WKORV What should I do?

[savannedy]

We will be inheriting a 1 bed at WKORV. But with the size of our family we need a 2 bed lockout size. What are my best options? Can I buy points up to the 148100? Some of the 2 bed lockouts maint fees are just a little more than my 1 bed a year. So I don't want to buy a second one bed. How can I get creative? Thanks in advance.

 

[jabberwocky]

I take it this is a traditional 1BR deed and not Westin Flex Points.

Unfortunately there really isn’t a reliable way to simply add another half to make a 2BR. In the 12-8 month home resort period you would have to book each separately and even there you might not be connected - even if requested.

Under 8 months it would be a StarOption reservation, so you could in theory buy a studio to go with the 1BR, but a 2BR SO reservation can be difficult to book for high demand seasons (that said, I’ve managed to snag several - even OF).

Your best bet may be to try and sell what you have and buy a 2BR deed (or perhaps do a trade with someone looking to downsize.)

Head over to the Vistana forum where there are a lot of knowledgeable owners familiar with the system.

An alternative if your TS is in Abound (and will continue to be after the transfer) would be to elect for Abound points and then rent additional abound to get the reservation you need. But this will likely be a more costly route and I’m not sure how much inventory there will be.

 

[savannedy]

I take it this is a traditional 1BR deed and not Westin Flex Points.

Unfortunately there really isn’t a reliable way to simply add another half to make a 2BR. I’m the 12-8 month home resort period you would have to book each separately and even there you might not be connected - even if requested.

Under 8 months it would be a StarOption reservation, so you could in theory buy a studio to go with the 1BR, but a 2BR SO reservation can be difficult to book for high demand seasons (that said, I’ve managed to snag several - even OF).

Your best bet may be to try and sell what you have and buy a 2BR deed (or perhaps do a trade with someone looking to downsize.)

Head over to the Vistana forum where there are a lot of knowledgeable owners familiar with the system.

An alternative if your TS is in Abound (and will continue to be after the transfer) would be to elect for Abound points and then rent additional abound to get the reservation you need. But this will likely be a more costly route and I’m not sure how much inventory there will be.

Thank you, will do.

 

[savannedy]

We will be inheriting a 1 bed at WKORV, deeded weekly, annual and ocen view. But with the size of our family we need a 2 bed lockout size. What are my best options? Can I buy points up to the 148100? Some of the 2 bed lockouts maint fees are just a little more than my 1 bed a year. So I don't want to buy a second one bed. How can I get creative? Thanks in advance.

 

[rickandcindy23]

Buy a resale two bedroom and rent your one bedroom for about $4,000 each year.

 

[savannedy]

Buy a resale two bedroom and rent your one bedroom for about $4,000 each year.

As I understand it the only thing I loose out on is the star points on resale, correct? Do they really rent for that much?! I just started looking into this recently. It's a floating week, and was always reserved for Halloween week. Best way to rent it?

Thanks for your response!

 

[siesta]

As I understand it the only thing I loose out on is the star points on resale, correct? Do they really rent for that much?! I just started looking into this recently. It's a floating week, and was always reserved for Halloween week. Best way to rent it?

Thanks for your response!

Welcome to TUG.

For some Vistana resorts, the StarOptions transfer with a resale. Those are called mandatory resorts. You can read up on the Vistana system here: https://tugbbs.com/forums/threads/v...timeshare-owner-information-and-guides.73314/

If you want to stay at WKORV or WKORV-N in a 2br lockout and guarantee your ocean view, you should buy that. Alternatively, if you (1) want to stay at WKORV or WKORV-N in a 2br lockout but can do without guaranteeing your ocean view, and/or (2) don't plan to go to Hawaii every year but would like to travel to other properties in the Vistana network, then you could consider buying a Westin Kierland Villas 2BR that comes with 148,100 StarOptions and you will have a lower annual maintenance fee as compared to owning at WKORV or WKORV-N.

For what it's worth, I wouldn't deal with the hassle of renting. I would sell and put the money towards a purchase.

 

[rickandcindy23]

As I understand it the only thing I loose out on is the star points on resale, correct? Do they really rent for that much?! I just started looking into this recently. It's a floating week, and was always reserved for Halloween week. Best way to rent it?

Thanks for your response!

Redweek and go-koala.com As an inheritance you should keep all benefits of developer.

If you can afford an island view or ocean view 2 bed, then go for that because [to me] it is the resort experience, not really about ocean view, unless we are talking about whale season. That is why we own only oceanfront. The pools are beautiful, and they allow pool hopping. I can only be in the sun for short periods of time, or I get a rash.

 

[sjlola]

You could rent your 1 br for $4000 pretty easily, but with the vacation taxation system going on in Hawaii right now, renting is NOT advised for those with a low tolerance level for petty bureaucracy and paperwork! You can research the Maui taxation situation in TUG. I'd suggest investigating selling and purchasing a 2 br lockoff on the secondary market, especially as WKORV (south and north) are mandatory resorts. I can hightly recommend Syed Sarmad (as do many others in this group) at Advantage Vacation in Lahaina: 800-775-4493. He's ethical and extremely knowledgeable regarding timeshare resales. His website has several helpful videos.

 

[echino]

1br at WKORV is very inefficient due to maintenance fees almost equal to those for a 2br lockoff. But selling 1br and buying a 2br will take a lot of time and will cost a lot in transaction fees: listing / broker commission, closing and transfer costs for selling, HARPTA withholding, then buying closing and transfer costs.

I think it's more cost efficient to just keep the 1br and buy another 2br lockoff, ocean view or oceanfront.

 

[rickandcindy23]

You could rent your 1 br for $4000 pretty easily, but with the vacation taxation system going on in Hawaii right now, renting is NOT advised for those with a low tolerance level for petty bureaucracy and paperwork! You can research the Maui taxation situation in TUG. I'd suggest investigating selling and purchasing a 2 br lockoff on the secondary market, especially as WKORV (south and north) are mandatory resorts. I can hightly recommend Syed Sarmad (as do many others in this group) at Advantage Vacation in Lahaina: 800-775-4493. He's ethical and extremely knowledgeable regarding timeshare resales. His website has several helpful videos.

The rental sites make sure the renter pays the fees because the taxes are charged automatically and remitted through those sites. Painless.

 

[savannedy]

You could rent your 1 br for $4000 pretty easily, but with the vacation taxation system going on in Hawaii right now, renting is NOT advised for those with a low tolerance level for petty bureaucracy and paperwork! You can research the Maui taxation situation in TUG. I'd suggest investigating selling and purchasing a 2 br lockoff on the secondary market, especially as WKORV (south and north) are mandatory resorts. I can hightly recommend Syed Sarmad (as do many others in this group) at Advantage Vacation in Lahaina: 800-775-4493. He's ethical and extremely knowledgeable regarding timeshare resales. His website has several helpful videos.

Thank you.

 

[savannedy]

1br at WKORV is very inefficient due to maintenance fees almost equal to those for a 2br lockoff. But selling 1br and buying a 2br will take a lot of time and will cost a lot in transaction fees: listing / broker commission, closing and transfer costs for selling, HARPTA withholding, then buying closing and transfer costs.

I think it's more cost efficient to just keep the 1br and buy another 2br lockoff, ocean view or oceanfront.

Thank you

 

[Rman]

I just closed on a wkorn , think the transactions costs deed recording is double and broker fees easily 2500.00 , the deed recording in Hawaii is additional that gets disclosed later, so the fees are significant in selling and buying, etc..

 

[celica7101]

I just closed on a wkorn , think the transactions costs deed recording is double and broker fees easily 2500.00 , the deed recording in Hawaii is additional that gets disclosed later, so the fees are significant in selling and buying, etc..

The seller typically pays the broker fees. Well, the buyer is, indirectly, since the funds are coming from him/her.... but they typically get taken from the proceeds to the seller.

The broker fees are higher than in normal residential real estate but just the closing costs in my experience were closer to $1000.

 

[daviator]

The rental sites make sure the renter pays the fees because the taxes are charged automatically and remitted through those sites. Painless.

I wish that was true, but I don’t believe that it is. Not for Hawaii GST and TAT.

 

[EnglishmanAbroad]

Buy a resale two bedroom and rent your one bedroom for about $4,000 each year.

I'd say $4,000 for a 1BR (IV or OV) is very optimistic. I've never even achieved that for a 2BR. Most likely is $2,500 to $2,750 and there's usually plenty of grief involved in doing that. Most listings on Redweek at around $4,000 are still listings, most starting with a $2 have been snapped up.

 

[sjlola]

The rental sites make sure the renter pays the fees because the taxes are charged automatically and remitted through those sites. Painless.

Not exactly. The owner of the timeshare unit is required by law to remit TAT and GET, not the management company. This very complicated brochure explains everything: https://files.hawaii.gov/tax/legal/brochures/TAT_brochure.pdf

 

[rickandcindy23]

Not exactly. The owner of the timeshare unit is required by law to remit TAT and GET, not the management company. This very complicated brochure explains everything: https://files.hawaii.gov/tax/legal/brochures/TAT_brochure.pdf

Westin collects these from the renter/exchanger/owner. Redweek is not a management company.

 

[echino]

Owner who rents out a Hawaii timeshare, is supposed to register for TAT and GET, collect and remit taxes. However, Hawaii state knows that nobody actually does that, and there is no enforcement mechanism, so they instead require the resorts to collect the tax from the guest.

If some owner actually registers and properly collects and remits the Hawaii taxes (never heard of that happening), then there will be double taxation because the resort will still collect the tax again from the guest.

 

[daviator]

Owner who rents out a Hawaii timeshare, is supposed to register for TAT and GET, collect and remit taxes. However, Hawaii state knows that nobody actually does that, and there is no enforcement mechanism, so they instead require the resorts to collect the tax from the guest.

If some owner actually registers and properly collects and remits the Hawaii taxes (never heard of that happening), then there will be double taxation because the resort will still collect the tax again from the guest.

Are you sure that’s true? My understanding was that those tax collections and submissions are different and that both are required. I would feel a lot better about renting my Maui weeks if what you say is true and that then taxes collected by the resort let owners off the hook for anything more.

 

[echino]

Are you sure that’s true? My understanding was that those tax collections and submissions are different and that both are required. I would feel a lot better about renting my Maui weeks if what you say is true and that then taxes collected by the resort let owners off the hook for anything more.

It's true for GET - resorts don't collect GET. But both TAT and TOT are payable either one or the other, not both.

My non-professional opinion - IANAL.