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Newbie Upgrade Strategy

sturner

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I purchased from developer florida, svr, vistana lakes 2bd, week 28

76000, so,


What is my strategy moving forward, I tried to rescind wife never sent paperwork. I tried to trade back in to developer, for a mandatory resort purchase, they never call me back. I need at 141,000 so's every other year for my family.


Resales, upgrade ideas?
 

DeniseM

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Are you saying that you rescinded and your wife didn't mail it? Why not????

141,000 is an odd number for Staroptions. A 2 bdm. at the top resorts requires 148,100, so I recommend that you go a little higher.

First of all - what are your goals? Why do you want more Staroptions?
 

sturner

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To have my family be able to goto st johns or harborside. We need over 81,000 so or 148,000 so every other year.Are purchase is not getting us what we would like to do on a yearly basis
 

sturner

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She never listened to me to rescind, so she never called or sent the paperwork. We purchased in july 2010
 

DeniseM

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So you own an every year deed, with 76,000 Staroptions and you want to go to Harborside or WSJ every other year - and you need 148,100 Staroptions every other year.

Starting next year, you can roll your Staroptions over to the next year, so that would give you (2012) 76,000 + (2013) 76,000 = 152,000 every other year.

At this point, I'd go with that and do a lot of research before you buy more.

If you do decide to buy, buy resale, and don't finance - it will save you 50-100%.
 

sturner

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Can I upgrade the purchase to a mandatory with better so?
 

DeniseM

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Can I upgrade the purchase to a mandatory with better so?

Mandatory means the week has Starpoints and Staroptions - when you buy from the developer, you automatically get that - you already have Starpoints and Staroptions.

If you buy from the developer again, it means that you will pay the developer a lot more money, and finance a larger amount.

Why would you want to do that? You already own when you need to accomplish your goals.

This is the sad truth: You should pay it off before you think about buying more, because right now you owe thousands of dollars on a timeshare that you can pick up on ebay for $1.

Don't make the same mistake twice.
 
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sturner

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Thx. I will try to get them to honor the contract that allows me to apply the purchase price to another time share, hopefully a mandatory that will cut my loss a bit.
 

DeniseM

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Thx. I will try to get them to honor the contract that allows me to apply the purchase price to another time share, hopefully a mandatory that will cut my loss a bit.

Do you have something in writing that states that they will allow you to apply the purchase price to another timeshare?

How will spending/financing even more allow you to cut your loss?

My advice:
Learn to use what you own.
Pay off your loan.
Buy a mandatory resort - resale.
 
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GregT

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Denise has give you good advice here -- your Direct purchase will already give you enough StarOptions to go EOY to the properties you mention. I would not create a new issue by trying to upgrade into another property. You can likely buy that same property resale for much less than whatever the upgrade cost would be.

Good luck -- enjoy your purchase and make the most of it.

Best,

Greg
 

glypnirsgirl

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It is not magic to own at a Mandatory resort. Mandatory resorts hold their value better --- but still not well.

Because you purchased from the developer, you have the benefits of being a mandatory owner, the benefits just won't transfer when you sell.

I think that Denise is saying that it will cost you more to upgrade your unit to mandatory than you would recover when you sell.
 

VacationForever

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You already have the full benefits of a developer-purchased unit. There is no difference in developer-bought voluntary and mandatory units. Why spend more money to "upgrade" to a mandatory unit? Mandatory unit resale price is still much less than mandatory developer sale price. There is no financial advantage to spending more money to upgrade to a mandatory unit. SVR developer unit is much cheaper than a mandatory developer unit. You will need to put in alot more money to "upgrade" to a developer mandatory unit. After the "upgrade" if and when you sell, you will not recoup the additional money spent on "upgrading" to the mandatory unit.
 

sturner

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Update: they lied about letting me apply my purchase to any other offer! Talked to sales manager, and he would not let me goto eoy purchase w 81000 so for the same money I spent already on ey , and the 76,000 so.
 

DeniseM

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Update: they lied about letting me apply my purchase to any other offer! Talked to sales manager, and he would not let me goto eoy purchase w 81000 so for the same money I spent already on ey , and the 76,000 so.

The only thing that counts, is what you have in writing. And yes - timeshare sales people lie. :annoyed:

Why do you want to buy more Staroptions RIGHT NOW?
 
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