Bittersweet new owners

[betterbutter]

We recently inherited a Disney Vacation week when my husbands wonderful aunt passed on very unexpectedly, so it's very bittersweet news. She's had a membership at the Boardwalk Villas for about 12 years now as far as we can remember. The paperwork to transfer the membership to us is still in process, and I believe we have to wait until it's all filed before we can use the membership.

Of course the irony is that we were transferred with my husbands job to the Orlando area a little under a year ago, and now we're not sure if we really want or need it. I understand there are annual fees that go along with it, and
we're not sure if we want to spend the money for something we're not sure we'dget much use from. It's my understanding that we are getting 300 points (?) for a week each year, although I'm not exactly sure how that all works.

So, that leads me to some questions.

My friend has a timeshare in Stowe, VT and she's been able to "trade out" all over the world with it. Does Disney allow that?

What do we do if we don't want to use it one year? Is it "use it or lose it?" Does Disney help you find someone to rent it from you like some other timeshares do?

Any idea how much will the fees be each year for this unit? We've got two children and I keep thinking that every dime we pay in timeshare fees we could be saving for their college.

Thank you for all your help and answers. Hopefully these aren't too many questions.

 

[ToddyLu]

Hello, you are fixin to get a lot of responses so hang on... Disney operates their timeshare on a points based system. 300 pts at Boardwalk is a lovely, wonderful amount of points. You will be able to "rent" most any accommodation you want.

At the top of the forum is a point chart for Boardwalk (BWV). Pick any week you want and the view and then add up the points you need. You can transfer your points using the Disney system. It is an extra 95$ to do this. They have hotels all over the world. However it is a better use of points to stay on Disney property. WE have two studios with savannah views booked for Dec. this year for a total of 258 points. We own 210 points so we borrow and bank points to have the correct amount. These two studios would be $3500 for the 10 days we go...if we paid cash. So that is a total of $7000. We base the Maintenance fees on the amount of points you have. WE have 210 points so our fees are 210 X $4.50 (not sure if this is actual, but use it as an example). So our MF's would be $945 a year....for $7000 worth of villa...pretty much a good deal in my book. We will "own" the time share until 2057 or so....we will pay MF's yearly for the life of the contract.

You will have a Use Year which is the month that you get your points. THere are different reservation rules based on the Use year....but you can use your points anytime, no black outs.

Stay on the boards and you will learn a ton. Most importantly you will need to know your use year because you will need to "bank " your points before the yearly deadline.

I am so sorry for your loss but she left you a VERY generous gift...that will benefit your family for years.

 

[bookwormde]

Trading out DVC is not a good deal, to give you an idea you could sell your week+ at BWV and buy 10 to 50 weeks reasale at other timeshares.

bookwormde

 

[ToddyLu]

You will find there are many Florida residents that own at DVC...Cast Members even. It gives you the luxury of vacation villas at a Deluxe resort. You can also rent your points...put those conversations are on another forum.

300 points at BWV...Wow...you are within walking distance of Epcot.

 

[twinklebug]

My suggestion, as you live so close anyway: Go for a tour at SSR. Don't lie to them, just tell them you need to get a handle on what it is you're inheriting and I'm sure they'll do what they can to show you how it all works as well as the accommodations and options available to you. It'll be so much easier.

 

[erionm]

The annual dues for the Boardwalk Villas (BWV) for 2010 are $5.36 per point. The per point rate will change each year as costs to operate/maintain the resort and property value change each year.

 

[spiceycat]

you might consider renting your points - then using the money first to pay the dues - then going on a vacation that you would enjoy more.

 

[DeeCee735]

You need to get accustom to how DVC works. it's not like the regular time shares where you get the same accommodation each year during the same week.
Each night has a points value on it, so you can go and stay at any time of year, any night of the week, in any size accommodation you like for as many as your points allow. You can bank a years worth of points, or you can borrow into the upcoming year.
So it's a much more flexible system. You can book your stays at 11 months out, or if you want to stay in any of the other DVC resorts with your points, you can book at 7 months out. There's a DVC resort in Hilton Head in South Carolina and one in California at Disneyland, and one opening in Hawaii in 2011, so there's a few options within DVC itself (no fee to book in other DVC resorts), as well as trade outs through RCI, in which there is a trade out fee.

Good luck with your new ownership!

 

[Sammie]

With Disney Vacation Club you own points, not a week like other timeshares.

My friend has a timeshare in Stowe, VT and she's been able to "trade out" all over the world with it. Does Disney allow that?

Yes you can trade but not as easily as some other Timeshares, you will also pay a fee to do so.

What do we do if we don't want to use it one year? Is it "use it or lose it?"

You can bank one year of your points but after that yes you would either need to use it or lose.

Does Disney help you find someone to rent it from you like some other timeshares do?

No they don't and they don't encourage it either. If you rent you are on your own, no help from Disney. You can get info about private renting here on the forums.

Any idea how much will the fees be each year for this unit?

For 2010, $1608, and lately they have gone up each year, so expect that to increase some each year.

Good luck.

 

[CarolMN]

First of all, I'm sorry for your loss.

IMO, DVC is not the same value for Florida residents as it is for those who do not reside in Florida. Disney offers many discounts & perks for Florida residents that are not available to non-residents. That said, there are DVC members who live in the Orlando area. Obviously, they do not share my opinion, LOL.

If you do not think your family will use the membership to stay at DVC resorts on a regular basis, my advice is to sell the contract. Renting points takes time and effort and carries its own set of risks.

The 2010 annual fees for the BWV (which in your case were probably paid by your aunt's estate) are $5.35 per point (about $1600/year) and will undoubtedly increase in the following years. So far, the rate of increase has averaged about 3 - 4% per year. So on January of 2011, you will owe more than $1600 to DVC in annual fees. (You can arrange to pay those monthly instead of in a lump sum in January, if you wish).

Even after paying a broker's commission, the sale should net you $20,000 - $25,000. That's a lot of money to put toward the children's future education.

There are many reputable brokers out there who can assist you. I have no hesitation in recommending this board's sponsor - The Timeshare Store.

 

[Cora]

Another thing to keep in mind, if you plan you will be able to use your points at Disney's Hilton Head, Vero Beach and California. Since these are DVC properties your exchange is just like using it at DVC WDW.

Although, the common thought is that trading is not cost effective and it isn't, however, when we bought, we bought looking at it as a pre-paid vacation each year. We have used the Concierge Collection and have traded to stay in Williamsburg.

Good luck and condolences.

 

[Sandisw]

DVC is a big investment and I think that the first thing you should really do is get information on what it is all about.

As a PP stated, the MF's would be around $1600 per year. That is a lot of money to spend on something you are not sure is right for you.

Also, 300 points is a lot and for someone who lives in the Orlando area, more than maybe your family will need. One option is to sell that big contract and buy something smaller (if you investigate and find that DVC is something you want to be part of).

Keeping the points and trying to rent, IMO, would not be ideal as I think that is a lot of work for someone who isn't 100% sure that DVC is right for them.

Good luck and my sympathy for the loss of your aunt.

 

[Paging Tom Morrow]

Another option is to sell it. BWV contracts are selling on the resale market for approximately $75 per point. When you take out the broker's commission (10%), you are looking at about $20k.

 

[rentayenta]

My suggestion, as you live so close anyway: Go for a tour at SSR. Don't lie to them, just tell them you need to get a handle on what it is you're inheriting and I'm sure they'll do what they can to show you how it all works as well as the accommodations and options available to you. It'll be so much easier.

 

[fla4fun]

Of course the irony is that we were transferred with my husbands job to the Orlando area a little under a year ago, and now we're not sure if we really want or need it.

First of all, my sympathies on your loss.

The most important thing is not to make any quick decisions. How much do you spend on annual vacations? Do you go to Disney? Do you stay on property at all? I live in an Orlando suburb, and I do go to Disney and stay on property - at least three weeks and multiple weekends per year. Although I can, and do, go for day trips, it's just a totally different experience staying on property, and there is the added benefit of going on a great vacation with no transportation costs (no airfare, no rental car, no gasoline and on-the-road hotel). Would you be spending more than the $1600 maintenance fees on a vacation anyway? Even adding in any fees for visiting an alternative location - would you come out ahead using DVC vs paying everything OOP?

Once you've given some thought as to whether you will use the points yourself, either to stay at Disney or trade out, you'll be in a better position to make decisions. It will take you some time to sort through everything and decide what to do, but you'll feel better about that decision in the end. I would second (or maybe third now ) the idea of taking a tour and getting as much information about DVC as you can, so you know everything that is available, and any additional costs.

 

[chawk]

So sorry to hear about your loss. As others have posted I wouldn't rush to a decision and especially without taking a tour. Staying on property is so nice and the deluxe resorts really spoil you. Also besides the parks, you would also have Disney's Vero Beach resort close. Good luck with your decision.

 

[betterbutter]

Thank you to everyone who took the time to respond. After a very pleasant conversation with DVC earlier this week, I have a better understanding of what we own and how it all works. We think that we're going to give it a try for a couple years and figure out if we really want it or not. We'll probably rent the points for this year as we already had made non-Disney vacation plans and don't think that we'll be able to use 600 points next year if we bank this years points.

Again, thank you very much for your responses.

 

[franandaj]

Sorry about your loss, but it sounds like you have the right idea to give it a shot. You can always share the magic with family and friends and provide them with a room and great place to stay, you could even visit with out of town guests and really show them a good time!

I live in CA about 20 minutes from DL. We were owners at SSR for about 2 years, when the Villas in CA opened last year. Due to some medical issues we had to cancel our May 2009 FL trip and I had 140 points that had already been banked and I would have lost them if I didn't use them. We decided to use them up by staying at the GCH on three separate nights. It was during the F&W festival.

Even though we live so close, it was FANTASTIC to finish dinner or whatever we were doing in the park and just go up to the room. By the last night that we stayed, I had decided we were buying points at this resort so I could have the 11 month advantage on the booking window.

If you haven't stayed overnight on property before once you get the points, you might try a "staycation". You don't even need to go into the parks, just get a studio for a night at BWV have dinner at the Flying Fish or the Yachtsman, enjoy the dueling pianos at Jellyrolls and head up to the room instead of fighting the roads. The pool at BWV is a lot of fun, the clown is a little eerie, but the water slide is great.

You can just go for a day or two to escape your daily lives. If BWV isn't available, you can almost always get in at SSR. They have a lovely spa and the resort is close to DTD where you could also enjoy some great meals, see a movie, Cirque du Soliel, or just enjoy strolling and window shopping.

She did leave you a great gift that could have lots of memories for you and your family for quite a few years to come! Enjoy!

 

[sweetdana]

I think staying one night is a SUPER idea, also make sure you know your bank date. Do not lose any points. So sorry about your loss as well. Call 3 more times if you need to, but don't lose any points.

 

[Dean]

Thank you to everyone who took the time to respond. After a very pleasant conversation with DVC earlier this week, I have a better understanding of what we own and how it all works. We think that we're going to give it a try for a couple years and figure out if we really want it or not. We'll probably rent the points for this year as we already had made non-Disney vacation plans and don't think that we'll be able to use 600 points next year if we bank this years points.

Again, thank you very much for your responses.

Absolutely. Try it, figure out the ins and outs, etc. You have a wonderful gift, sorry about the way it came to you. Once you figure out the system, you can decide if/how you want to use it. Using routinely for trade options is not the best choice but you own it already and might be able to make it work. I would suggest you consider selling it if trading out of any sort is your main usage pattern.