PaDave
newbie
I am in the middle of my 10 day cancellation period on a new purchase at Vistana Villages Key West. I have been reading the Tug website but still have questions about the situation I have gotten myself into.
I own a 2 bedroom every other year at Vistana Cascades. It is paid off (bought in 1998) and my MF is $567. We have used and enjoyed it since we bought it.
We feel like every time we visit they try to sell us something else. I bought an Explorer package last year just to get the star points but when we showed up at our meeting last week, they told us all the reasons that we should buy a new place at one of the mandatory resorts. This is the first time I had ever heard about mandatory vs. voluntary. The explanation I was given was that my voluntary unit would be much more difficult to sell. They spoke of Right of first refusal and that the new owner would have to pay $20K to re-qualify the unit into SVN. Eventually selling my time share is one of my biggest worries. I understand it will probably not make me any money and I am ok with that, but I don't want to burden my children with it if they aren't in a position to handle it. The new unit at Key West sells for 22999. They are going to give us over $7K for our unit at Cascades and give a credit from the money we put into the Explorer package of about $1500 and 75000 Starpoints.
So we agreed to buy at Key West so that we should be able to sell it some day if we no longer want it. We are in our 10 cancellation window
After the credits on our unit, the one at Key West ended up costing us $14500.
Ever since we did this I can't get it out of my mind nor can I sleep. I don't know if we got a reasonable deal or basically got blind sided.
I have 2 main concerns:
After looking at Tug and other websites I find that I can buy what appears to be same unit on the resale market for $4000 or less, but to do this I would now have to try to sell my old unit myself. Will I not have the same unit with the same privileges buying a resale unit rather than a unit from Starwood? Am I paying way too much for the same unit "new" rather than from a re-seller?
My other concern is that I don't want to burden my children with a property that they can't sell and may or may not be able to pay the maintenance fee on when it becomes theirs. I have been told that the mandatory unit will be easier to sell than the voluntary. Is this true?
Any feedback on my situation would be appreciated.
Thanks,
Dave
I own a 2 bedroom every other year at Vistana Cascades. It is paid off (bought in 1998) and my MF is $567. We have used and enjoyed it since we bought it.
We feel like every time we visit they try to sell us something else. I bought an Explorer package last year just to get the star points but when we showed up at our meeting last week, they told us all the reasons that we should buy a new place at one of the mandatory resorts. This is the first time I had ever heard about mandatory vs. voluntary. The explanation I was given was that my voluntary unit would be much more difficult to sell. They spoke of Right of first refusal and that the new owner would have to pay $20K to re-qualify the unit into SVN. Eventually selling my time share is one of my biggest worries. I understand it will probably not make me any money and I am ok with that, but I don't want to burden my children with it if they aren't in a position to handle it. The new unit at Key West sells for 22999. They are going to give us over $7K for our unit at Cascades and give a credit from the money we put into the Explorer package of about $1500 and 75000 Starpoints.
So we agreed to buy at Key West so that we should be able to sell it some day if we no longer want it. We are in our 10 cancellation window
After the credits on our unit, the one at Key West ended up costing us $14500.
Ever since we did this I can't get it out of my mind nor can I sleep. I don't know if we got a reasonable deal or basically got blind sided.
I have 2 main concerns:
After looking at Tug and other websites I find that I can buy what appears to be same unit on the resale market for $4000 or less, but to do this I would now have to try to sell my old unit myself. Will I not have the same unit with the same privileges buying a resale unit rather than a unit from Starwood? Am I paying way too much for the same unit "new" rather than from a re-seller?
My other concern is that I don't want to burden my children with a property that they can't sell and may or may not be able to pay the maintenance fee on when it becomes theirs. I have been told that the mandatory unit will be easier to sell than the voluntary. Is this true?
Any feedback on my situation would be appreciated.
Thanks,
Dave