Buying into DVC questions??

[pyrxtc]

We are considering buying a resale DVC and was wondering if it will be worth it. We have never been but I am sure that if we had the hotel already paid for then we would go again and have enough family to appreciate it and rent it to them. We are a young family with 4 kids all under 10. I mean even if we bought into SSR, I would be a young 77 in 50 years.

We are also considering buying it with a cousin and her DH since there can be 4 names on the deed. We get along great and I'm sure we would be able to work out the points when we need them. Have you ever split the club with a relative. They have only 2 chikdren but would love to use the points outside of WDW too for their vacations.

Does this sound like a good idea?

Also last ?, how much would membership dues be at OKW for 150 pts each year??

thank you!

 

[dianeschlicht]

I'll answer your last question first. OKW has the lowest dues of the on-site DVCs. Dues are $3.68 per point, so 150 points would be $552.

We have been DVC members for 8 years, and it still feels fresh and new to us. We don't have any small children (our "kids" are 29 and 35), but we really enjoy going several times a year and taking along friends and family to stay in a 2 or 3 bedroom villa. When it is just the 2 of us, we stay in a 1 bedroom.

The only thing I question about your decision is the number of points and sharing them with another family. Since you have 6 in your family, you will need a 2 bedroom, and a week in an OKW 2 bedroom at the LEAST expensive time of year is 218 points. If you are needing to go during school holidays, that total will be much higher. Then if you decide to share the points with another couple, you will SERIOUS limit your use. A 150 point contract would be fine for a family of 6 who wanted to go every other year, but if you have another family that wants to share, it would be quite difficult, unless you decided to travel together. Unless you are REALLY close, that would not be reccommended for every trip. The other thing that would be difficult is deciding how to divide the cost and the dues. Since your family needs a room for six and your cousin only needs a room for two, you would need to figure out something equitable..

 

[lovesdisney]

I agree with the comments by dianeschlict and would also like to add that using DVC points outside of WDW is not at all an effective use of points.

If vacations outside of WDW are to be part of the equation, then look for another Timeshare as has been pointed out numerous times on various threads within these boards.

My DH and I bought 210 with Vero Beach as our home resort and although we did not purchase with vactions outside of WDW in mind, the Sales person did push the use of points to vacation outside of WDW as a major benefit. Beware!

 

[dianeschlicht]

Just another thing to add. I didn't see that you wanted to use them outside of WDW too. For that, you need at least 160 points, since the lowest trade for a 1 bedroom is 160 points.

 

[tjkraz]

I also would not recommend buying with a family member. If one of the owners were to pass-away, or if there were a divorce, you would have to deal with the DVC contract in a manner which may not end up being satisfactory to all parties involved. Remember contracts cannot be sub-divided. If you buy a 300 pt contract with your cousin, disposing of that contract is not as easy as splitting it in half so that each family has 150 points. The contract has to remain intact.

There are also annual dues to consider. Who will pay them? What happens if one party cannot afford to pay them (again death, divorce, loss of job)? If dues are not paid in full, DVC will cancel any pending reservations and could start proceedings to repossess the contract.

With four individuals listed as owners, any one of them could independently make (or cancel or alter) reservations without the knowledge or approval of the others.

If you still want to move forward, at least talk to your attorney first and find out what sort of estate planning you need to do in order to protect your interest.

IMO, you're just better off not introducing these types of financial dealings into your family dynamic.

If you want to go to WDW every-other-year, and would need about 220 points as Diane pointed out, look for a resale contract that only has about 110. That way you can bank a year's points, combine them with the present year, and have 220 every couple of years to stay the week you want.

Good luck.

 

[Cruelladeville]

I also would not share membership rights with 3 other people. You get along well now, but all it takes is one argument, and your lives would become horribly complicated and stressful.

You also have to consider that all four people own rights to the one contract. What happens if one of you divorces? The contract must be sold in order for one person to divide his portion of the rights. Also, if one person should have financial difficulties and decides to declare bankrupsy, the contract must be sold for the courts to give that person's assets to creditors. This also goes for any of the spouses, since most states have community property laws.

Do you need this kind of stress in your life??