Another post that has nothing to do with weight loss but a timeshare presentation we attended in Carlsbad, California at the Grand Pacific Palisades Resort & Hotel. We were excited as this hotel appeared to be part of the Hilton Family of Hotels & Resorts. As we watched a pre-show we saw the resorts within the Hilton Grand Vacations Club, followed by a tour of the property.
It was a good opportunity to get to understand how a timeshare works. There are hidden things that are not presented unless you look closely and put aside the financing. Association Dues ~ $750/yr, Property Taxes ~ $200/yr, and Exchange Fees ~ $200/yr or a total of approximately $1,200/yr after you include the $49/yr Hilton member fees. For that same price I can go to Acapulco with the family and have money left over for spending.
I almost forgot that I have to pay 14.9% interest on a ~ $25,000 loan for the next 10 years - that is almost $6,000 a year. Now I am looking at an average of $7,000/yr for a week vacation every year for the next 10 years then about $1,500 a year after that as they increase your Association Dues and other fees. For $7,000, I can take a 3-wk all-inclusive vacation almost anywhere in the World each year for the next 10 years.
Each 1-Bedroom/1-week unit selling at $25,000, 52 times equals $1.3Million along with $65,000/yr in fees. The best part about our evening was when a third sales representative came up and offered us a “give me”. For $1,300, we could try vacation ownership for a year. How can we pass up such an offer? That is a 2-wk vacation for us at $90/night not a 1-wk timeshare.
It was a good opportunity to get to understand how a timeshare works. There are hidden things that are not presented unless you look closely and put aside the financing. Association Dues ~ $750/yr, Property Taxes ~ $200/yr, and Exchange Fees ~ $200/yr or a total of approximately $1,200/yr after you include the $49/yr Hilton member fees. For that same price I can go to Acapulco with the family and have money left over for spending.
I almost forgot that I have to pay 14.9% interest on a ~ $25,000 loan for the next 10 years - that is almost $6,000 a year. Now I am looking at an average of $7,000/yr for a week vacation every year for the next 10 years then about $1,500 a year after that as they increase your Association Dues and other fees. For $7,000, I can take a 3-wk all-inclusive vacation almost anywhere in the World each year for the next 10 years.
Each 1-Bedroom/1-week unit selling at $25,000, 52 times equals $1.3Million along with $65,000/yr in fees. The best part about our evening was when a third sales representative came up and offered us a “give me”. For $1,300, we could try vacation ownership for a year. How can we pass up such an offer? That is a 2-wk vacation for us at $90/night not a 1-wk timeshare.Today's Weight: 253
4 comments:
... I almost forgot to mention we got a free pool side dinner.
Ok, I had to pull out the calculator on this calculation. If you invested the same monies that it would take to purchase a timeshare, $6,000/yr for the first 10 years (Yearly Payment on a 10-year $25,000 loan at 14.9%, plus $1,200 in annual fees) along with the $1,200/yr thereafter, you would have enough to take a $2,400 Vacation every year for the rest of your life. And you would have a $50,000 Savings Account to pass on to your kids that will continue to grow.
I am very wary of time shares. Don't know if I am being overly cautious or not.
Never did go for the timeshare idea -- we take small more local vacations. But I have traveled before - China, Ireland, Egypt, Jamaica - they were all wonderful opportunities that presented themselves (some very inexpensive because we stayed with friends of a friend). If we were locked into a timeshare and all our vacation money spent there - we couldn't take other opportunites that might come along.
Health and Happiness,
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