Assessments?

[robandkelly13]

Do you have to pay assessments from time to time with DVC? I was told by someone who owns another timeshare (not DVC) that she has to pay assessments if they put a new water heater, etc. in the building in which she owns a property interest. Does this happen with DVC? Are there every any DVC charges other than your yearly maintance fee and the normal monthly payment?

 

[drusba]

Assessments other than annual dues are theoretically possible but have never happened and likely never will. Disney generally sets annual dues at enough to pay for anything. Also, Disney retains a small ownership interest in the living units of each completed and sold out resort and also owns units that constitute the restaurants/stores in the resort . Under the law, it has the option each year of either paying annual dues as it relates to those interests it owns in the resort, or not pay dues for its interest and instead guarantee that the annual dues it charges to members is all they will pay for the year; i.e., it guarantees to absorb any risk that would require a special assessment. DVD has taken that option on every resort for every year DVC has existed.

 

[chalee94]

IIRC, there was talk of an assessment a few years ago when hurricanes hammered VB but, as stated, DVC opted not to go that route.

if there ever were an assessment, most likely it would be related to storm damage at one of the coastal DVCs, VB or HHI.

 

[Doctor P]

Assessments other than annual dues are theoretically possible but have never happened and likely never will. Disney generally sets annual dues at enough to pay for anything. Also, Disney retains a small ownership interest in the living units of each completed and sold out resort and also owns units that constitute the restaurants/stores in the resort . Under the law, it has the option each year of either paying annual dues as it relates to those interests it owns in the resort, or not pay dues for its interest and instead guarantee that the annual dues it charges to members is all they will pay for the year; i.e., it guarantees to absorb any risk that would require a special assessment. DVD has taken that option on every resort for every year DVC has existed.

While that is technically true, I think one could argue that there has been an assessment at HH in the very recent past. However, to handle the unanticipated capital/maintenance expense associated with "water intrusion" DVD loaned the association the money to cover the expense and then has put a surcharge on the HH annual dues for several years to cover paying back the loan.

 

[dianeschlicht]

Also, those people who own OKW and decide not to extend the contract but also decide not to let DVC know about it will supposedly get an asessment for the balance unless they turn in their declination papers properly notorized etc.