DVC Purchase Questions

[chalee94]

So, we have three contracts....150, and 50 at BWV, and 50 at BLT. Seriously considering buying property in the area. Dd is a CM and staying in Florida, so figured we would buy something and she could live there and pay rent and we had someplace to go when down there. Thought selling most of our points is a good way to make part of the down payment. But, can we keep a 50 pt contract and still be considered full members? I want to be able to still get the discounted AP and other 'perks'.

As long as the 50 pt resale contract was purchased before the new restrictions (or purchased direct after the new restrictions), you would keep your DVC perks. (Unless they change the rules.)

 

[Dean]

So, we have three contracts....150, and 50 at BWV, and 50 at BLT. Seriously considering buying property in the area. Dd is a CM and staying in Florida, so figured we would buy something and she could live there and pay rent and we had someplace to go when down there. Thought selling most of our points is a good way to make part of the down payment. But, can we keep a 50 pt contract and still be considered full members? I want to be able to still get the discounted AP and other 'perks'.

You could but I'd generally recommend against it unless you plan to use it a significant amount of time, say 3-4 months minimum. Financially speaking this is likely to cost you money over time even considering value increases of the property over time.

 

[goofy4tink]

You could but I'd generally recommend against it unless you plan to use it a significant amount of time, say 3-4 months minimum. Financially speaking this is likely to cost you money over time even considering value increases of the property over time.

We're planning on moving down there within 5 years, so figure we could buy something now, have dd live in it and pay rent, and I would have someplace to stay on my frequent trips there.
And yes, we bought direct from Disney long before the new rules went into effect.

 

[Dean]

We're planning on moving down there within 5 years, so figure we could buy something now, have dd live in it and pay rent, and I would have someplace to stay on my frequent trips there.
And yes, we bought direct from Disney long before the new rules went into effect.

Unless you know the Orlando real estate market already, I'd personally still stay away from this plan. We have a condo in HH and a number of friends with condo's in CO and in FL including the panhandle and Northeastern FL coast. Long distance land lording is not what I'd recommend. It's unlikely you'd get a good enough deal to make it worthwhile over 5 years and the chances you'd lose money in 5 years are fairly high, esp right now. Your choice of course but if the idea is you'll buy it, have the daughter live there and pay rent then have equity in 5 years, that's unlikely. But even if you do proceed, I'd only consider it if you can pay cash.

 

[goofy4tink]

Unless you know the Orlando real estate market already, I'd personally still stay away from this plan. We have a condo in HH and a number of friends with condo's in CO and in FL including the panhandle and Northeastern FL coast. Long distance land lording is not what I'd recommend. It's unlikely you'd get a good enough deal to make it worthwhile over 5 years and the chances you'd lose money in 5 years are fairly high, esp right now. Your choice of course but if the idea is you'll buy it, have the daughter live there and pay rent then have equity in 5 years, that's unlikely. But even if you do proceed, I'd only consider it if you can pay cash.

Getting more and more familiar with the real estate market in the area. Already have friends living there, dd is in an apt in Clermont. We aren't looking to have equity in five years, we're going to move into that house/condo in five years. Dd and her boyfriend will live there until they get their own place. That is where we are retiring to...so, not an equity issue. And a sizable down payment will be happening, so not a huge monthly payment.
But as long as I can hold on to one 50 pt contract, that would work for us.

 

[supersnoop]

But, can we keep a 50 pt contract and still be considered full members?

Yes.

 

[Maistre Gracey]

and extra magic hours...and 60 day FP access.

And access to TIW.

MG

 

[MouseOfCards]

Normally 100 direct but they will sell 50 at times, usually at harder to sell resorts. As noted, 25 resale if you can find a contract but the closing costs kill that deal in most cases. I have seen a couple of resorts of them selling 25 retail to a new buyer but I think this is a long shot. As a rule you will save based on how many points you use, the savings on just owning 25-50 points is very minimal based on the points usage. There are a few situations where it does make sense like where the perks are a real help or where people only need a few days every couple of years. I also know of some who have bought just to get a studio for pool access, a respite during the day and access to the dining plans but while staying off property.

Do they still need to check into the DVC resort if staying offsite? What happens if they don't?

 

[mustinjourney]

Do they still need to check into the DVC resort if staying offsite? What happens if they don't?

I would assume you just do the online check-in. Not sure if they actually check to see if you ever use your magic band. I have no personal experience, so I can't speak with any firsthand knowledge.

 

[Dean]

Getting more and more familiar with the real estate market in the area. Already have friends living there, dd is in an apt in Clermont. We aren't looking to have equity in five years, we're going to move into that house/condo in five years. Dd and her boyfriend will live there until they get their own place. That is where we are retiring to...so, not an equity issue. And a sizable down payment will be happening, so not a huge monthly payment.
But as long as I can hold on to one 50 pt contract, that would work for us.

You're not going to know where you want to live until you've lived in the area for 6-12 months. You're not going to get familiar enough long range to do this reasonably. I personally wouldn't do it. It sounds like you're putting a lot of risk and effort, not to mention $$$, at risk for little if any upside. The only way it works is if everything goes right which is dramatically unlikely.

Do they still need to check into the DVC resort if staying offsite? What happens if they don't?

Yes but that can be done online.

 

[Jillian Lopez]

We currently have an accepted offer and I believe it will be submitted for ROFR sometime this week. I am curious how many of you have paid for your contract? They accepted a credit card for down payment but can I pay with a credit card the final total price or is this something they need a bank check for? Its a small contract and total costs will be less than 5K. TIA

 

[supersnoop]

We currently have an accepted offer and I believe it will be submitted for ROFR sometime this week. I am curious how many of you have paid for your contract? They accepted a credit card for down payment but can I pay with a credit card the final total price or is this something they need a bank check for? Its a small contract and total costs will be less than 5K. TIA

https://www.disboards.com/threads/b...elity-timeshares.3529441/page-4#post-57191985

 

[mustinjourney]

We currently have an accepted offer and I believe it will be submitted for ROFR sometime this week. I am curious how many of you have paid for your contract? They accepted a credit card for down payment but can I pay with a credit card the final total price or is this something they need a bank check for? Its a small contract and total costs will be less than 5K. TIA

I was able to pay for a resale contract (~$21000) using a credit card -- but I had to pay the 3% service fee. It was fine for me since I get 3% miles and it allowed me to delay payment for 30 days, as well as avoid a useless trip to the bank. But most all other title companies do not allow it.