love to hear if anyone else is in this situation and what they've done to make the best of a bad situation?
Click to expand...

Don't sweat it, most of us have purchased retail -- and my paper loss is more than yours. It doesn't bother me, I love my timeshares and am going on 10 years of unbelievable timeshare memories. Spend lots of time in the HGVC forum, the TUGgers there are incredibly helpful and enjoy your properties, I love HHV and the Waikoloa properties, and HGVC is expanding.

Welcome to TUG and the next 10 timeshares that you purchase will all be resale!

Best,

Greg
 
I don't feel our timeshare purchase was a bad financial decision at all. Sure, we paid a fortune through the developer (no loans), but we have owned it for so long (since 1999) that even when taking into consideration the purchase price and maintenance fees, we have more then broken even and gotten great vacations and plan on a lot more hopefully. We can drive so didn't have airfare except on exchanges.
 
Think of it this way.....people spend $30,000+ on cars each and every day and they will never last as long as you can vacation with your purchase.
 
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