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What Should I Buy Now? - TUG Saved Me $$$

kbroski42

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Hey Everyone!

I just got back from 7 nights at the Hilton Hawaiian Village for my wife and my 5th anniversary and got lured into the HGVC sales pitch for free Luau tickets. We bought a $34,000 1b Plus Room with a Mountain View in the New Grand Islander and ended up with 7400 points and an additional 15000 bonus points. I felt uneasy as the wife and I never make small decisions in 90 minutes let alone one that would lock us into a 10 yr mortgage at 13.9% interest (Hilton's 'Best' Rate).

We rescinded yesterday and got confirmation from their team via email. Now, since we were willing to throw away all that money, we want to move forward in a smarter direction. Hope you can help!

1) Where do you want your home resort to be? Close to Home - Orlando or Florida Destinations

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time? Our Main Goal is going to be trading and using cash value room rates. I'd also like to have the opportunity to make this more of a side gig and rent out rooms

3) What are your 5 top trade destinations? Top 5 are as follows: 5) Europe 4) Central American 3) Anywhere with Beach 2) Hawaii 1) Exotic Locations

4) How many people do you usually travel with? Three Total - 2 Adult and 1 Child

5) Can you travel any time, or are you locked into the school schedule? Any Time, but we're a growing family (3yo and one on the way)

6) Can you make firm plans 12 or more mos. in advance? No

7) Can you vacation for a full week at a time? Yes

8) What level of accommodations do you prefer on a scale of 1 to 5 stars? 4 or more

9) How much can you afford to spend upfront, without financing? $5000

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year? $900-1000

11) Are you a detail oriented planner? Very Much So

12) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do? Yes
 

TUGBrian

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got out from under a $34k mistake in time! well done!

cant wait to see what you actually decide on to buy in the resale market =)

Welcome to TUG!
 

DeniseM

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First of all - forget everything the sales person told you - I suspect that they told you that you could make big bucks by renting - this is a common ploy.

1) Where do you want your home resort to be? Close to Home - Orlando or Florida Destinations

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time? Our Main Goal is going to be trading and using cash value room rates. I'd also like to have the opportunity to make this more of a side gig and rent out rooms
Florida is overbuilt with timeshares which depresses rental rates - so I would not buy in Florida to rent.

Not sure what you mean by "using cash value room rates."

*Very few resorts are profitable rentals - if that is your goal, you need to do much more research than buying just for your own use.

3) What are your 5 top trade destinations? Top 5 are as follows: 5) Europe 4) Central American 3) Anywhere with Beach 2) Hawaii 1) Exotic Locations
These resorts require a strong trader, generally, that is not Florida

8) What level of accommodations do you prefer on a scale of 1 to 5 stars? 4 or more
Only the hotel affiliated resorts systems are consistently 4+ Stars: Marriott, Hilton, Hyatt, Westin, Sheraton, Disney.

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year? $900-1000
This is low for a 2 bdm. 4+ Star resort.
 
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SmithOp

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There are very few Hilton locations that will rent for any significant amount over the maint fees, so HGVC is not a good choice for rental business.

The HGVC cash option (open season) can only be used by owner, no guest certificates. The rates have been climbing so much that not many deals are available, only low season weekdays.

HGVC does trade well in RCI but its mostly a downtrade in quality. HGVC and DVC are the two best in RCI.


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DeniseM

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There are very few Hilton locations that will rent for any significant amount over the maint fees, so HGVC is not a good choice for rental business.

The HGVC cash option (open season) can only be used by owner, no guest certificates. The rates have been climbing so much that not many deals are available, only low season weekdays.
I bet the sales person told the OP they could rent these.
 

SmithOp

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I bet the sales person told the OP they could rent these.


Yes, I think he's still euphoric from the sales pitch, better to hang out and read TUG for six months before buying anything resale.


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vacationhopeful

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......
This is low for a 2 bdm. 4+ Star resort.
Try $1750+ MFS for a GREAT 4-5 Star 2/2 week. If trading/exchanging, add another $500 into your TS budget.

OP: As for that timeshare presentation and sales-person ... their job is to have you dreaming about a vacation from the movies, ONLY if you buy their 'one time only, never seen so low, deal that they can't buy for their Mom or sister'.
 

kbroski42

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Thx for all the answers guys. Definitely still euphoric from sales pitch. We really liked the idea of being able to get vacations for cheap. I'm also pretty polluted/spoiled because I'm a Delta Diamond and a Hilton Diamond, so all of my travel is on points for now and the upgrades are pretty sick...but it won't be that way forever as I intend to have some semblance of a family life.

Will keep looking around. Thanks again!
 

DeniseM

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I would not expect to get vacations for cheap - I would expect to get larger accommodations, full size condos, with more amenities, for about the same price as a nice hotel room.

Unfortunately, timeshare sales people will outright lie, to make the sale. Do not believe anything you were told, without independent verification.

Telling owners they can rent for big bucks, and cover their cost, is one way that sales people convince potential buyers to buy something they really can't afford, because they think it will pay for itself. It will not.
 
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kbroski42

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I would not expect to get vacations for cheap - I would expect to get larger accommodations, full size condos, with more amenities, for about the same price as a nice hotel room.
Definitely hear you there - I'm a value proposition guy, so that's what I meant with "cheap." More for less than it would've been.

Feel pretty dumb for being suckered, but I guess that's the name of the game. Just glad I found this forum when I was feeling sick to my stomach about the payments at 1am lol.
 

TUGBrian

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no need to feel dumb for being suckered, it happens every day! Retail Timeshares are a multi billion dollar a year industry!

be thankful you were in the minority that did their research in time!
 

DeniseM

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kbroski42 - We did a survey once, and about half of Tuggers bought from the developer the first time - including ME! So you are in good company. ;)
 
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