Discussion in 'Purchasing DVC' started by marivigi, Jul 11, 2013.
Ever regretted it?
If so, why?
Just looking for others experiences before commiting
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Yes, these people:
Seriously, though, there are many people who regret their purchase and many others who simply outgrow it. If you do the research about exactly what you are getting and how it does or does not meet your vacation needs, odds are you won't be in the group that regret it. But it is good that you are thinking about this possibility, and I would strongly recommend that you purchase resale so that if you do end up regretting it, you won't get killed when you go to resell your contract. Good luck doing your research!
most of them are not hanging around the DVC forums any more. some didn't understand what they were buying and were frustrated. some got in too deep financially. some enjoyed DVC but had job losses or their family situations changed or their health declined. google can help you find them, though, if you want to read some of their stories:
I think one key to not regretting the purchase (using the assumption that there are no financial concerns/issues) is to BUY where you want to/are willing to stay. Yes, you often can switch at 7 months, but at certain times of the year and into certain resorts it is hard/impossible. Take the time to think it through. We almost bought AKL but decided against it since we have always stayed at BLT and love the proximity to MK. In truth, I would be heartbroken not to be able to get into BLt when we wanted to (presuming we properly planned obviously.) funny thing is.... Our first DVC stay was SSR (since we booked spring break only 2 months out!) and we really liked it. It's perfect since I know I can plan ahead and have exactly what I want or not plan and SSR is a very good option that is often available. (Please no one take this as a SSR knock.... We really liked it, but proximity to MK is what makes BLT key for us.)
These threads are a perfect reference for anyone who enters into a direct purchase (especially a financed one) nonchalantly dismissing the possibility of a sudden financial hardship. Thanks for compiling these sad and scary stories.
Thank you very much for your replies.
I do ser lots of listings, but rarely see the reasons why and its important to factor those in as well
Seemed like years ago DVC cared more about the owners, now they seem to care more about making a sale.
Even after all of these years there are still too many problems and mistakes being made to owners accounts and reservations. The member and Disney websites have major issues, the rooms need better cleaning and more frequent updating, and there still seems to be a division between MS and the resorts.
Also, some people probably sell because they get tired of going to WDW and want to spend their money elsewhere. And some people probably sell because the resale market is pretty good right now and maybe they want to cash in their SSR and buy at another resort (or vice versa, just an example). But I agree, most people probably have life events that make ownership impractical. For instance, I know I bought my BWV resale from a widower, and I'm sure that's why he sold (because his wife died).
And I guess I could say in answer to your question, my husband regrets that we bought. We've not even used our points yet (and I did rent some out to defray the cost), but he will never, ever in a million years be happy about plunking down that much cha-ching!! When he told our financial adviser that we bought it, he was so embarrassed that he let me "talk him into a timeshare." Of course, the financial adviser was all, "timeshares are terrible, and you probably can't even sell it for a buck now," so I got a little bit of sweet "revenge" by showing him the current market demand. But who knows how long that will last.
I bought it after doing a lot of research and taking stock, honestly, of our future vacation plans. We are headed to WDW in September (husband's first time), and let me tell you, even using points and award miles, it's still not going to be cheap with park tickets, food, etc. I also don't have a lot of points. Bought the bare minimum for our plans thinking I could add on eventually if we use it more than I think we will.
In addition to the people above, I have memories of:
Someone who discovered that they really were just as happy offsite for less money - if you don't need to be onsite, DVC is not a good deal.
Someone who bought primarily to cruise. After a few years of cruises going up and several add ons, she figured it wasn't a good deal.
A few divorces.
One person who did prefer Deluxe hotels (I do myself, I just like my kids in a different room right now more than I like Deluxe hotels).
I really suspect the vast majority of people who have regrets never were HERE to start with. For them, Disney was a magical vacation and they bought DVC as a vacation impulse purchase. Once home, they remembered that they had to use vacation time to visit grandma, that it didn't really fit their budget, or that as magical as Disney is, they also like to ski.
It's worth mentioning as a contrast to the experience above, that after purchasing resale VWL at $55/pt in 2012, my family loves the DVC product. And if, as the primary income earner in the family, I were to blow a brain aneurysm or run into a semi truck tomorrow, my wife could sell it without any financial hardship. At a profit, even. That's not usually the way it works but in this crazy market the case is clear.
I think a group of folks get a bad rap on these boards by extolling the financial rationale behind a resale purchase, versus direct. But nowhere is that financial decision more relevant than in this thread. If circumstances change dramatically and unexpectedly, or if for some reason the purchaser realizes "Man do I hate DVC", then the only way they come out without getting crushed- is by not overpaying for their contract in the first place.
I think the vast majority of people who follow these boards before they purchase are very happy with their ownership. Dispelling the pixie dust is a good thing. And I suspect that some folks who buy it on a whim, with a guide showing glossy brochures of ABD, cruises, and the like are probably disappointed. So to be here reading this in the first place, argues that a future purchaser is ahead of the game...
We just sold our SSR DVC contract last month after buying in 2007. At that time our financial situation was good but add on another child and household finances and the economy changing my wife and I looked at our DVC purchase as a luxury and as our children got older other expenses palyed into our home too. Now my wife can stretch a dollar how she does it is beyond me but we took a hard look at how much we really were going to use our DVC and she found an off site resort that was able to accomodate my wife and I, our four children and her son far below the cost of staying on property so my mind was made up to sell.
Was I sad about selling, yes I was but I had to do what was right for us in order to save money so the chice was to sell our DVC. We still be taking trips to WDW but with how my wife finds bargins we will more likely be staying off property and use the extra money we're saving for special things for us and our children in WDW. I think in the future you are going to see a lot more DVC sales as I read more and more about how members are so unhappy with the service they are getting..
I think looking at the resale market doesn't nessasarily mean those people regretted there purchase . DVC been around long enough for people to think they had got full value from there contract , and are just moving on . I am sure some that didn't take time to see if it was for them may regret it , but I doubt they would be here either .
I am often surprise how folks try to look at the financial aspect of the decision to buy. For me it is a luxury purchase like a boat, nice car, etc. Financially speaking, you are better off putting $10,000 in a mutual fund and investing $50 a month (MF). At the end of 30 yr you may have a pile of money. With DVC, you end up with $0 after 30 yrs.
Sure, you will have memories, vacation photos, and fun at DVC but that is the reason we buy. Most important is can you afford tickets, travel, food, and other cost associated with ownership.
I like the DVC plan. I get to plan a vacation with family or friend each year in a place that is loaded with fun and food. My advice is look at the whole cost and do not finance anything long term.
My family is planning a second trip this yr. Room on pts, PAP for tickets, TIW card, and 500 pts on Visa reward. With gas and food, a 6 day trip should come to $800 OOP for this trip. That's the benefit if that helps.
WE are finally buying now and I have to say if we bought earlier we would have been in the "have to sell" group and it would have been at a loss most likely. We waited and we paid cash for a resale and that takes the burden off. Early we would have bought direct and made allot of payments and we have suffered more then our share of layoffs. That being said you also need to look at when your kids (if you have any) grow up and leave teh nest will you and your spouse still wnat to vacation at DVC? We know without a doubt we will and are already planning future trips when we are empty nesters, I think allot of folks enjoy it when they are with the kids but once the kids are gone the thought of going to Disney is not so magical,
Glad you are doing the research first it may save you some heart ache later
Everyone is different. We are empty nesters and still enjoy WDW. We also use our points for VB and plan on using them for Aulani. In fact we bought SSR when our son was 20. My mom is 75 and loves when we take her to WDW. We usually do WDW every other year. Another point is we own another timeshare (DRI) and believe me Disney is way above a lot of other timeshare companies when it comes to customer service,amenities, upkeep of properties and everything else . I have never regretted buying and will never sell. If we have a rough year financially we will just rent the points.
The trip cost is what makes me excited. I am going to buy an AP for $494 and renew it for $419 every year (hopefully DVC discount continues). I also have a solid CC with airline mile bonuses.
That means I can easily fly down on free miles, book with my points, use my AP to get into the parks and bring dry foods and order perishables from Garden Grocer to eat.
Although I will pay MF's every year, BLT is very reasonable at this point. My girlfriend and I will be able to vacation in a very expensive environment for a very reasonable price every year. Going down for a week or 2 won't cost us thousands of dollars immediately out of pocket anymore.
I started laughing as soon as I saw this
I got tired of Disney taking a big chunk of my money each month for member fees. So we sold two of our five contracts and I reduced that amount by about 40%. We had a buyer (twice) for a third contract, but both buyers backed out after ROFR. So we got half their deposits and still have the contract.
We still have enough points to get at least one good vacation a year.
Thanks so much!
Its really interesting to hear what others have experienced and what the decisions behind a DVC purchase or sale were
I do not own DVC (and not purchasing was a very good decision for me) however in my real estate practice I have come across several people who have regretted a timeshare purchase. Regrets usually arise in home foreclosure and other financial disaster situations, however one situation arose several months ago that many may find interesting.
A client was seeking to refinance a home loan (my recollection is that refi would move them from 6.5% on a 10 year ARM to a 4.25% 30 year fixed though these numbers are approximate) and the DVC loan was not discovered on a credit search. However, the lender requested bank account statements (a regular and usual request these days) and the substantial monthly draw for the DVC loan was discovered. The day prior to closing the client was informed that they did not meet underwriting guidelines. That DVC purchase is likely to cost them far more than the items related to the DVC purchase.
Of course, financing a timeshare will not negatively affect everyone in this manner. However it does lead to reduced financial flexibility and in the current lending climate the repercussions may be significant. I would think that most who finance do so because they do not have significant cash on hand. Living on this thin margin may very well affect the ability to finance other, more necessary, items.
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