Buyers remorse.. and lots of it.

[ArtOfAnimationGotMe]

First of all, I am international.



Alright, so I passed ROFR, but now I really am having second thoughts. And lots of it.

you see, things change… and now we will probably just use the contract once and then probably not many times more…

Maybe, but probably not.

That is one reason for buyers remorse…

Edited:
The other reason is…
when I get old and die , someone will inherit (is that the correct term) me, and thereby the contract.


Question number 1: the most important one:

What happens if they don’t pay the Dues?
will they get in trouble, or will disney simply take the contract back? (Again, international)



Question number 2:

do you think it is still worth going forward and buy the contract and then sell it after we travel?
Or should I walk away from the contract?

(I am also a little bit concerned about the ”disney selling DVC rumour” -> value of the contract down to maybe zero…)

I guess I wont get the deposit back, I think I can live with that.

 

[Welsh_Dragon]

It sounds as though life may have thrown you a curveball. One step at a time.

 

[Ruttangel]

I would say this is quite a normal reaction to passing ROFR as it feels like the reality hits home that you now have a lifetime burden (a marriage to Disney).
Your DVC purchase may go down in value but it can’t be zero as that is below rental and room costs. It is a bit harder to sell being an international owner as you have to pay a 10% tax or get an advisor to work out your actual liability

You should work out an exit strategy if you do go ahead and can’t see yourself keeping the contract until it expires.

If you are still going to go to WDW over next 10 years then DVC could still be right for you but we don’t know your exact circumstance.

Read this thread on what happens to your contract if you were to die
https://www.disboards.com/threads/what-happens-to-a-membership-when-the-owner-dies.3588782/

 

[DKZB]

I can understand your concern. I have similar hesitation. That is why I negotiate so hard for low prices and seller paid closing costs. I am trying (as best as possible) to limit my downside risk.

Ultimately, my mother in law lives an hour away so I figure it would be a good way for my young children to get down and see their grandmother and it FORCES me to go on vacation which I am not very good at. For me, I think it will work.

For you, it sounds like a very different story. I'm not sure how much of a deposit your are losing. If it is small, it may be worth backing out. If it is larger, you may want to take a chance. I also don't know if renting those points differs for International Buyers but you can always go that route for some time to see if you will come back. Ultimately, this is a very personal decision and you have to do what is right for you.

 

[Sandisw]

IMO I would not buy something that costs this much when you already feel you won’t use it abs have concerns about later on.

Id lose the the deposit and take more time to decide on a few years.

 

[JETSDAD]

For the estate part, if the dues don't get paid it just gets foreclosed on and sold off. No worry there.

 

[ArtOfAnimationGotMe]

Thank you all for your answers and advice.

The thing about DVC for me, is that I dream about staying at the deluxe-resorts. (Looking at you, Polynesian)

I think that the price for cash and even the cost to rent dvc-points is too steep.

If I buy dvc, I can stay at those resorts a couple of times, and then sell the contract hopefully for a good price so that I won’t loose too much money.

 

[TheEpcotForEver]

Thank you all for your answers and advice.

The thing about DVC for me, is that I dream about staying at the deluxe-resorts. (Looking at you, Polynesian)

I think that the price for cash and even the cost to rent dvc-points is too steep.

If I buy dvc, I can stay at those resorts a couple of times, and then sell the contract hopefully for a good price so that I won’t loose too much money.

Don’t forget you need to pay commissions when selling the contract and the maintenance fees you pay for those years you own it. Buying DVC for “a couple of stays” is risky, you would need to be really lucky with your timing to come out ahead. People that bought last summer at some resorts at good prices could probably make some money by selling now, but that is unusual and probably not worth risking the money for

 

[Quiltsndisney]

Just got through. I almost walked two days before closing due to buyers remorse. 3 weeks later first vacation booked and did math and am so happy I didn’t walk. As someone else said I think the panic is normal

 

[sethschroeder]

Its a lot of money and its hard for many people to part with lots of money (especially something not "needed").

Here is a couple things to think about:

• You can sell your contract in the future if needed (things can change but DVC typically has held value)
• You could take your trip, see if you like it, and worst case list your contract for sale after your trip (if you price fairly your contract will likely be sold within a month, pass ROFR in another 2 months, and finalize a month after that - 4 months total from listing to payment but this might change slightly to more like 5 or 6 months)
• You could leave information with your family that after you pass away they can simply reach out to (resale company of choice) and have the resale company walk them through what steps are needed to sell

Alternatively you can always contact the resale company, say you don't want to move forward, and what else do they need from you to cancel the contract. You will likely lose your full downpayment.

Buying DVC for “a couple of stays” is risky, you would need to be really lucky with your timing to come out ahead.

It is 80 points at Poly that they purchased it seems from the ROFR thread. It really would come down to how much down they needed to do that they would lose based on backing out. In the end they could even strip the contract by selling points via transfer to another member before selling the contract as well.

So I would never say buy DVC for a single stay but if you already have put money down your risk might not be much more than the money you would already lose anyways.

For me personally while I kept my larger contract I was able to buy BWV in 2019 for 80 points, sell in 2020, and strip the contract of all points (20/21) while still breaking even as a whole (even after commission). It could go opposite though and DVC prices tank and you are left losing $3k/$4k or more.

To add there is thing called sunk cost fallacy as well which is where someone does something simply because they already put time or money in to something. Just because you might lose $1k by backing out doesn't mean its not the right thing since you could end up losing more money and time by going through with the contract and selling after 1 trip.

 

[Orsino]

Regarding inheritance: No one can be forced to take an inheritance. In the case of DVC, at least so far, has maintained value so inheriting DVC is usually not a problem because the person inheriting it can simply sell it.

In the case of other timeshares that do not have market value, the potential heirs can 'quit claim' the inheritance and not take possession of it. Any of your heirs that do not want your DVC can choose not to inherit it. There are rules and guidelines that have to be followed, but refusing inheritance is a valid choice. (My mother has a non-DVC timeshare, and our plan is to refuse it and not inherit it).

 

[Bellecruiser]

If you have doubts, don’t do it!

 

[RoseGold]

I don’t see a resale contract as that huge of a commitment. Historically, you can sell within a few years and make money. My goal has always been to break even, which I don’t view as that difficult.

I believe this asset will do well against inflation, but maybe your crystal ball is different than mine.

 

[DVCPAT]

I believe this asset will do well against inflation, but maybe your crystal ball is different than mine.

I agree, inflation will continue to increase the cost of vacations. I believe renting points could become more profitable than anytime in the past.

 

[upritbass]

For the years that you don't use DVC there is banking, borrowing, or renting out your points.

 

[ArtOfAnimationGotMe]

Thank you for all of your input.

One other problem is that I am the only Disney-fan in the family, so it might be difficult to get them to go as often as I would like.

I think i will walk from the contract and rent points if we go.

 

[perchy]

Thank you for all of your input.

One other problem is that I am the only Disney-fan in the family, so it might be difficult to get them to go as often as I would like.

I think i will walk from the contract and rent points if we go.

Renting is an excellent way to go if you suspect it's "just" a trip or two. You are tied to nothing that way, and it's still cheaper than going with a direct Disney reservation.

 

[Adg0428]

First of all, I am international.



Alright, so I passed ROFR, but now I really am having second thoughts. And lots of it.

you see, things change… and now we will probably just use the contract once and then probably not many times more…

Maybe, but probably not.

That is one reason for buyers remorse…

Edited:
The other reason is…
when I get old and die , someone will inherit (is that the correct term) me, and thereby the contract.


Question number 1: the most important one:

What happens if they don’t pay the Dues?
will they get in trouble, or will disney simply take the contract back? (Again, international)



Question number 2:

do you think it is still worth going forward and buy the contract and then sell it after we travel?
Or should I walk away from the contract?

(I am also a little bit concerned about the ”disney selling DVC rumour” -> value of the contract down to maybe zero…)

I guess I wont get the deposit back, I think I can live with that.

I backed out after passing ROFR on my first contract. I couldn’t bring myself to wire $33k. After thinking about it more, I think a lot had to do with the home resort too. I lost my deposit and I’m not upset about it

 

[mattburmeister]

I backed out after passing ROFR on my first contract. I couldn’t bring myself to wire $33k. After thinking about it more, I think a lot had to do with the home resort too. I lost my deposit and I’m not upset about it

Next time I'll take half the deposit and tell you not to even start the process!

 

[Adg0428]

Next time I'll take half the deposit and tell you not to even start the process!

Lol! I just made another offer