Buying Timeshare resale questions????

[jdlawler]

I am trying to buy a timeshare here a few questions:

1. Is SSR a good resort for kids 5&6?

2. Disney is offering a $10 a point discount but the resales are still cheaper,but when you add in closing costs and the up front manintaince fees the savings are not so great . So is the resale a good deal ? Are the 12 years that important

3. In a resale do I have to pay the closing costs and maint.fees are these negotiable?

4. Do I have to pay the price listed or can I make a bid,say it's $75 can I bid $70?????

5.MY biggest question is , I have never been to Down Town Disney, my girls love Magic Kinkdom or MGM,should I consider BWV, WL, BCV in that order ????????

6. If I do take a resale on one of the above resorts ,it means a resale,are these companies listed reliable . I don't want a legal mess 1500 miles away.

thanks Jim

 

[JimC]

1. SSR has a very nice pool. But my preference for younger kids would be BCV for SAB, VWL for proximity to MK as well as its superior theming. It is largely a personal choice because I have yet to find a WDW resort that I did not enjoy.

2. Which is better depends on many factors. You need to calculate the total cost of the purchase and divide it by the total number of points you acquire over the term of the contract. The extra 12 years are important if you will be able to enjoy them. One consideration is financing. Some buy from Disney because the financing is so easy to obtain. If you have the cash or can arrange your own financing then that is not an advantage.

3. Closing costs and unpaid maintenance fees are negotiable. It is like any other commercial contract. SSR contracts are beginning to come on the resale market, but they go pretty quickly.

4. You bid what you want to pay and negotiate. But keep in mind that Disney has a ROFR so it can step in and buy back the contract on the terms you and the seller agree to.

5. VWL is closest to MK. BWV closest to MGM and BCV closest to Epcot. BWV and BCV are in same general area and it is an easy walk from either to both parks.

6. There are many reputable resale companies. You can do two things. First check out the broker's license to see if it is in good standing and secondly check the BBB for any complaints. We used Pat Spell at the Timeshare Store and would use her again.

To check on a Real Estate Broker's license:

https://www.myfloridalicense.com/Default.asp

To check BBB:

http://www.orlando.bbb.org/

 

[Dean]

1. Is SSR a good resort for kids 5&6?

Yes, but I think there are better choices for young children like BCV, BWV and VWL.

2. Disney is offering a $10 a point discount but the resales are still cheaper,but when you add in closing costs and the up front manintaince fees the savings are not so great . So is the resale a good deal ? Are the 12 years that important

Remember the $10 credit means you still have to pay the maint fees, at least a prorated amount for the rest of the year. And if you buy a resale, you can always rent out the points for that much. With the Magical Beginnings ($10 credit program), you are essentially renting your points to DVD. IMO, the extra time is only worth it for someone who prefers to stay at SSR. Others may decide to buy from Disney because they're more comfrotable than resale or the financing options even if they'd prefer another resort. IMO, the extra 12 years isn't worth it to give up location and resort preference. It's not like you're buying SSR for cheaper than the others and getting the extra 12 years. Plus SSR is starting to show up on resale as well.

3. In a resale do I have to pay the closing costs and maint.fees are these negotiable?

They are negotiable but it is customary for the buyer to pay closing and to reimburse for some or all of the maint fees depending on specifics. Closing will be around $450 or so for closing through the traditional companies though can be about half that in some situations. DVC also charges a $100 tranfer fee in addition.

4. Do I have to pay the price listed or can I make a bid,say it's $75 can I bid $70?????

It's negotiable but in general, most people bid less than listed and then it's up to the seller to decide or counter offer.

5.MY biggest question is , I have never been to Down Town Disney, my girls love Magic Kinkdom or MGM,should I consider BWV, WL, BCV in that order ????????

It's a personal choice but I think the majority would put the epcot resorts first, VWL second then SSR/OKW last but each person has their preferences and I prefer OKW myself.

6. If I do take a resale on one of the above resorts ,it means a resale,are these companies listed reliable . I don't want a legal mess 1500 miles away.

There is always a small risk but it is minimal. All the resale company does is get the buyer and seller together, take the deposit and then pass it on to a closing company. The closing company is where you need to worry more than the resale company. Remember it is up to YOU to make sure all in as it should be. Have the seller get you a points accounting summary. Anbd/or a 3 way call with the seller and DVC to confirm the number of points, home resort, use year and points accounting.

 

[mydogdrew]

Many SSR owners disagree with this but from a strickly financial viewpoint, the extra 12 years are not worth much. The mistake people make is they value these extra future years the same as the current year. I certainly would not pay much (anything) today for a vacation I was planning 40 or 50 years from now. DVC has been a huge success for it's first 12 years but I wouldn't assume that will be the case for the last 12 years.

Even if I was a huge SSR fan I would not buy there. It is so big that you don't need to own there to get in. Call member services today and ask for a 2 BR in August. The only thing you can get is OKW. SSR will be the same way when complete. Why not own someplace where you benefit more (BW std view, VWL December, etc).

The key to buying resale is not he price per point but the banked points. We just bought BWV with full 2002-2004 points for $76 and reimbursed 2004 dues. Sounds like a lot but we are renting all these points and will start using with 2005 points (which we will have access to in September). After rental and including closing costs we will pay ~ $54 for this contract with 37 years left.

I have only seem a few contracts like ours over the last 6 months but they do come up. I predict that once SSR sells out, SSR resales will drop to the same as OKW. When we get down to 15 years or so you will see DVCI start to drop off in value faster than SSR but that's a long way off.

 

[Granny]

Originally posted by jdlawler
I am trying to buy a timeshare here a few questions:

1. Is SSR a good resort for kids 5&6?

Your children will only be that young for a short while, and I wouldn't base a 38-50 year purchase on what your family looks like today.

In my opinion, you should look more at what you and your wife think you will like the most. Will it be the laid back, roomy OKW? Or the middle-of-the-action BWV? Or maybe the rustic, peaceful VWL? Or BCV with its great location and access to SAB?

I think SSR will be a great resort for kids of any age. Why? Because it's a Disney resort on Disney property with access to Disney transportation. Everything else is just personal preference.

Good luck in your decision. You can't go wrong with any of the resorts you've listed.

 

[tjkraz]

Originally posted by Granny
Your children will only be that young for a short while, and I wouldn't base a 38-50 year purchase on what your family looks like today.

Granny, you beat me to the punch on that one.

IMO, choosing your resort is a decision to be made more with your heart than your head. Your Home resort will always be your safe haven. For the next 38+ years, that will be the one resort at which you will be practically guaranteed a room if you plan far enough in advance. Do you really want to research your decision down to the penny, and then spend 4 decades wishing you'd spent a few extra dollars?

Getting back to Granny's point, remember your children won't be young forever. They also won't be joining you on your Disney vacations indefinitely. This is a VERY long-term purchase. Make the right Home resort decision for you and your Spouse, and I bet you'll still be able to book stays at the other properties if you discover something that appeals to the entire family.

Regarding SSR in particular, we bought there sight-unseen and loved what we saw when we visited the resort in person back in May. We stayed at BWV once and enjoyed the easy access to a couple of theme parks. But by the time we left, we realized how much more we like being close to Downtown Disney. Visiting mostly during non-peak seasons, we got into the habit of heading for DD in the evening after the theme parks had closed. Shopping...food...DisneyQuest...Pleasure Island (if that's your "thing")...Downtown Disney has a lot to offer.

Assuming this is a decision that you want to make before your next trip to WDW, do as much research as you can about each of the resorts. If you haven't already, speak to a DVC Guide (salesperson) and have them send you their promotional materials. You'll get a videotape that tells you a little bit about each resort, and a guidebook with additional information.

The VWL, BCV and BWV are all connected to full-service resorts. They offer more of that pampered, vacation feeling. OKW and SSR are the epitomy of Disney's "Home Away From Home" moniker.

Look at the styles of the resorts, locations of the properties and even the amenities offered. Decide which best defines your idea of a "vacation." If you make an educated decision about which resort you call Home, I doubt you'll end up regretting it.

 

[Morganpics]

jdlawler,
We initially "bought" at SSR while at Disney. Got home, gave it more thought-even though we had discussed it at great length-and cancelled. We then contacted Jason at The Timshare Store and bought at lot more points at OKW through resale. We started 28 May and everything was done 28 June. Very professional, all handled via email and fax. No complaints at all. We are also in Maine, but have no concerns and were very pleased with the entire transaction.

 

[av8tor]

I was in your shoes about 2 month ago. All ready to buy SSR thru Disney and then I discovered resales. The most common opinion here is to buy where you are most interested in staying (not necessarily an easy decision). All the other stuff is secondary. There are some great financial analysis's in past threads concerning SSR with the extra 12 years vs. the lower cost of resale at all the other resorts. No real clear advantage for one vs. the other. We decided to go with a resale, found a great contract at BCV and the rest is history. I worked with Jerry Sydow at The Timeshare Store and was very satisfied.

Good Luck!

 

[Cruelladeville]

A lot of your decision will depend upon whether or not you need financing. You can't get it from a bank unless you take the equity on your house. If your credit isn't good, then Disney is your best bet. They finance nearly anyone with 10% down, at 10.75% for up to 10 years. I just bought OKW for $84 a point thru them because there is no closing, and I had points for my ressie in just two days. I am already a member, though. If you don't already have a contract I don't know if you could buy 150 pts thru Disney--as mentioned, it is cheaper thru resale. I was adding on 50 pts, so my cost was essentially the same as resale, it doesn't usually pay to resale on such a small contract.