Kenny N Review of Breckenridge Grand Vacations
Staying in Breckenridge at promotional pricing to ...
Staying in Breckenridge at promotional pricing to listen to a sales pitch from BGV and being upgraded to a recently renovated condominum = great value.
Investing in fractional real estate with BGV isn't a good deal unless A. you can finance with someone other than BGV or B. Can pay in one lump sum.
Our salesperson's favorite tactic - running the vacation calculator! Okay, let's punch in some numbers. Now, look, doesn't purchasing make more sense than renting? You're looking at 52K in rentals versus this 38K property!
Run the numbers and you're left with this:
38,388 property on Grand 8 for a Master.
15% down = 5,758 + 768 transfer fee going to Breck + $450 closing costs = 6,976
120 Month loan term with 14.9% Interest = $524.44 a month.
120*524.44 = $62,932.8
Add $6,976 + estimated $1,100 HOA fees per year for 10 years ($11,000) and you arrive at a Grand Total of:
$80,908.8 for a property valued at $38,388. This means you're paying 111% more than the property is worth once you've paid everything off.
Looks like renting might actually be a better deal especially if you have to pay an additional $20,000 for a club membership.
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