Did we pass up a good deal or...?

[wanderwoman]

New to the forum and new to the world of timeshares, seeking some advice.

We did not anticipate ever considering a timeshare but we do want to travel more and think it might be a good option. We just returned from Hilton Head Island. Unfortunately, we didn't get a stay at Ocean Oak, but during our sales experience, we were offered a 4200 pts every other year deal for a Myrtle Beach unit at a cost of $13K. They tried to sweeten the deal with 10K bonus points in the first year.

We said no because financially it didn't make sense to finance $13K over 10 years which we would need to do because we never planned on a timeshare and didn't save for it. However, we do think it may be interesting. We did take their VIP offer to travel at their new properties within the next 18 months to see if it's really something we should invest in.

Some additional details: we travel with 3 to 5 people in our party; we don't travel often because of work/time constraints (1 every other year, short trips); our schedule may become more flexible in a year or two.

Thanks for the help.

 

[louisianab]

New to the forum and new to the world of timeshares, seeking some advice.

We did not anticipate ever considering a timeshare but we do want to travel more and think it might be a good option. We just returned from Hilton Head Island. Unfortunately, we didn't get a stay at Ocean Oak, but during our sales experience, we were offered a 4200 pts every other year deal for a Myrtle Beach unit at a cost of $13K. They tried to sweeten the deal with 10K bonus points in the first year.

We said no because financially it didn't make sense to finance $13K over 10 years which we would need to do because we never planned on a timeshare and didn't save for it. However, we do think it may be interesting. We did take their VIP offer to travel at their new properties within the next 18 months to see if it's really something we should invest in.

Some additional details: we travel with 3 to 5 people in our party; we don't travel often because of work/time constraints (1 every other year, short trips); our schedule may become more flexible in a year or two.

Thanks for the help.

I would rent when you want, using this forum or at least using the advice from this forum. You were smart to avoid a huge purchase.

 

[GT75]

We said no because financially it didn't make sense to finance $13K over 10 years which we would need to do because we never planned on a timeshare and didn't save for it.

Very good decision and welcome to TUG. In addition, you can purchase HGVC on the resale market for much cheaper than resale. I would suggest that you research before using the VIP package. The VIP package will allow you to "try out" HGVC without purchasing a deed. It does however require another sales presentation.

 

[wanderwoman]

I would rent when you want, using this forum or at least using the advice from this forum. You were smart to avoid a huge purchase.

I think you might be right. I have no idea how the rentals work so I'll investigate further. Thanks for the help. This forum has been so helpful already!

 

[CalGalTraveler]

Congrats on finding TUG in time. As @GT75 states, you should use this as an opportunity to research before you buy.

You can split the VIP 3/4 day visits to try 2 different properties. This is like renting to try before you buy. You will have a preso at one visit but can say no with the same excuse as before.

With your group of 5 you will need a 2 bdrm unit. You can approach 2 ways:

1) buy a resale 1 bedrm 4800 annual and borrow to get to 7000 pts every other year for a 2 berm unit

2) buy an EOY 2 bdrm that's 7k points

Dont buy anything until you have saved cash, researched on TUG and elsewhere, and tried the VIP and rent if needed to know what you are buying. Timeshares are awesome but you need to know where the potholes lie.

Good luck

 

[wanderwoman]

Very good decision and welcome to TUG. In addition, you can purchase HGVC on the resale market for much cheaper than resale. I would suggest that you research before using the VIP package. The VIP package will allow you to "try out" HGVC without purchasing a deed. It does however require another sales presentation.

Thanks for the welcome. The forum has been so informative. I think buying if we decide to buy, will definitely be done through a resale.

Looks like we might be able to eek out two trips from our VIP offer (Hawaii and South Carolina). I did figure that we'd have to sit through another sales pitch but wasn't told this and I didn't confirm. Live and learn I guess. Thanks for the help!

 

[wanderwoman]

Congrats on finding TUG in time. As @GT75 states, you should use this as an opportunity to research before you buy. You can split the VIP 3/4 days to try 2 different properties. This is like renting to try before you buy. You will have a preso but can say no with the same excuse as before.With your group you will need a 2 bdrm unit. You can approach 2 ways:

1) buy a resale 1 bedrm 4800 annual and borrow to get to 7000 pts every other year.

2) buy an EOY that's 7k points

Dont buy anything until you have cash. Researched on TUG and elsewhere, and tried the VIP and rent if needed to know what you are buying. Timeshares are awesome but you need to know where the potholes lie.

Good luck

Wow, great information! I'm definitely looking to split the VIP points up for 2 trips. I'm researching resale offers now and really liking the prices. Thanks for the advice.

 

[CalGalTraveler]

We have purchased several VIPs and dont mind the preso because most HGVC reps are reasonable (we will attend HGVC, Marriott, Vistana and Hyatt presos but avoid others due to high pressure/intimidation tactics.)

In fact we were in a recent owners update and the HGVC rep saw that there was nothing he could offer us that would be better than what we have now so let us go.

 

[linsj]

New to the forum and new to the world of timeshares, seeking some advice.
We said no because financially it didn't make sense to finance $13K over 10 years which we would need to do because we never planned on a timeshare and didn't save for it.

Rule #1: If you can't afford to pay cash for a timeshare, you should never buy it.

 

[bizaro86]

While I think your travel pattern may not be especially conducive to timeshare ownership, nobody has answered your question from the title of your post.

You did not miss out on a good deal. You could buy that same thing for a fraction of the cost on the resale market, as it is a gold season week every other year.

You could also buy 7000 points every year for ~$7000 which would give you much more vacation for less money, but from your post about the amount of time you have that may not be wise.

My advice would be to enjoy your trial package, and then see if your schedule changes to give you more time. If it does, buy a resale then (and probably research a few systems to make sure hgvc is the best for you.).

 

[1Kflyerguy]

Thanks for the welcome. The forum has been so informative. I think buying if we decide to buy, will definitely be done through a resale.

Looks like we might be able to eek out two trips from our VIP offer (Hawaii and South Carolina). I did figure that we'd have to sit through another sales pitch but wasn't told this and I didn't confirm. Live and learn I guess. Thanks for the help!

If you split the VIP they will require the presentation during the first stay. I am not sure where you are based, but personally i would think about flying a longer distance with 4 or 5 people for just 4 nights... you will end of a lot of dollars in airfare and not much time on the ground.. But that is just my personal opinion.

 

[GT75]

If you split the VIP they will require the presentation during the first stay. I am not sure where you are based, but personally i would think about flying a longer distance with 4 or 5 people for just 4 nights... you will end of a lot of dollars in airfare and not much time on the ground.. But that is just my personal opinion.

I agree with @1Kflyerguy. Typically, a VIP HGVC package is 7000 points. I think that it will be hard to utilize for two different trips with one being HI. What the package does allow is for you to use the same booking window/system that we use for booking during club season (at least that is my understanding. If my understanding isn't correct then please correct). This way, you truly get a good understanding on booking a TS vs. a hotel. (eg. book early book the booking window opens for best availability).

 

[dayooper]

New to the forum and new to the world of timeshares, seeking some advice.

We did not anticipate ever considering a timeshare but we do want to travel more and think it might be a good option. We just returned from Hilton Head Island. Unfortunately, we didn't get a stay at Ocean Oak, but during our sales experience, we were offered a 4200 pts every other year deal for a Myrtle Beach unit at a cost of $13K. They tried to sweeten the deal with 10K bonus points in the first year.

We said no because financially it didn't make sense to finance $13K over 10 years which we would need to do because we never planned on a timeshare and didn't save for it. However, we do think it may be interesting. We did take their VIP offer to travel at their new properties within the next 18 months to see if it's really something we should invest in.

Some additional details: we travel with 3 to 5 people in our party; we don't travel often because of work/time constraints (1 every other year, short trips); our schedule may become more flexible in a year or two.

Thanks for the help.

Echoing what those above have said, you were wise to pass on the offer. I wouldn’t buy anything at this point. Allow your schedule to free up and rent. Use a couple of different systems to see what you might like. Each has their own strengths and weaknesses and you would want to find which is the best fit for you and your family. Read the forums and info articles here on TUG. Ask any questions that you have and learn from the collective wisdom here.

When you are ready to buy, make sure you purchase (or accept for free) wisely. Life happens and if you need to divest yourself of the interval, make sure it’s one that you can get rid of easily. Timeshares are easy to acquire, but unless you acquire wisely, very hard to get rid of.

One last thing, join TUG. It’s the best $15 you can spend timesharing. The unbiased report reviews are worth it, especially researching where to rent.

Good luck and don’t be a stranger!

 

[Arimaas]

New to the forum and new to the world of timeshares, seeking some advice.

We did not anticipate ever considering a timeshare but we do want to travel more and think it might be a good option. We just returned from Hilton Head Island. Unfortunately, we didn't get a stay at Ocean Oak, but during our sales experience, we were offered a 4200 pts every other year deal for a Myrtle Beach unit at a cost of $13K. They tried to sweeten the deal with 10K bonus points in the first year.

We said no because financially it didn't make sense to finance $13K over 10 years which we would need to do because we never planned on a timeshare and didn't save for it. However, we do think it may be interesting. We did take their VIP offer to travel at their new properties within the next 18 months to see if it's really something we should invest in.

Some additional details: we travel with 3 to 5 people in our party; we don't travel often because of work/time constraints (1 every other year, short trips); our schedule may become more flexible in a year or two.

Thanks for the help.

Just so you have something to compare to, about three years ago I got a 5000 point EVERY YEAR unit in vegas for $2500 plus costs. So for about 20% of the cost you were quoted, I got double the value. Just to put things in perspective for you.