Possibly looking to purchase timeshare at Buddy Dive...

[I'm a Dork Fish]

My husband and I are tossing around the idea of purchasing a timeshare. We really want to own at least a week at Buddy Dive. Unfortunately, we do not know anything about timeshares. Can anyone experienced in timeshares give us some pointers/tips on what to look for, Do's Dont's, etc?

Thank you in advance!

---------- Post added December 20th, 2013 at 12:06 PM ----------

Also, Anyone selling Buddy Dive Timeshare?

 

[cbm32]

I own a TON of Wyndham timeshare points and your post made me curious. So I did a quick search and found this. Buy A Timeshare Resale and Save Thousands with Fidelity Resales I have no other knowledge of this sell and I am not affiliated with them in any way. The sixth resort down on the list is Buddy Dive. Good Luck

 

[Jersey]

Where to start... I own 1 week in St. Marteen and my family owns Disney points. Some pros - it forces you to take vacation you use it or lose it. If the resort is affilited with RCI or II (Google them) you can potentially trade you week/points into other resorts or cruise. I say potentially as not all resorts and times are available when you may want them. I've been able to trade my 1 bedroom in SXM for a 2 bedroom in Grand Cayman several times. Family has used Disney for anything from weekends in New York to a week or longer in Hilton Head, Florida and Hawaii. Trading is based on too many variables to get into, but most have room category (studio, 1, 2 3, bedroom) and trading color (Red, blue, green) meaning the week is more/less desirable.

On the expense side you need to determine upfront and ongoing expenses. For example, I bought my timeshare at a firesale a one time $700 fee plus an annual fee that started at $900 yr and has now escalated to $1,100 yr. Still not a bad investment when I am able to take 3 friends, split the cost and stay on 7 Mile Beach for a week. There are hidden costs - the resort can levy assessments a one-time fee to cover emergency repairs or upgrades. My resort did this a couple years back - I think it was a 1 time additional $900. Membership in RCI and II is about $75 a year. Trading resorts is about $150. Resorts tack on nit-picky fees everything from a use fee of $100 a week for electricity (REALLY?!?!) to daily 'ammenity fees' maybe $10/per person per day. Daily housekeeping is the exception, most offer it every 3 days with additional days for fees. Disney is the exception - you get daily cleaning there.

Ever the fiscally-conservative-accountant-type, I determined my payback was less than 2 years by comparing the 2 yr cost of ownership with 2 years rents. It was a good decision for me. I've used it or traded it and had some really great trips. My family loves Disney. We do trips with 3 family units spanning 3 generations. Again, great memories and no regrets (mom is heading to Hawaii in January!).

Don't believe the hype - renting units out or selling them is not always possible. Those pitching you on what a great deal this is are SALES PEOPLE (not meant to disparage, I'm in sales). They will push you, I remember Florida land boom/timeshares during the 1970's where they would almost physically restrain you if you tried to walk. Nothing has to be signed right then and there. I brought the agreements home, had my lawyer look them over, signed and sent them back through the mail. During the fiscal crunch of 2008 I saw a ton of people offer up their timeshares simply for someone to take over the annual fee. And much like real estate, the one-time fees can be negotiated. You may have more sway with existing owners trying to get out then the resort itself. Be careful - there have been a few recent scams involving the secondary time share wholesaler selling inventory they didn't own. I believe there are some timeshare user groups out there, like scubaboard for timeshare, you may want to check them out. Hope this helps, feel free to PM any questions.

 

[boulderjohn]

If you do a simple search for time shares being "sold" by owners around the world, you will find many that are being given away. That's right--totally free. The owners want to get rid of them that badly.

I once attended a presentation by a company that told the audience--all time share owners--that they were giving them a limited time offer to take their timeshares off their hands, but for a fairly stiff fee. My wife and I left, but I believe most of the people in the room were prepared to pay that fee.

 

[seaseadee]

My wife and I attended a number of the sales pitches for time shares and I could never make the math work. Given the investment and the annual fees, I find it's much more flexible and usually cheaper to pay for vacations using credit card points. We simply put every expense we have on a single card the offers points. Usually we can get a large chunk of our vacation paid for.
The math may change if you purchase on the secondary market, however I still have issues with the hassles of dealing with it.


Sent from my iPhone using Tapatalk

 

[Mike]

Timeshares have never been and don't appear to ever be a sound financial investment. Timeshare = financial herpes. I've yet to meet a financially savvy individual that would recommend buying a time share.
Do you know who Dave Ramsey is?

The Truth About Timeshares

Don't fall for one of the biggest scams around- by Dave Ramsey

Myth: I can get a great deal on a timeshare and go for vacation every year! Plus, I can always sell it if I get tired of it. Truth: Timeshares are one of the biggest scams on the market today. Once you are stuck in one, you are stuck in a black hole.
The first word that should come to your head when you hear the word timeshares should be RUN! Run far, far away! If you run fast enough, you can eventually escape that annoying, high-pressure salesperson!
Think about this for a minute. Why in the world would you pay thousands and thousands of your hard-earned dollars for a place with minimal square-footage that you might get the chance to visit for one week each year? Add to that the fact that you have absolutely no equity in the place. And you have to pay extra ongoing "maintenance fees." And selling it is near impossible. And it's basically just an expensive, ongoing headache. And, and, and!
Sounds completely ridiculous, doesn't it? That's because it is!
Why All the Buzz?

Timeshares are one of the top sellers in the travel and hospitality industry. Thousands are available and millions of people "own" them. But that doesn't mean timeshares are a good idea. An article on MarketWatch.com tells us that timeshares are generally marketed and sold to people who really can't afford them. So if you think you can afford it, you can't.

Please google Timeshares and pair it with words like scam, bad investment, problems, the truth.... and start reading.

Or just ask yourself, if times shares are such great deals and make so much sense, why is it that new timeshares always end up being able to be purchased on the secondary market for less than 50% of what they were sold to the original owner for? Why are they hundreds of thousands of time shares for sale for 1 dollar? Why are people begging someone to take their timeshare off their hands?

 

[cbm32]

Timeshare can work for you IF...

1. NEVER buy from a developer. Buy on the second hand market where you can get weeks/points for free or dang close to it.

2. Know going in how you are going to use whatever it is you "buy".

3. Shop carefully, looking at maintenance fees and the financial health of the resort. You dont want to get ahold of something that costs you "special assessment" fees regularly.

 

[I'm a Dork Fish]

Wow, thank you guys! This has been a lot of great information! I have a lot to look into.

Any Buddy Timeshare owners out there? Can you tell me your experience with this resort? and special assessments? if so, when and how often?

 

[JBRES1]

Do yourself a favor and join www.tug2.net. It is the timeshre version of this board.
A timeshare is a great thing if you can plan 12 to 24 months in advance. If you can't plan far out it gets harder to get
what you want.

I own a few Marriott weeks and have been very happy with our ownership..

Jim Breslin

 

[cbm32]

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