I will inherit DRI ownership & am concerned.

[ConcernedOne]

I need help deciding if the pkg. my parents have is worth what they have invested and will invest. They are DRI Platinum members and recently purchased Hawaii package. They also own in Williamsburg VA and Sedona AZ. Maintenance fees are $10K/year, plus they are paying on the big balance. They travel a good bit. My brother's family and mine are comprised of 9 additional people and we usually use the resorts one to two times a year, locally (US). Not sure if my future travel budget will accommodate $10K right off the bat for fees, plus travel to and from destinations and food/entertainment once there. Help me understand....

 

[TUGBrian]

note you are not forced to inherit any timeshare, if you do not want it...have that discussion with your parents now so there is no confusion and you are not saddled with a very expensive burden you dont want to bear.

 

[TUGBrian]

ill move this to the DRI forum so you can get some input from other owners.

 

[WBP]

I need help deciding if the pkg. my parents have is worth what they have invested and will invest. They are DRI Platinum members and recently purchased Hawaii package. They also own in Williamsburg VA and Sedona AZ. Maintenance fees are $10K/year, plus they are paying on the big balance. They travel a good bit. My brother's family and mine are comprised of 9 additional people and we usually use the resorts one to two times a year, locally (US). Not sure if my future travel budget will accommodate $10K right off the bat for fees, plus travel to and from destinations and food/entertainment once there. Help me understand....

I think if many people found themselves in a situation like yours, and they had the opportunity to run away from Diamond, they'd do it in a heartbeat.

 

[davidvel]

As Brian noted, whether or not your parents bequeath this to you, you are free to reject any inheritance.

 

[breezez]

Just know if your MF are 10K now and increase around 5% a year in 14 years it will be 20K a year. Think about that while pondering your options

 

[nuwermj]

I need help deciding if the pkg. my parents have is worth what they have invested and will invest. They are DRI Platinum members and recently purchased Hawaii package. They also own in Williamsburg VA and Sedona AZ. Maintenance fees are $10K/year, plus they are paying on the big balance. They travel a good bit. My brother's family and mine are comprised of 9 additional people and we usually use the resorts one to two times a year, locally (US). Not sure if my future travel budget will accommodate $10K right off the bat for fees, plus travel to and from destinations and food/entertainment once there. Help me understand....

Although you are not required to accept the inheritance, you parents' estate will be required to pay off their loan to Diamond.

You have the option of accepting a fraction of your parents account and returning the rest to DRI.

It's not clear how the Williamsburg VA and Sedona AZ ownership fits. Are these deeded units? At DRI managed resorts? If that's the case, then some of the points are backed by these deeds.

If you like timesharing, but don't like Diamond Resorts, you can return 100% of your parents' account and take on another option that better fits your needs.

 

[geist1223]

I am not giving any Legal Advice but I did read about a situation in which the Estate was handled with all the Legal Formalities in Probate Court. The Estate continued making all payments - Loan and Maintenance Fees. The Estate complied with all Legal requirements to include a Legal Notice published in the local newspaper for all Creditors to file a Claim with the Probate Court. The Estate Closed. The Timeshare Company never filed a Claim against the Estate with the Probate Court. The Timeshare Company was out of luck. In that most Timeshare Ownerships for a married couple are owned in some type of joint relationship this would not work when the first member of the relationship dies.

 

[VegasBella]

Personally, there's no way I would accept that inheritance.


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[lazyj2478]

Under no circumstance would we recommend doing anything with Diamond (DRI)! It will be a lifelong headache if you do. THey are very misleading. Just look at all the complaints they receive. We filed a complaint with our Attorney General and they are being investigated. Again , DO NOT do anything with DRI, except say NO NO NO.

 

[rickandcindy23]

I think all timeshare companies should have constant investigations and plain-clothed detectives should attend a few presentations with their wives. It would be amazing to have knowledgeable law-enforcement officers go occasionally and see how really pushy and dishonest these people are.

I wouldn't take an inheritance of Diamond because even their constantly bragged about Ka'anapali Beach has a lot of unhappy visitors. Read Yelp and you will see the complaints.

 

[gypsygirl1]

I need help deciding if the pkg. my parents have is worth what they have invested and will invest. They are DRI Platinum members and recently purchased Hawaii package. They also own in Williamsburg VA and Sedona AZ. Maintenance fees are $10K/year, plus they are paying on the big balance. They travel a good bit. My brother's family and mine are comprised of 9 additional people and we usually use the resorts one to two times a year, locally (US). Not sure if my future travel budget will accommodate $10K right off the bat for fees, plus travel to and from destinations and food/entertainment once there. Help me understand....

If I were in your shoes, I would think long and hard about accepting the timeshare - any kind at all - where there are high maintenance fees and a "mortgage " to pay off too. You can buy a timeshare from someone for much less probably and maybe not have high maintenance fees. Traditionally fees go up and never down.

 

[VacationForever]

If you enjoy timesharing, you need to spend time researching which timeshare system is suitable for your needs. You may very well find that Diamond timeshare system is not what you want to own. If so, make sure you decline the inheritance. However, if you like what you learn about Diamond vs. other timeshare systems, then you need to figure out if it is a financial burden that you want to afford.

I am friends with a couple in their 70s who owns only several relatively high MF resorts under the Vistana system (Princeville, Kaanapali, Westin Mission Hills) and Marriott (Ko Olina). They own several weeks at each of the resort because when they travel, they travel with some or all of their children, children's spouses and grand children. I cannot imagine what their MFs are but several of their children and spouses have already told them which of their timeshare that they want for inheritance. Because they have 8 children, and some are doing financially better than others, they are not worried about what will happen to their timeshare one day when they no longer have use for them or when they die. This couple bought their timeshares from the developers and scoffed when I told him to ask one of his sons-in-law to buy Westin Princeville in the resale market as he has been pestering them about letting him have their timeshare now.

Most timeshares cost alot less in the resale market. So you may find that picking up something in the resale market is less of a financial burden than taking over from your parents' DRI timeshare in the future.

 

[harvrte66]

I agree with many people who said run away from DRI.
WE bought the Hawaiian Collection several years ago on Maui. No one ever said a collection nor did they say it included Vegas and Sedona, AZ. We live in Phoenix and would never buy a timeshare in Vegas or Sedona. I filed a complaint with the FCC with no good result.
We were able to sell our Maui t/s to Vidanta when we bought from them in Maya Rivera Mexico.
DRI is a bad example of timeshare sellers.

 

[BLKBRD370]

I agree with the responses to ConcernedOne about inheriting a timeshare. I own a 3BR/Lock-off (Floating) unit at Ocean Gate, St. Augustine, Fl and have exchanged for vacations in areas that I preferred to take family to. As I am now aging and less likely to travel I would like to sell it. Any offer will find me friendly to deal with.
BLKBRD370

 

[ConcernedOne]

ill move this to the DRI forum so you can get some input from other owners.

Thank you.

 

[ConcernedOne]

Although you are not required to accept the inheritance, you parents' estate will be required to pay off their loan to Diamond.

You have the option of accepting a fraction of your parents account and returning the rest to DRI.

It's not clear how the Williamsburg VA and Sedona AZ ownership fits. Are these deeded units? At DRI managed resorts? If that's the case, then some of the points are backed by these deeds.

If you like timesharing, but don't like Diamond Resorts, you can return 100% of your parents' account and take on another option that better fits your needs.

Thank you.

Yes, I believe the Williamsburg and Sedona are deeded units at DRI managed resorts. My parents said they exchanged or traded them for the Hawaii package, so they are no longer deeded owners in Williamsburg, VA or Sedona, AZ. Still confused. I have a lot to learn in order to make an informed decision. It's looking like many on this thread are advising against inheriting it.....

 

[ConcernedOne]

Looking for input. As I see it, even if all is paid off by the time I (potentially) inherit this, if the maintenance fees (MFs) are $10K/year, and I have 3 weeks of vacation, that is like spending $476.19 per day .... right? I must be missing something..... Even if this is divided in half with my brother, that is still more than I would spend on a hotel room. Further, that does not include my travel to and from destinations or any of the food or entertainment while visiting.

 

[ConcernedOne]

Just know if your MF are 10K now and increase around 5% a year in 14 years it will be 20K a year. Think about that while pondering your options

Is a 5% increase per year standard? I didn't realize they would increase at that kind of rate. That's more than the cost of living yearly increase.

 

[VacationForever]

With my timeshares (Marriott, Vistana and Worldmark), whether it is using it directly or exchanging, my MF and exchange fees, comes up to around $100 to $150 per night - for either 1BR or 2BR, and sometimes even a 3BR if we exchange in II to say a 3BR Marriott's at Ko Olina (Oahu). I do not make use of II's offer of 2 for 1 exchange, and if I do (which I don't), the per night cost comes down to $70 per night or so. $400+ per night is too rich for me, especially with DRI, which is not considered a top end timeshare system.

 

[nuwermj]

Looking for input. As I see it, even if all is paid off by the time I (potentially) inherit this, if the maintenance fees (MFs) are $10K/year, and I have 3 weeks of vacation, that is like spending $476.19 per day .... right? I must be missing something..... Even if this is divided in half with my brother, that is still more than I would spend on a hotel room. Further, that does not include my travel to and from destinations or any of the food or entertainment while visiting.

Yes, you're missing something. $10k per year in the Hawaii Collections means your parents have around 55,000 points. So you're estimating something like 18,333 points per week. But you can get a 2-BR unit for 10,000-12,000 points. (Which is still expensive compared to other systems, but it's not $475 a day.) If you want only three weeks in a two bedroom, you should take fewer points. My wife and I travel in 1-BR units and get by with 5,000 points per week. You might need only 15,000 - 20,000 total points, depending on your travel style. Annual fees for 15,000 Hawaii points are $3,100 in 2017.

 

[nuwermj]

It's looking like many on this thread are advising against inheriting it.....

One reason for this advise is this: with DRI you pay Marriott level fees but get Wyndham level quality. Here is a comparison chart that I made up illustrating just how much DRI is over priced.

http://tugbbs.com/forums/index.php?...nts-based-systems-to-dri.244394/#post-1974111