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Just purchased and having second thoughts!

dayooper

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Thanks for all of the replies and input — you all have been a great help. We purchased on Thursday and will rescind on Monday.

couple of follow-up questions for the group:

I am assuming that if I purchase a 7,000 pt annual platinum package at Ocean Oak on resale, I cannot increase the point value down the road; I would have to purchase another TS somewhere for more points (and pick one with low MF). All points would combine, but I would own multiple TS. Is this correct ? Or is there another way to simply purchase points for the resale TS I purchase ?

(I.e. my understanding is the main advantage of buying direct from HGVC is you can increase your points — albeit at an exhorbitant rate— without buying another timeshare. Is that the main reason to “buy-in” like I originally did?)

I may have more questions — but this has been a great learning experience. Thanks again for all the help.

When you purchase another HGVC deed, as long as they are deeded the same, the points go into the same account. The only issue with your situation is that only your Ocean Oak points can be used for the home booking advantage. You can’t book a home season Ocean Oak reservation with points from another resort.

As far as buying more points, HGVC will allow you to “trade in” your current deed for a better one. One with more points, a better MF rate or even a more popular resort. You aren’t buying more points, you are buying a new, more expensive deed with more points attached while trading in your current deed. Owning 2 deeds doesn’t cost more, it’s just a combination of the points.
 
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jabberwocky

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As far as buying more points, HGVC will allow you to “trade in” your current deed for a better one. One with more points, a better MF rate or even a more popular resort. You aren’t buying more points, you are buying a new, more expensive deed with more points attached while trading in your current deed.
One should probably note that for many properties HGVC will allow you to trade in resale deeds as well - giving you credit for the amount that it was originally purchased for from the developer - even if you paid a lot less resale.
 

RX8

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When you purchase another HGVC deed, as long as they are deeded the same, the points go into the same account. The only issue with your situation is that only your Ocean Oak points can be used for the home booking advantage. You can’t book a home season Ocean Oak reservation with points from another resort.

As far as buying more points, HGVC will allow you to “trade in” your current deed for a better one. One with more points, a better MF rate or even a more popular resort. You aren’t buying more points, you are buying a new, more expensive deed with more points attached while trading in your current deed. Owning 2 deeds doesn’t cost more, it’s just a combination of the points.

@dayooper has a good explanation. Only add I have is to clarify is that owning two deeds isn’t going to be the same as owning one deed for the same amount of points. For example, owning two 3500 point deeds means that you get 7000 annual points to use. However, your 12 month home resort priority is only going to be what you own, which is two 3500 point deeds good for one week reservation costing exactly 3500 points. If you want to make one 2 bdm reservation for 7000 points it would be during open reservation period (276 days out). Finally, with the two deeds it means double the maintenance fees. If one owns a 3500 point deed and wants to obtain 7000 total points the best way to go about it is to sell the 3500 deed and buy a single resale deed worth 7000 points.
 
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RX8

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One should probably note that for many properties HGVC will allow you to trade in resale deeds as well - giving you credit for the amount that it was originally purchased for from the developer - even if you paid a lot less resale.

This is certainly true but no matter how you slice it HGVC is still going to extract thousands of dollars out of your pocket that is going to result in a much greater cost than pursuing resale.
 

PigsDad

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I am assuming that if I purchase a 7,000 pt annual platinum package at Ocean Oak on resale, I cannot increase the point value down the road; I would have to purchase another TS somewhere for more points (and pick one with low MF). All points would combine, but I would own multiple TS. Is this correct ? Or is there another way to simply purchase points for the resale TS I purchase ?

(I.e. my understanding is the main advantage of buying direct from HGVC is you can increase your points — albeit at an exhorbitant rate— without buying another timeshare. Is that the main reason to “buy-in” like I originally did?)

As explained above, an "upgrade" from HGVC is simply trading in an existing deed for a new one. When you upgrade direct from HGVC, you always pay retail price. If you choose, you can always do an upgrade yourself -- sell your existing deed and buy a new deed (resale, of course!). It may take a bit more time and effort on your part, but you will save many, many thousands of dollars vs. dealing direct w/ HGVC.

Kurt
 

dayooper

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@dayooper has a good explanation. Only ad I have is to clarify is that owning two deeds isn’t going to be the same as owning one deed for the same amount of points. For example, owning two 3500 point deeds means that you get 7000 annual points to use. However, your 12 month home resort priority is only going to be what you own, which is two 3500 point deeds good for one week reservation costing exactly 3500 points. If you want to make one 2 bdm reservation for 7000 points it would be during open reservation period (276 days out). Finally, with the two deeds it means double the maintenance fees. If one owns a 3500 point deed and wants to purchase 7000 total Points resale the best way to go about it is to sell the 3500 deed and buy a single deed worth 7000 points.

Yeah, I explained that part poorly. Thank you for clarifying.
 

BK2019

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(I.e. my understanding is the main advantage of buying direct from HGVC is you can increase your points — albeit at an exhorbitant rate— without buying another timeshare. Is that the main reason to “buy-in” like I originally did?)

HGVC requires $10k new money for any trade-in.
 

GT75

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One should probably note that for many properties HGVC will allow you to trade in resale deeds as well - giving you credit for the amount that it was originally purchased for from the developer - even if you paid a lot less resale.
This is true. I have been offered this "deal" many times but as @BK2019 has pointed out it will require new money ($10K is a good ballpark but I really think that this changes at each resort/year). But Ocean Oak is a little different because they will only take a trade-in from a Strand developed resort (the 3 resorts at Mrytle Beach and Ocean Oak).
 

GT75

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I am assuming that if I purchase a 7,000 pt annual platinum package at Ocean Oak on resale, I cannot increase the point value down the road; I would have to purchase another TS somewhere for more points (and pick one with low MF). All points would combine, but I would own multiple TS. Is this correct ? Or is there another way to simply purchase points for the resale TS I purchase ?
If you purchased 7K platinum resale at Ocean Oak, I don't understand why you would want to upgrade that unit. The only higher point units would be 2-bd Ocean Front at 9600 pts or 2-bd Ocean view at 8400 pts in platinum season. But I understand that you want to go to Ocean Oak every year. If that isn't the case, then there are cheaper options than purchasing there. In addition, you can only upgrade Ocean Oak for a Strand develop resort.

If you want more points, I would suggest that you purchase another unit somewhere. We could give recommendations depending on what you are trying to do.
 

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You have to buy another unit to get more points. But still way cheaper than buying from Hilton. The best bet is to buy more points right now. You can buy two 4800 point units in Vegas for cheap, but maintenance fees will cost more than one 9600 point timeshare. Points are points and with four kids you will need a lot of points. Get one unit now and buy another one later. Do not rush to buy. Maybe 7000 points now is best and another unit later after you have been in the program.
 
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This all makes sense.
Starting at 7,000 pts is ideal. Seems clear that in order to guarantee a stay at ocean oak in the summer, purchasing a resale TS there is the way to go.

I now understand that, once I purchase resale, the only way to get more points there is to trade-in my deed or resell and purchase a new one. And the total points all work together, but the “home resort” 12-month window only applies to the points I own there.

This has all been very helpful. Not sure why anyone would purchase direct from the developer!
 
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GT75

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I also believe that 7K points are a very good starting point for HGVC. It would be enough points to make a yearly vacation for your family. This will also allow you to get into and understand the system. Then, in the future, you can adjust as your needs change and your family grows. I wouldn't be worried about adding more deeds (more points) in the future.

You have asked some very good questions to understand how the HGVC system works. We are all here to help to provide you with information so that you can make an informed decision about what is best for your family.
 

GT75

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The only thing which I don't think that you asked about was fees. Of course, there is a yearly MF (maintenance fee) and associated transaction fees. These fees have historically increased each year (3-4%). We have an MF sticky with that information.
 
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The only thing which I don't think that you asked about was fees. Of course, there is a yearly MF (maintenance fee) and associated transaction fees. These fees have historically increased each year (3-4%). We have an MF sticky with that information.
Yes - from the sales meeting it looks like Ocean Oak MF are roughly $1200/year. Is that about average?
 

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For most HGVC resorts, MFs are determined by room size (not season nor view). This is true for Ocean Oak. The MFs for Ocean Oak since they are all 2-bd are all the same.
History of MFs for Ocean Oak/Club Dues:
2020: $1208.44 (1.71%)/$182
2019: $1138.11 (3.5%)/$176
2018: $1147.98 (6.98%)/$170
2017: $1073.06 ------/$159
 

GTLINZ

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Ocean Oak is a spectacular property. If you really want to go there in the summer you will have to consider buying a plat package resale at Ocean Oak (only after you get the recission done!).

This may have been mentioned - but you have an advantage booking EXACTLY ONE WEEK WHERE YOU OWN IN THE SEASON YOU OWN. So a plat owner can book a plat week at his home resort 12 months in advance. Anything still available at 9 months out becomes available to everyone. So what tends to happen is that the plat owners there are going to book the summer weeks using the "home week" advantage. This is not true of every resort - but for summer in Hilton Head it is.

That is why the GOLD unit owner there would have no advantage getting a PLAT unit there in summer - you are in the same bucket 9 months out trying to book as everyone else.

During construction we were able to get in there in 2017 and 2019 nine months out during the summer - but that is because unsold units we put into the inventory. There are multiple threads that say this has stopped happening.

And the gold unit you bought would be worth very little on the resale market.
 
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Smclaugh99

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Ocean Oak is a spectacular property. If you really want to go there in the summer you will have to consider buying a plat package resale at Ocean Oak (only after you get the recission done!).

This may have been mentioned - but you have an advantage booking EXACTLY ONE WEEK WHERE YOU OWN IN THE SEASON YOU OWN. So a plat owner can book a plat week at his home resort 12 months in advance. Anything still available at 9 months out becomes available to everyone. So what tends to happen is that the plat owners there are going to book the summer weeks using the "home week" advantage. This is not true of every resort - but for summer in Hilton Head it is.

That is why the GOLD unit owner there would have no advantage getting a PLAT unit there in summer - you are in the same bucket 9 months out trying to book as everyone else.

During construction we were able to get in there in 2017 and 2019 nine months out during the summer - but that is because unsold units we put into the inventory. There are multiple threads that say this has stopped happening.

And the gold unit you bought would be worth very little on the resale market.
I completely agree. I slipped into Ocean Oak in 2019 during my son’s spring break. It was still a bit too chilly to enjoy the beach but a wonderful property. So you really need to own there to get first dibs. The only problem with buying resale is that there is little to no availability of this property on the resale market. In fact, I’ve never seen one listed for resale and I scour through EBay and Redweek and other sites quite often. It’s going to take a few more years for those who purchased retail to pay off their mortgage, then take the hit selling on the resale market for more inventory to pop up. We will see the same thing with The Quin.

Sean
 
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