DVC or Condo Ownership

[nickspace]

I have been looking at condos in Celebration, FL and also in other locations and was wondering if people on the DVC boards would prefer more DVC points or owning a condo outright near Disney. After looking at various condos online I presently feel that I would prefer more DVC points. My goal would be to spend a month or two at a DVC resort when I retire. I figure this way it would be less money to spend upfront and I wouldn't have any condo ownership hassles. I would also have the best amenities around. What could be better than Epcot just a few steps away in your backyard.

 

[Buckeye Fan]

DH and I are nowhere near retirement, but he teaches. We've toyed around with the idea of a condo for the summers (especially given the current real estate market), but in all honesty, we don't want something to worry about the 10 months of the year we're not there. We also have no desire to become landlords, so it made our decision pretty easy.

My vote is extra points!

 

[mic_KY_mouses]

If you are looking into Celebration be sure to read up on the other costs and any restrictions. There are association fees and there are limitations regarding any possible leases. There are good deals on some condos right now if everything else is agreeable.

 

[a742246]

I agree with you I posted a similar thread awhile ago. To me it sounds like DVC is the way to go.
http://www.disboards.com/showthread.php?t=2615946

 

[dmoore22]

My wife and I have toyed with the idea of becoming snowbirds and have actually been looking at furnished units with a 6 month lease rather than a purchase and the hassles of fees, etc. Our thought is to do seasonal work at Disney to pay the rent while we work/play in the parks. Think CM discounts. Of course we'd keep our points for ourselves, our family, and just plain mental hygiene.

 

[nickspace]

My wife and I have toyed with the idea of becoming snowbirds and have actually been looking at furnished units with a 6 month lease rather than a purchase and the hassles of fees, etc. Our thought is to do seasonal work at Disney to pay the rent while we work/play in the parks. Think CM discounts.

What are the CM discounts?

 

[LIFERBABE]

I have a co worker currently shopping for condos in FL. He's been to Celebration several times and many other communities that have been hit hard by the economy. There are some deals to be had for sure.

All I keep thinking, had we purchased FL real estate as opposed to DVC, we would not have fared so well.

The fees and insurance alone far outweigh my DVC MF.

Many special assessments, as Condo owners defaulted on their fees and the remaining owners are required to cover the loss. One thing I learned at the last Condo Meeting, was that when a DVC member defaults, DVD takes the hit, not us.

Many units he saw were damaged beyond belief and the salvagers took the rest.

Now you have these squatters, that found a loophole in the law and they are renting out other people's property, because you dont live there full time. Good luck relying on law enforcement as they are strapped too.

We knew DVC was not cheap, but we knew they would not let it go to the dogs either. We could never keep up the maintenance as efficiently as DVD does and they have economy of scale on their side. We are just the little people, trying to manage a property from a distance and keep our shirts would be too much stress for me.

 

[dmoore22]

What are the CM discounts?

Cast Member. When our son had an internship at WDW we visited him and we were treated like royalty when he showed his CM ID.

 

[carol1231]

I have a condo in Celebration and I love it! It is much more like "home" than staying at the resorts. But I kept my DVC too for when we need to get away for a night here and there.

 

[CarolMN]

Florida is not a property tax-friendly state if you are not a resident. Do your homework before purchasing a vacation / second home there.

 

[gkrykewy]

I have a co worker currently shopping for condos in FL. He's been to Celebration several times and many other communities that have been hit hard by the economy. There are some deals to be had for sure.

All I keep thinking, had we purchased FL real estate as opposed to DVC, we would not have fared so well.

The fees and insurance alone far outweigh my DVC MF.

Many special assessments, as Condo owners defaulted on their fees and the remaining owners are required to cover the loss. One thing I learned at the last Condo Meeting, was that when a DVC member defaults, DVD takes the hit, not us.

Many units he saw were damaged beyond belief and the salvagers took the rest.

Now you have these squatters, that found a loophole in the law and they are renting out other people's property, because you dont live there full time. Good luck relying on law enforcement as they are strapped too.

We knew DVC was not cheap, but we knew they would not let it go to the dogs either. We could never keep up the maintenance as efficiently as DVD does and they have economy of scale on their side. We are just the little people, trying to manage a property from a distance and keep our shirts would be too much stress for me.

Sounds like a nightmare. I wouldn't be in a hurry to "deal hunt" for property in Florida, since it's going to be a long, long time before properties start appreciating again there.

 

[dmoore22]

Sounds like a nightmare. I wouldn't be in a hurry to "deal hunt" for property in Florida, since it's going to be a long, long time before properties start appreciating again there.

It all depends upon what your looking for. If the purpose is to have a roof over your head in a pleasant environment then property appreciation shouldn't be an issue. If values are slow to appreciate that could be good news in that it will help keep property taxes down. Since Florida does not have an income tax it relies heavily upon property taxes as one source to generate income for the state.

 

[Arthur27]

The OP stated they intend to stay at a DVC resort a month or two. Can you actually book a whole month? Or did the OP mean a month or two spread out over the year?

 

[tjkraz]

The OP stated they intend to stay at a DVC resort a month or two. Can you actually book a whole month?

You can if you call every 7 days, 11 months out, to add to the reservation. Or just wait until you are a reasonable amount inside the 11 month window. For instance, if you wanted to book the entire month of February at your Home resort, should be clear to to call around March 22nd - 23rd of the prior year.

 

[BWV Dreamin]

Exactly. I recently did some research on condos in the surrounding area, including Celebration. Those condo fees are more than my property taxes in MD, and you can't take those fees off on taxes. I was really shocked how high some property taxes are even though the prices of homes looked like a steal.

Florida is not a property tax-friendly state if you are not a resident. Do your homework before purchasing a vacation / second home there.

 

[littlestar]

Being a vacation property owner is kind of scary now days - what with local governments being revenue hungry. I'm leery that out-of-state owners might get stuck with heavy property taxes since they don't vote in local elections.

We're not adding additional DVC points either, we've decided we'll just rent (lots of supply so easy to find cash deals). We also have access to RCI and Interval International timeshare inventory for retirement travel, not to mention Orlando has an over abundance of beautiful vacation properties for rent.

 

[dianeschlicht]

We have friends who purchased a town home in The Villages a couple years ago. It's lovely and the winter life style is amazing... BUT... They were hit hard with both property taxes and association fees. Then on top of it, they couldn't sell their large house up here in Minnesota, so they are stuck with two properties and all the expenses that go with them. They decided to make Florida their state or residence, and now live there 7 months out of the year so they can eliminate the income tax portion at least. They are just amazed at how pricey it was when their property down there was relatively inexpensive. This from a couple who sold a Vail condo to buy the Florida town home.

 

[deedeetoo]

We have thought about this and though we are years away, we are leaning toward renting for the winter instead of buying anything. If you buy, not only do you have all the expenses that people have mentioned, but you have the worry about something going wrong while you aren't there and hurricanes doing damage, etc. While staying at DVC for several months is an option, it does require a big upfront investment that I'm not sure is really needed. I'd rather stay somewhere else in Florida that's less busy and come over to WDW for a few days here and there.

 

[nickspace]

Sometimes I wonder what it would be like to spend an extended period of time, like a month or so, at DW. Would it be too much? I would like to try it once by banking and borrowing before I purchased the extra points.