1st DVC purchase!

[weswife]

Hello!

I have a few questions about making a DVC purchase! I have started to read up on it. I have rented points on here and via Davids. I have had wonderful luck with it! We LOVE disney and go every year. I think this would be a good plan for us. I have never went on a tour or asked any questions. Always been content renting.

Questions:

1) What is the smallest amount of points I can purchase via Disney?

2) How long is the term?

3) Any ideas on payments / month?

4) Is there a term to pay it over?

5) How long do I have the vacation points for?

My DH is the most skeptical person you will meet, so the thought of resale is out. I have looked at Timeshare listings... thinking of purchasing a small contact for cash to try it out.

Any advice or comments will be greatly appreciated!!!

 

[disneynutz]

Hello!

I have a few questions about making a DVC purchase! I have started to read up on it. I have rented points on here and via Davids. I have had wonderful luck with it! We LOVE disney and go every year. I think this would be a good plan for us. I have never went on a tour or asked any questions. Always been content renting.

Questions:

1) What is the smallest amount of points I can purchase via Disney?

2) How long is the term?

3) Any ideas on payments / month?

4) Is there a term to pay it over?

5) How long do I have the vacation points for?

My DH is the most skeptical person you will meet, so the thought of resale is out. I have looked at Timeshare listings... thinking of purchasing a small contact for cash to try it out.

Any advice or comments will be greatly appreciated!!!

Thousands of contracts are sold resale, it's a legal, deeded ownership transaction, same as a direct buy from Disney. The difference is that Disney charges full price, resale charges a discount price.

Bill

 

[weswife]

thanks for the reply!

Do you recommend where to purchase a resale? I might take a look!

 

[supersnoop]

thanks for the reply!

Do you recommend where to purchase a resale? I might take a look!

There are at least eight different brokers that have a large volume of contracts available. I suggest reviewing them all to find a contract that meets your needs. Call and inquire about the total price, including closing costs. Some brokers charge more than others.

 

[carlbarry]

There is nothing to be "skeptical" about in a resale purchase.
It is not a physical object like a used car. When you buy resale you get the same deeded property as buying directly from Disney, just for less. The only difference is some of the options in points use that Disney now reserves for those who buy directly.

 

[weswife]

Thanks for the replies. We will take a look at resale. I am still exploring all my options. I like to study before I purchase any thing.

 

[bakerworld]

Hello!

Questions:

1) What is the smallest amount of points I can purchase via Disney?

2) How long is the term?

3) Any ideas on payments / month?

4) Is there a term to pay it over?

5) How long do I have the vacation points for?

My DH is the most skeptical person you will meet, so the thought of resale is out. I have looked at Timeshare listings... thinking of purchasing a small contact for cash to try it out.

Any advice or comments will be greatly appreciated!!!

We're direct purchasers - my DH also isn't comfortable with resale. I toyed with the idea of resale but we've not a need for a large amount of points and I'd rather have several small contracts and more ability to book at 11 months than one large contract and have to constantly wait for the 7 month reservation window.

The current smallest amount of points for a 1st time buyer is 100. Personal Advice: think this is a good amount of points to start.

If financed via DVC the term will be 10 years however it can be paid off early. The interest charged will be high. We financed and paid early - we took about 3 years (bit over).

You can set up the annual dues to be withdrawn monthly or pay them in one go. The annual dues on 100 pts would be around $500.

How long you'll own depends on where you buy - the newer the longer the ownership. This didn't concern us as we're older.

I think that answers all your questions - maybe not quite in order .

I will say if you decide on a larger than 100 pts than resale is a $$ saver. Resale you'll need to purchase the whole amount in cash so any financing would have to be something you personally arrange. Resales takes time, persistence and patience. You'll find the posters on this forum really supportive towards resale.

 

[jillgunter]

If you need to borrow, I would really way if it is worth it in terms of interest rates. I would look at resales for sure, if you use a reputable broker there is no problems. We bought thru The Time Share Store. Great experience. We paid $80 a point. Very big savings compared to direct, 150 plus! When we decided it was worth it, we figured up how much spread over the years and annual dues. We came up with around $1500 a year. Pretty nice savings over paying cash for the resorts. But if we had bought direct, I don't think it would have been worth it. Do lots of reading, so you understand how it all works. Good luck!

Most will recommend you save and pay cash, not finance. There are ways to get low rates, we did a line of credit on our home for 1.9% that we will pay off this year(just bought in December).

 

[chalee94]

Hello!

I have a few questions about making a DVC purchase! I have started to read up on it. I have rented points on here and via Davids. I have had wonderful luck with it! We LOVE disney and go every year. I think this would be a good plan for us. I have never went on a tour or asked any questions. Always been content renting.

Questions:

1) What is the smallest amount of points I can purchase via Disney?

2) How long is the term?

3) Any ideas on payments / month?

4) Is there a term to pay it over?

5) How long do I have the vacation points for?

My DH is the most skeptical person you will meet, so the thought of resale is out. I have looked at Timeshare listings... thinking of purchasing a small contact for cash to try it out.

Any advice or comments will be greatly appreciated!!!

2) this thread has a lot of good information, including dues history at each resort. post #6 includes the expiration date for each resort:

http://www.disboards.com/showthread.php?t=2823952

the term of the contract depends on the resort, not whether you buy direct or resale.

5) points are valid for a stay during their "use year" (a 12 month period that does not correspond to a calendar year, so if you have a feb UY and booked a january 2015 trip, then it will take place in your 2014 UY.)

you can bank pts forward one use year or borrow them back one use year. but those transactions are final and the pts will now expire at the end of their new UY and cannot be moved again. if you let pts expire, you get nothing for the thousands you have paid.

6) being distrustful of resales is silly. if you lose interest in using your DVC pts, how do you think you will get rid of your annual maintenance fees? you will HAVE to sell it on the resale market (unless you prefer to give it back to disney for free as a foreclosure. disney certainly won't pay you anything to buy it back.) might as well get comfortable with the notion of resales from the start.

remember that you will be staying in the same DVC rooms whether you buy direct or resale (and the rooms won't be brand new whether you paid direct or resale prices).

all you lose by buying resale is the option to pay additional fees and inflated point costs for disney cruises or hotels (which will give you less room than the DVC villas).

7) i definitely recommend starting with a small cash resale contract. that's what i did. you are very limited in terms of what you can book but it allows you to get a feel for the program and whether it's a good fit for you.

but take some time on the DIS forums first, read some random threads to see what issues are affecting current owners and whether that might bother you...and here are more links to more information to consider if you are interested:

http://www.disboards.com/showthread.php?t=3041038

 

[wildforgoofy]

There are ways to get low rates, we did a line of credit on our home for 1.9% that we will pay off this year(just bought in December).

This is definitely an area to consider when looking for financing. If you have equity in your house, you can save a ton on financing! We ended up paying cash but I called where our house is financed, and they have a home equity loan for 3%. Much better then the 9.99% my credit union was offering. If you own your home it's worth a quick call to check it out whether you're buying direct or resale.

 

[Chuck S]

Certainly, when dealing with a reputable broker, resale should be as safe as Disney...
But there is a slight difference. Resale purchasers can not trade their points into any of the Disney collections, so you could not save points to use for a cruise, or stay at a non-DVC resort, Adventures by Disney, and so forth. For most DVC owners, that really is a minor consideration. I have owned since 1992 and have never traded out of the system. However, now at this point in my life, I may wish to trade to a Disney cruise. And I am working on redoing my deeds to add my best friend, but first I need to get my late Mom off of them...the attorneys are working on that now. I often vacation with him and his family. His wife is interested in going on a cruise, and Adv by Disney, so it really depends upon just how you intend to use your points as to whether resale or direct is best for you.

 

[weswife]

WOW!!! Thanks for all of the information! Alot to review. I am so excited to join DVC!