Buy or Rent

[lisajl]

Ok..some of you may have seen a couple of my posts. My DH and I are considering buying. We are just not sure if we can truly afford it right now.

Would it be better to rent points from someone (to show my DH how nice it is), or wait another two years to buy?
Lisajl

 

[JimC]

Renting points is a cost effective way to enjoy a DVC resort. You would pay much more on a cash reservation, even if you had a discount code.

While you are there, take the tour. It truly is no pressure and you leave when you want to. Our guide was Byron and he is very good.

Whether you can afford it is a personal decision that only you two can make. However, if you go to WDW at least every other year, and like to stay at moderate or deluxe resorts, then DVC will save you money.

Let me know if I can provide any more information.

Good luck!!

 

[CarolMN]

Allow me to take a position not often seen on this forum. If you are even a little bit worried about being able to afford DVC, WAIT!

IMHO, it is better to wait until you are sure you can afford it before you buy.

DVC is a prepaid vacation program. It is not inexpensive and should only be purchased if you are reasonably sure you will have the extra/discretionary funds to pay for it, as well as the other expenses associated with a WDW vacation. Lots of us WANT a DVC vacation, but none of us NEEDS one.

There are lots of things that are more important than an annual vacation at WDW. Some things to consider before you buy -

If you have a home, are you comfortably able to make the mortgage payments? If you don't have a home, do you plan to buy one and if so, are you saving for the downpayment?

Are your job(s) relatively secure/stable?

Have you paid off your student loans if you have them?

Do you have an "emergency savings" account equal to at least 3 - 6 months of living expenses?

Are you saving for your children's education (if you have them) and if not, do you plan to have children?

Are you saving for your own retirement?

Are you carrying a lot of credit card debt or are you able to pay your credit cards off in full every month? Big car payments?

Do you have $$ left over at the end of the month?

DVC is wonderful and we are very happy with our purchase. But it is not more important than the things I've listed above.

Renting points is a good way to see what the DVC accomodations are like and a wonderful way to spend a vacation without making a long term commitment. Wait until you are sure you can afford to buy. You won't be sorry!

 

[lisajl]

Oh my goodness, Carol....it's okay, really!

You sound like that financial planner that was on Oprah today, LOL!

Please, no offense.
Those are exactly the questions I have been mulling over in my own mind. Yes, we own our home, yes we set money aside, etc. But, you never know what is around the corner, we have been burned before. We are "buy" shy.

I think the best way for us to go is to rent.

It seems that a few owners rent off this board. That will help us a lot. Maybe in a couple years, we will feel more secure about the world, and actually buy.
But, I know for now, it's not the best thing to do.

Thanks for the wake up call!

Jim,
Thanks for your observation. I believe we will rent in a couple years. When is the best time to start looking for someone to rent points from?

Thanks..
Lisa

 

[CarolMN]

LOL, Lisa - no offense taken. You sound like a couple who has it all together! Good for you. I actually saw a part of that Oprah. Could not believe the young woman who wanted a "dream wedding" so bad and thought putting $15,000 - $40,000 on credit cards to have it was no big deal. Had to turn it off - too painful to watch.

Best wishes,
Carol

 

[lisajl]

Carol,
Glad you were not offended! Sometimes you never know how people will take what we write.

I am glad you wrote that though. It really made me remember something that happened to us about 9 years ago.
We finally bought our dream acreage, planning on building the house, then my husband lost his job due to a corporate takeover.
Then I found out I was pregnant! It was a terrible time for us.
We lost money on the land, and moved back to my home state.
It was horrible, but hindsight is 20/20 and I am glad it all happened. Otherwise we would not be where we are today.

I think that is why is always takes us so long to make up our mind on anything!

Thanks again!

Lisajl