Parting is such sweet sorrow . . .

[ZerasPride]

Hi gang. I know what I should do. I HAVE to be fiscally responsible but that doesn't mean it's easy. The longer our DVC interest sits on the market, the more I am tempted to remove it from the selling block and just keep it. Boy, is this hard. I have used every justification and trick in the book I can think of to keep it but it just is not practical right now.

I could use some encouragement that we are doing the right thing. DH says that once we get more financially stable we can consider a small resale but that is not taking the sting out of the situation. I feel like a whiny cry baby about this whole thing. I should just be an "adult" and suck it up. We have not fully vested our emergency savings, or our 401's, we just bought a house and there are tons and tons of things I'd like to do to it and frankly with our new mortgage payment, owning DVC is a luxury we just can't afford.

So, why am I here complaining? I just need some moral support. I know I'm doing the right thing but it's not easy. I want to keep my DVC, it's half paid off but I know we shouldn't have financed it in the first place.

Has anyone else had to sell their timeshare or some other luxury item in your quest for financial freedom? Like I said, I could use all the encouragement and support I can get!

Btw, we got the keys to our house last night! It finally feels real and me and hubby are so excited to be homeowners! Thanks for listening to me!

 

[MCazer]

Why don't you just rent out the points each year and pay it off, while you still keep it? I don't have any idea what you owe, but you can rent points $10 point. So if you have 200 points, that's $2,000. It helps!

 

[Mellie2162]

Feeling your pain here big time...we should be getting closing documents on our DVC within the next week....I could be sad but I know its the right thing to do for us. Ours was paid off and same here we are looking to buy a new house. We just couldnt see keeping it when there was work to be done around here and a small credit card to pay off. Maybe one day we can own again but for right now im fine with the knowlege that we are doing the right thing. Luckily for me mine went quick so I didnt have time to ponder over whether or not I should keep it. Did you list through the TSS?

 

[dvcgirl]

You definitely did the right thing. I'm a fiscal conservative, and to be honest, I believe that if you can't pay cash for your interest in DVC, then you probably can't afford it. There are three places in life where it may be necessary to borrow money. The first and most obvious one is to purchase a home. The second is to attend and graduate from college and possibly grad school. The third is for an automobile.

Boats, timeshares, big screen TVs, and about a zillion other luxury items are just that....luxury items....also known at "wants". You don't borrow money to purchase "wants", only "needs". This is one of the biggest issues we're facing as a society right now....living above our means. We've begun to believe that if we can afford the payment that we can afford the item, and unfortunately in life, this just isn't the case.

Selling your interest in DVC does not mean that you will no longer vacation at Walt Disney World. It only means that you'll do it in a way that you can afford. Personally, I would rent points from another DVC owner as that group of people seems to actually want to keep the rental price low. This is a win-win for you. You'll be in the accomodations that you prefer, for a very reasonable rate. You can make very nice deals with some of the people looking to rent out points as many are facing time constraints (points about to expire), or financial restraints (they need the dough). Bargains are bountiful. I just negotiated a deal for a friend of mine and was able to negotiate the renter down from $10 per point to $8.50. She and her husband will spend a week in September at a VWL studio for $883...and there's no tax. Not bad at all.

 

[Sammy]

Oh man! You guys are singing my tune. We are agonizing over selling our DVC as we need to tighten up our fiscal situation. Our contract is all paid off too and selling it now would pay off all the "extra" debt we need to. We are not in dire straights by any means, but still have some debt hanging over us....we don't like that feeling. Even though I know it's the right thing to do, it's soooo hard to let go! We've had some awesome vacations since owning DVC, and even DH is hesitant to sell. I suppose after we've paid off everything, we'll have extra $$ to put away, and then can purchase a resale later. Sigh....I feel your pain!

 

[poohj80]

What resort, how many points, and what are you asking?

I agree with the suggestion of renting out points if it helps get you through the rough spot because if you plan to join DVC again later, the price per point will just keep going up and up and you might find yourself in the same situation down the road.

 

[dsnymomof4]

I sympathize with you. Although I have never owned DVC, we took the tour last year and we really, really wanted to buy. But, we just could not afford it. So, as much as we wanted, we'll just have to continue doing what we're doing and maybe sometime in the future, when things are more stable, we can have that luxury. In the meantime, think of all the positives to not owning DVC. You'll be able to take advantage of the specials like the free dining and stay wherever you want. And, like the others have said, renting points is still an option. So, yes, you are doing the right thing. Good luck to you!

 

[CarolA]

I just negotiated a deal for a friend of mine and was able to negotiate the renter down from $10 per point to $8.50. She and her husband will spend a week in September at a VWL studio for $883...and there's no tax. Not bad at all.

And here is the reason the never end "rent instead of sell" price hits a MAJOR bump in the road.

Dues are approximately $3.50 a year. So now this renter has cleared $5 a point. Probably not enough to pay the debt on the points......

(DVC members, and I am one, seem to think that the response to any "I can't afford this post" is to say rent and I don't think that's always a financially responsible reponse!)

 

[Gillian]

I've wanted to buy DVC for a long time, but we never really had the money for it and couldn't justify financing it. At the moment, I'm glad we didn't because it gives us more flexibility with our Disney travel. We can rent points for DVC, stay at any resort (with no cancellation penalties) or stay off site guilt free (I know it's not for everyone, but we enjoy it).

Now we have a small pop up trailer and a new van to tow it. We stayed at Fort Wilderness and loved it! It also let us spend a week on Siesta Key for a very reasonable price. If we had owned DVC we wouldn't have been able to take advantage of the opportunity to buy the trailer.

It seems like there are a lot of people who want to rent points from owners. Can you get more $$ on ebay?

Good luck with the new house!

 

[poohj80]

Dues are approximately $3.50 a year. So now this renter has cleared $5 a point. Probably not enough to pay the debt on the points......

True, but if one rents their points every year for awhile that extra $5 per point (or more) will go toward making the payment assuming the initial cost is not paid off.

I think a lot of it depends on the DVC members situation and whether they think their financial situation which is making them consider selling is a temporary set back or a permanent need.

 

[Cindi0511]

Best wishes to you, OP. What a tough decision. We're all standing behind you cheering for you. Houses can cost so much more than the initial mortgage. But they can be awesome investments, too. You'll do what you need to do when the time is right. We believe in you!

 

[dvcgirl]

And here is the reason the never end "rent instead of sell" price hits a MAJOR bump in the road.

Dues are approximately $3.50 a year. So now this renter has cleared $5 a point. Probably not enough to pay the debt on the points......

(DVC members, and I am one, seem to think that the response to any "I can't afford this post" is to say rent and I don't think that's always a financially responsible reponse!)

I was also a member and sold once we settled here in Orlando. Knowing now that we probably won't stay here forever, or even another ten years, I still don't regret selling. Why? Because I know that there will always be renters who rent their points far below market value. Will I feel any differently when I'm renting vs being a full owner? Nope. I'll get the same "welcome home" that I always get when I pull up to the BCV and WL security gate .

The "rent instead of selling" argument only holds water if the DVC membership is paid in full and you have a couple of years where you a.) don't want to vacation with Disney or b.) vacation funds are a little tight and you need to take a 2 or 3 year break. Renting your points will then help you to cover your dues and there will likely be some extra left over in many cases. Other than that, there's no argument for renting out points instead of selling the membership outright.

 

[ZerasPride]

Thanks everyone for your helpful and encouraging words.

I have thought about renting out the points for a few years but I just don't think that is the answer for us. Selling is definitely the way to go. I'm convinced of it intellectually but my emotions playing havoc with my reason.

I didn't think about renting from owners. That's a great idea! Thanks so much for that thought.

I knew you guys would make me feel better. I'm sure once our interest is sold (170 points at Hilton Head with an August uy for the person that asked) and that $200 per month is put back in the budget, I'll realize this was the best decision for us at this time.