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Just purchased a timeshare in myrtle beach from HGV, need to know if it's a bad deal!

rosyg

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We attended Wednesday and like most people were convinced it was a good deal. We bought a 1bdrm for 4200 pts for 25k with maintenance of $840 yearly. They gave us 18,000 pts for signing up that day. We bought at ocean 22 which is a new property, it's beautiful. Can anyone tell me if this is a good or bad deal!!! Please!! I still have time to cancel. I can send a letter certified mail today and be free of this timeshare. Any experts please help!


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Passepartout

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Generally speaking, no timeshare purchased from the developer is a 'good deal'. You can buy 4X the points for 1/4 the price on the resale market. (OK, maybe I exaggerate) I would rescind at least until you have researched independently. Developer salesweasels lie notoriously. And even if you find that in the end this is the best thing since sliced bread, the deal will be available next week, next month, next year. Nothing in timeshares is 'today, and today only. That's just B.S.

Today being Saturday, and you bought last Wednesday, I think your letter should go out today, Certified USPS w/return receipt.

Jim
 

rickandcindy23

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rosyg

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Platinum level is only $13.5K. If you were sold on the property, you should contact one of these resellers.



You need to rescind your purchase. As I understand it, Hilton is a great product as resale and doesn't lose benefits in the resale process.


Thank you all, I will rescind purchase today. What are the maintenance fees on the resale deals?
 

onenotesamba

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Maintenance fees are exactly the same for resale as for developer purchase. If you buy the same unit resale, you'll get pretty much the same exact thing, but you'll save tens of thousands of dollars on your initial purchase price.

Case in point--within the last year, I bought two separate 1BR contracts/units/weeks with 4800 points each, for a total of 9600 points between those two units. I bought weeks at low membership fee properties in Orlando and Las Vegas, so my combined membership fees are probably around $1200 or so, and my purchase price for both of those units was $5500. So, compared to your $25,000 buy-in for less than half of the points that I got resale (though my membership fees are higher--but again, for more than double the points you got)...I don't think you got a very good deal at all--even taking the bonus points out of the equation.
 

rosyg

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Maintenance fees are exactly the same for resale as for developer purchase. If you buy the same unit resale, you'll get pretty much the same exact thing, but you'll save tens of thousands of dollars on your initial purchase price.



Case in point--within the last year, I bought two separate 1BR contracts/units/weeks with 4800 points each, for a total of 9600 points between those two units. I bought weeks at low membership fee properties in Orlando and Las Vegas, so my combined membership fees are probably around $1200 or so, and my purchase price for both of those units was $5500. So, compared to your $25,000 buy-in for less than half of the points that I got resale (though my membership fees are higher--but again, for more than double the points you got)...I don't think you got a very good deal at all--even taking the bonus points out of the equation.


Good points! I am interested in the resale market. Where are the best selling deals located, Vegas and Florida? I really liked myrtle beach location and they did mention that the maint. fees in SC were the lowest.. That must of been a lie as well??
 

Passepartout

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Good points! I am interested in the resale market. Where are the best selling deals located, Vegas and Florida? I really liked myrtle beach location and they did mention that the maint. fees in SC were the lowest.. That must of been a lie as well??
Rosy, there are at least 2 VERY GOOD brokers who are TUG members. Seth Nock and Judi Kozlowski. They specialize in higher-end resale TSs, and getting them past ROFR.
Read this thread and it will help to familiarize you with the process: http://tugbbs.com/forums/showthread.php?t=238630

I can see that you are fixated on the HGVC system, but be aware that there are other higher-end TSs, and a heckuva lot just a skosh lower on the scale of luxury, but several steps lower in cost.

Whatever you decide to buy (or not), it's unlikely that you can purchase, close, and reserve a vacation for the 2016 season, so haunt the low cost rental section here in the BBS or look at rentals in the Marketplace in the red stripe above here,

Jim
 

onenotesamba

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Good points! I am interested in the resale market. Where are the best selling deals located, Vegas and Florida? I really liked myrtle beach location and they did mention that the maint. fees in SC were the lowest.. That must of been a lie as well??
This year, the lowest membership/maintenance fees in HGVC for 1 BR units are:, followed by Sea World Orlando Phase II, then Orlando Tuscany/I-Drive, Flamingo Vegas, and lastly Orlando Parc Soleil.

For 2 BR units, the order is a little different. Cheapest are still Boulevard/Strip (lowest), Paradise/Karen (second lowest), but then it's Flamingo (3d lowest), followed by SeaWorld Phase II, SeaWorld Phase I, Tuscany/I-Drive, and Parc Soleil.

Keep in mind that (with a couple of limited exceptions), the fees are the same for the size of the unit, regardless of the season. So, if you buy a 2 BR at the Vegas Strip location, you get 7000 points for a Platinum week, but only 5000 points for a Gold week. If you bought a 1 BR, you're paying the same membership fee for 4800 points if you own a Platinum week, versus only 3400 points if you own a gold week.

If you want to maximize your value, to get the most points for the least money, you should look for (1) resale; (2) a low purchase price at; (3) a low maintenance-fee property in (4) a platinum week. The only reason you'd want to buy into a higher fee location would be if you really wanted an in-demand week that you'd use pretty much every year (Waikiki during school holidays; a prime ski week in Breckenridge or Park City), where having that be your home resort gives you an advantage.

The recommendations to use a reputable broker are points well taken. I made my first purchases from eBay sellers (after thoroughly researching them on this BBS), but buying through Seth or Judi would almost certainly give you a smooth, clean resale transaction.
 
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