Closing Costs of DVC???

[TwingleMum]

I only own a home so I 'm not that educated about these things but if I buy DVC from either Disney or a resaler like Timeshare what will the closing costs or fees be on top of the $/per point?? Do I pay maintence fees at closing? On top of maybe paying less through a resaler than Disney are there other things to be aware of like interest rates? What if I pay cash? Could I get a better price/per point?? Thanks for the education, I'm alittle nervous about the prospect of buying.

 

[TnRobin]

If you buy from Disney - Disney will pay all closing cost. Maintenance fees (if paid in lum sum) will be due before closing or at your first payment. If you make monthly payments, the maint fees will be done monthly.

If you buy a resale, it is between the buyer and seller as to who will pay closing cost. I think in most cases the buyer (you) will pay the closing cost. I think these can range from $450 and up. Again that years maintenance cost is between you and the seller. Usually the seller will pro-rate the maintenance based on the number of points for the current year that are left.

 

[WDWCRAZY32]

If you buy direct from DVC there are no closing fees.
Resale example- my OKW 190 points were $450 closing but I paid $71 PP versus DVC $84 PP or $74 with MB.
DVC prorates the maint. based on when you purchase.
Resale maint. fees are negotiable, ex- I paid 1/2 and seller paid 1/2 when I purchased my resale.
DVC interest rate is generally higher than a bank or even a credit card in some cases, home equity loan would possibly be tax deductable. Paying cash doesn't really matter as the seller is paid in full upon closing.

Hope this helps, I thought long and hard before buying and I chose resale becuase I wanted OKW as my home and could not get it through DVC.

 

[TwingleMum]

Thanks so much for the info we appreciate it.