Expiration date on membership?

[MegDen101109]

I was reading the FAQs on TTS and now i have a question!
Say my DH & I decide to buy into the DVC through a resale in 2015 at the BWV. According to the FAQ, the "expiration date" on BWV is Jan 31, 2042.

What happens after Jan 2042? Do members have to re-purchase their timeshare??

 

[amystevekai&bump]

as it stands, and assuming that they continue to offer a BWV DVC resort after that date - then yes you would need to repurchase.

However, Old Key West was orginially due to end in 2042, and they offered owners the option to purchase an extension to their current contract , which I believe increased it to 2057. But I believe some owners declined the offer as it was quite expensive.

I'm sure someone more knowledgeable will come along in a minute and fill you in further!!

 

[5forDiz]

At this time it is unknown whether other DVC resorts will have an extension offer available as is the case with OKW. Presently I believe to extend OKW contract from 2042 to 2057 expiration it will cost a member $25 per point ( when first offered in 2007 it was $15 per point and then it increased after approximately 6 months to $20) Just note that if you purchase OKW contract directly from Disney now it will in fact be an extended 2057 contract. Some resales on the market are extended contracts ( the owner had paid the price per point to extend their contract) but some are not because the owner opted not to pay for extension.

 

[chalee94]

What happens after Jan 2042? Do members have to re-purchase their timeshare??

if you still want to stay at a DVC resort, yes, you would need to purchase another contract as the current BWV contracts expire in 2042.

BWV may offer an extension as OKW did, but:

1) OKW's extension was a mess on several fronts...DVC will need to carefully examine the results there (several of which are still unresolved) before offering an extension elsewhere, and

2) OKW is a standalone resort... BWV, on the other hand, is connected to the boardwalk inn. what if disney's resort division decides in the 2030s to tear down the BWI and replace it with a japanese-samurai-on-the-lake themed hotel? that will probably affect what DVC can or might do with the BWV area after 2042...DVC didn't have to consider issues like that with extending OKW.

buy BWV if you want to stay there and don't worry about 30 years down the road...things could change a lot. but don't count on DVC absolutely offering an extension there (and if one is offered, don't count on it being reasonably priced.)

 

[LisaS]

What happens after Jan 2042? Do members have to re-purchase their timeshare??

As things stand now, BWV owners cease to be vacation club members as of Feb 1, 2042. Any points you had left over on that day would no longer be valid for stays at any resort. On the positive side, you would owe no further dues either which could be $15/point by that time!

 

[MegDen101109]

Do other timeshare companies (like RCI) work under the same idea? Do they have "expirations"?

It's sort of upsetting to think you go through all of this expense and you dont get to keep your portion of the "world" for as long as you'd like...and that Disney decides for you.

 

[5forDiz]

Do other timeshare companies (like RCI) work under the same idea? Do they have "expirations"?

It's sort of upsetting to think you go through all of this expense and you dont get to keep your portion of the "world" for as long as you'd like...and that Disney decides for you.

I'm not an expert on other time shares but DH and I are looking at some possibilities outside of our DVC membership and have been gathering info from those who do own other timeshares. From what we've learned so far many do not have expiration but also there seems to be a serious decline in some/most of these properties as time goes on to the point where it's undesirable to even stay there and owner's can't even give their memberships away. It's almost like what good is no expiration if the quality wasn't maintained (jmho then no expiration doesn't bring any additional benefit/value to the owner)

There are posters here on this board who are very knowledgeable on other brands so hopefully they will be along to give you better answers.

 

[crisi]

Some timeshares do it this way, most don't. But on the other hand, do you really want to own a 70 year old piece of property with the upkeep charges? A lot of perpetuity timeshares have maintenance issues as the ownership ages and ceases to own. Or they leave the timeshare to their heirs, who have no interest in owning an old timeshare.

Remember that BW is already almost 15 years old. For a lot of the original owners (and a lot of us who bought resale), we will be dead or nearly so when it expires.

 

[Lynne M]

Do other timeshare companies (like RCI) work under the same idea? Do they have "expirations"?

It's sort of upsetting to think you go through all of this expense and you dont get to keep your portion of the "world" for as long as you'd like...and that Disney decides for you.

I looked at it this way: will I have gotten my money's worth out of it by the time the contract ends? And in my case, eight years in, I've already gotten my money's worth. I've long since broken even on the original purchase price, so all I'm paying at this point are maintenance fees. I get about 10 nights a year in a studio at a deluxe-level resort for around $750. No matter how many years my contract lasts, I'm way ahead.

I know that legally, DVC is considered a purchase of real estate, but many of us view it as a vacation pre-payment plan. A lump sum payment up front, for decades of vacations.

 

[chalee94]

Do other timeshare companies (like RCI) work under the same idea? Do they have "expirations"?

i think they are normally called RTUs (right-to-use). they are pretty rare in the timeshare world but so many of the deeded ownerships are falling on hard times with owners that can't sell their deed for a dollar on ebay to get out from under the annual dues, i wouldn't be surprised to see RTUs become more popular.

(DVC may not technically be an RTU since it is deeded in some sense but it's basically the same idea.)

 

[CarolMN]

i think they are normally called RTUs (right-to-use). they are pretty rare in the timeshare world but so many of the deeded ownerships are falling on hard times with owners that can't sell their deed for a dollar on ebay to get out from under the annual dues, i wouldn't be surprised to see RTUs become more popular.

(DVC may not technically be an RTU since it is deeded in some sense but it's basically the same idea.)

Members actually have a deeded interest in a right-to-use lease.

 

[Paging Tom Morrow]

What happens after Jan 2042?

Since I'll be 67 and my daughter will be 35, she can worry about that.

 

[Dean]

Do other timeshare companies (like RCI) work under the same idea? Do they have "expirations"?

It's sort of upsetting to think you go through all of this expense and you dont get to keep your portion of the "world" for as long as you'd like...and that Disney decides for you.

RTU are actually fairly common overall but not so much so in the US other than HI. Essentially all Aruba resorts are RTU, most Caribbean and essentially all MX resorts are. Some in HI are as well. IMO, RTU doesn't make too much difference until you get under 30 years. With DVC it's a little different simply because you can buy other resorts that have a longer term for around the same price in many cases as the ones that expire in 2042.

 

[jade1]

I looked at it this way: will I have gotten my money's worth out of it by the time the contract ends? And in my case, eight years in, I've already gotten my money's worth. I've long since broken even on the original purchase price, so all I'm paying at this point are maintenance fees. I get about 10 nights a year in a studio at a deluxe-level resort for around $750. No matter how many years my contract lasts, I'm way ahead.

I know that legally, DVC is considered a purchase of real estate, but many of us view it as a vacation pre-payment plan. A lump sum payment up front, for decades of vacations.

Well said.

 

[YoMickey]

I just had a vision of sitting in Cape May Cafe, raising a glass to my wife and three kids as we bid farewell to an old friend, The Beach Club Villas. I'm 41 now, my kids are 9,7, and 4. By the time Feb 1, 2042 rolls around I'll be 73 years old, they'll 41, 39, and 36. Hopefully, they will have graduated from college, found successful and satisfying careers, married and who knows how many grandchildren will be there.

We've been DVC owners for 5 years and taken many trips and created many fond memories swimming in the Beach club pool, trying new foods around EPCOT, being picked for the Boardwalk comedy show, and finally being tall enough so we could all ride Soar'n together. I remember pushing my youngest one around Crescent Lake trying to get him to fall asleep at 2am. We've spent Easter, Thanksgiving, and Christmas there. We have a family picture with Art, the greeter, at the main lobby.

We have many more years and many more memories to create and will try not to dwell on our last meal during our last trip as DVC owners in 2042.

 

[sssteele]

My wife and I will be 92, God willing. We'll be the ones blocking the entrance to Cape May Cafe with our electric scooters, asking where Art is over and over.

 

[ThunderSnow]

YoMickey, awesome, awesome trip into the future there. Thank you, you've got me thinking about the future for my crew now.

 

[hakepb]

Basically structures and mechanical systems have finite lives. Eventually, all of the plumbing will need to be replaced. Eventually all of the Electrical will need to be changed. Eventually, the structure will need fortifying... If you have a timeshare "forever" You will eventually be hit with a special assessment for those huge repair / replace bills.

The end date of the DVC contract sorta protects you from that future when it may be cheaper (replace is usually cheaper than major remodel) for you if they tear down the place and rebuild and resell

 

[tinkerfan1]

We have many more years and many more memories to create and will try not to dwell on our last meal during our last trip as DVC owners in 2042.

You think like us. We bought into BLT so we have until, what, 2058 or 2059, I can't remember. I'll be about, well, let's just say, closer to 90 than 100. My DH will be over 100. The kids and grandkids will have children of their own by then! I'm just going to enjoy it while I can and as long as I can.

 

[corpcomp]

Do other timeshare companies (like RCI) work under the same idea? Do they have "expirations"?

It's sort of upsetting to think you go through all of this expense and you dont get to keep your portion of the "world" for as long as you'd like...and that Disney decides for you.

Buy most other timeshares and you lose 75% of the value the day after you purchase. Look at other timeshare sites and you will see you can purchase a week for just a few thousand dollars.

Disney artificially props up the prices every year through increased pricing so you can sell in a few years and not lose all that much (assuming we don't go back into a recession).