Hi,
What's a PAP purchase?
I just made my first offer for BWV, 350 pts, at $67. per point.
I hope I didn't pay too much after reading your post.
The contract has 350 banked points from 2012, 350 for 2013 and so on moving forward. I pay closing costs, seller and I are splitting 2013 mf.
First time on this board;probably should have read it sooner, especially since I'm familiar with DIS. (just usually lurking on
DCL forums).
Thanks,
Shanna
Hi Shanna,
Welcome Home! and congrats on your purchase!
A "PAP" is a Premium Annual Pass -- it's an annual pass that works at all 4 theme parks in Orlando plus the water parks. They had a special that ran in Oct., Nov, and December of 2012 that DVC members could get a PAP for $350(rather than $745 regular price). For us this is like getting tickets for 2 or 3 trips for the cost of what we'd spend on park hoppers for 1 trip, so it was a huge savings for us considering the number of people we put on as owners of our contract so they could take advantage of the savings (up to 8 PAPs could be purchased per DVC member address on a contract, I had my my best friend, my parents, my husbands parents and my sister added to the contract so that we could buy PAPs for all the in-laws, friends and extended family who would be going to Disney with us this year. This isn't advisable for all people to do - if someone on the deed dies, you have to probate; if someone goes bankrupt or gets divorce, the DVC contract could be subject to transfer even though the "true owner" who paid for the contract didn't really intend for this to happen).
Unfortunately, I think the PAP deal is over. I am new to DVC but understand this is the best annual pass deal ever offered.
As for your contract, I think $67 per point is a very good price for a loaded contract. Congrats! I also bought at BWV, paying the same price per point. We have our first DVC trip coming up in April. We are staying at AKV jambo house grand villa, and a 2-bed BLT lake view, so not sure when we'll actually stay at BWV.
My only other comment re your purchase is that larger contracts usually go for less $$ per point. I think this is a supply and demand issue. There are a lot more people who can afford 100 points or less (or under $7,000) than those who can afford 350 points (or over $23,000). From my limited knowledge of DVC (gained from reading everything I can over the last several months on the boards), it appears that smaller contracts maintain their value better. That's not to say that larger contracts are bad -- you can often find a great deal on 300+ pt contracts because seller are often willing to take much less per point to unload them and get some money when their financial situations change and they realize DVC doesn't make financial sense for them. In case you don't know, your 350 point contract can never be broken up into smaller amount (you can't sell 100 of your 350 points in the future, if you want to sell, you have to sell all 350). Some people like to buy several smaller contracts to give them flexibility. If their travel needs change as their kids get older or grandkids are born, they can add or sell points to meet their current situation. Many DVC owners will buy three 100-point contracts giving them 300 points to work with rather than 1 big 300 pt contract. This also helps if you want to pass along DVC in your Will to multiple children. If you have several contracts, then you can leave each child a separate contract for them to do with as they please. Otherwise, heirs must agree on how to manage and use the 350 points annual. With banking and borrowing, this can lead to some having hard feelings. Although I'm a tax attorney (and practiced as an Estate Planner for nearly a decade), this is not something I'm worried about. I hope it's a long time before I go, and if we leave 2 unequal DVC contracts for my kids to share that seems like a good problem that have a membership at all.
Don't second guess your purchase -- JUST ENJOY!!! Also, you got a great deal by going resale and didn't get robbed by going direct!
Just don't get discouraged if they say no. It took me about 2 months to get a yes. I made my initial offer with enough room to counter back with my "last and final offer". There will be another contract if this one doesn't work out!
