glad we didnt fall into the pressuer of signing after our tour at the BCV

[Nick@ VB+OKW]

Originally posted by wdw47
we have been evaluating all the finances and glad we didnt fall for the singing after the excitement of our tour....

Lets take it easy on wdw47....... I think he has been flamed enough

. DVC is not for everyone and I respect your decision.

 

[gdulaney]

Hi -- although I wouldn't try to change your mind, because it really isn't for everybody, I'd like to share several of the reasons we decided to buy (and add on):

- We've cruised twice using points (third time will be in Aug '04)...this is a 7-night cruise every year.

- Last year we were given tickets to the Daytona 500...two weeks before the race. Well, to say that we couldn't afford a hotel room would be understating the situation. Prices were unbelievable... a dog house in the back yard of a shack twenty miles from the racetrack would have been $$... I called the DVC and was able to get a room at the Boardwalk, using points... our last-minute vacation was virtually free (we had to pay for food and gas).

- We did the math and for us it worked out...we're able to deduct the interest when we itemize on our taxes, which helps reduce the cost.

- Finally, we tried to find a reason not to do it. We talked to dozens of folks and it just made sense...for us.

I'm glad that you feel good with your decision, 'cause that's what really matters.

Ginny

PS - Nick you're absolutely right...and hopefully no flames were found in my post. Plus -> you have the BEST smilies!!! Okay, I know, I've only said that about four hundred times...but it's true!

 

[Doctor P]

The OP has their mind made up and, IMHO, is not thinking clearly even if one recognizes that DVC is clearly not for everyone.

The issue of future dues and future room rates is always an 800 lb. gorilla in these types of calculations. I have always believed that, on a whole, dues will go up at a slower rate than the room rates, but I always assume that they go up at the same rate and basically just ignore the increases on both sides of the equation.

With the payoffs that have been suggested here, I would also note that one will have the money to pay off the loan early if one just puts their budgeted vacation money to use in paying off the loan rather than the vacation. I am very conservative in making these types of decisions and I can tell you that DVC has certainly made financial sense for us.

 

[goofy4tink]

Last night, at my dd's choir rehearsal, one of her director's told me that they were planning on going to WDW in a few weeks. Asked me where we had stayed. I told him AllStars, Polynesian, etc. He tells me "I called the Swan and looked into what it would cost and they tell me $399 a night!! I told them I didn't want to buy it, just stay for a few nights!" He asked me how I was able to go again this summer with prices like that. I told him I did "buy" it. But a Disney timeshare!! There is no way my family could afford to stay at the deluxes every single year without DVC. Even my dh looks forward now to our trips to WDW. Is it expensive? Sure. But I never seemed to save money for our vacations 'the old fashioned way'. Now, I have to. And we're looking forward to having it paid off by this time next year!!! You're all so right...it isn't for everyone but it is for us.

 

[jcanary]

One other thing to consider is if you have a family. How old are your children? Will they be going to college in the future? Will you still be able to afford those $250 - $300 hotel rooms for 10 nights when you are paying $50-60,000 a year for tuition(and that is being conservative)? Will you be able to take a friend of theirs along on vacation and not get another room? This seem like minor things but when you are at this point in your families life, having the ability to have a beautiful vacation, awe your family and friends and friends of family, with the type of accomodations that we have at the DVC, it is worth every penny. We bought the first year back in 94 or 93 and my first daughter just graduated from college this year. WE have been able to take my mother, at age of 70, for her first trip to WDW with the whole family. They still talk about that. I was able to give a honeymoon to a niece who did not have the money for one, to WDW for 5 nights and with park tickets since back then they were included.
The memories and countless families that we have made happy is worth every thing I have. We are able to do vacations all over without worrying about the upkeep of the facility. My youngest daughter is on a premier soccer team, we travel with that almost the whole year, I dread it, it is usually in a regular hotel room and no guarantee that it will meet your expectations.
I understand how you feel but you have to look at more than the money side and what your situation is right now. things change. I understand it is not for everyone but I know I love it.

 

[crisi]

I agree DVC isn't for everyone.

We have friends who fit the DVC profile in a lot of ways. They love Disney and would like to travel yearly. They have a small child. They love staying at the BW....

But....their finances are a shambles. They don't go as often as they'd like because they can't afford it - and they go more often than they can afford. There is no way they can come up with the $10k plus to buy in - they would need to finance - which would be another payment on a strained budget. They need to put more money towards retirement and their son's education (and they recognize this). DVC would encourage them to take more trips they can't afford.

Another girlfriend is a CM from the Disney Store. Single and Disney obsessed (like many of us). But finances are (I believe) tight for her as well. She can't plan trips and be able to count on using points like we have the luxury of doing. She probably makes it to Disney every year or every other year, but she stays pretty cheap and can do fine in a studio.

DVC is a good example of "if you have money it becomes easier to make money" (in this case through saving it). By paying cash and not having any finance charges your payback is much faster. By having the luxury of knowing you will be able to afford airfare, you lower the risk of unused points. When you have money to start with, you can start from the assumption you aren't going to stay at the All Stars - and the payback is a lot faster if your normal stay involves the Poly or the Y&BC.

I don't know if this is the case for wdw47. I do think there is something faulty in his/her comparisions - comparing every other year trips with every year trips isn't fair - and yet, it isn't easy to own DVC and do every other year trips in a studio (the minimum is too high and finding a small point resale contract can be difficult and expensive - you could rent your extra points, but that's a lot of bother). We are big fans of the every other year model on a relatively small number of points - but we own 150 and do our every other year in a two bedroom.

 

[PamOKW]

I think the issues, on both sides, aren't so much for the original poster as they are for others seeking information who might read this thread.

It is true that everyone should consider their total financial picture. In a lot of cases DVC makes sense. But, it is a "luxury" item and should come after other obligations like retirement funds, home purchase, etc. are taken care of.

 

[chainkid]

I was somewhat surprised about the comment that "they didn't give in to pressure. I found DVC sales people to be just the opposite. The timeshare sells itself. I bought BWV in 1998 when the prices were very low compared to todays contracts. I also bought alot of mutual funds at the same time because we sold our business and were also planning for retirement. My retirement portfolio went south and is only now beginning to make sense but my DVC could have been sold for alot more than I paid for it, including dues. All my vacations would have been free. My only serious regret is that I didn't double my money in DVC. I have treated my family who don't have the means to go to Disney on a yearly basis to many wonderful vacations. If I added the cost of what I paid to vacation at Disney before DVC staying in a moderate, I would have easily paid for the 150pts,the basic contract.

So if you can afford it and love Disney, I've yet to hear anyone with regrets. Well one should have bought when thepark tickets were included. Those people really got a deal.

 

[wdw47]

believe us nothing anyone has said was taken the wrong way or in a insulting manner good points were made by all. we were just explainging our situation. it is best for us and we are sure many others too. we would just suggest to everyone think of everything befor you sign. also in reading many of the postings we got the impression that many have the ability to pay cash and as we said this would make a very very big diffrence with no finance fees to figuer in. we will keep looking for something on the secondary market maybe at OKW with about 150 points or so the way we are loking at it Disney cant keep buying everything back ty and wishing you many wonderful vacations

 

[chainkid]

You are wise to look for a good contract on resale especially if you want to finance..I thought Disney pretty high especiall if you can get a home equity loan. Just make sure you buy where you want to vacation. OKW has the cheapest dues right now and is really great if you want beautiful roomy accomodations. BWV will probably always be higher in dues because we are supporting a large entertainment area which draws alot of use. I don;t mind this and the rooms are not as large. But large enough for us. Location is absolutely the biggest draw for the popularity of this resort so if you want to stay here you should buy here. At 7 month window you options here during parts of the year are hard to get...not impossible by any means but difficult. Anyway I sometimes sound like a cheerleader for DVC because financially speaking its the best investment both for value and enjoyment that I have had. Good Luck finding a great resale.Look for banked points...so you get more points initially...then you can experience a one bedroom...you will be spoiled.

 

[brunoflipper]

i've also done the math and as long as we continue to rent points and split 2br units with another couple, the numbers don't add up to buy DVC... so we are heppy to remain proxy-DVCers

 

[Maistre Gracey]

I guess DVC may not work for everyone, but it sure works for us! We visit WDW multiple times per year and have always stayed at the deluxe resorts, so it was a no-brainer.

In my opinion, even better than the financial benefit, is the vacation lifestyle we enjoy being a DVC member.

Wouldn't trade my DVC for notin'...

MG

 

[LoveToDisney]

I wish we had purchased DVC back in '96-'98 when we first investigated it. We watched the sales video and looked at the overpriced yearly dues and backed off, purchasing another timeshare years later instead (they mistakenly promised us we could "trade" into Disney villas through Interval...HA! You know they are never available!). After being offsite in wonderful villas for years and now used to lots of space and a washer/dryer (versus a hotel room), I wanted desperately to be ON Disney property again and experience again the magic of being in the middle of it all and hopping on a launch or bus rather than driving everywhere. My DH gave in and for our 25th anniversary let me purchase points at BCV because of Magical Beginnings. We are looking forward to our first trip "home" this year.

I just discovered this discussion site last week. You guys are great and I have enjoyed getting the rundown on aspects of DVC that I didn't know.

Thanks!

 

[PamOKW]

Originally posted by LoveToDisney

I just discovered this discussion site last week. You guys are great and I have enjoyed getting the rundown on aspects of DVC that I didn't know.

Thanks!

So glad you found the DIS! This is probably the best place to share info about DVC. Congratulations on your anniversary, your DVC purchase and your first post!!!

 

[LoveToDisney]

Thanks PamOKW for your kind words! I appreciate all the info and support you veterans give on the boards.

 

[Nick@ VB+OKW]

Originally posted by LoveToDisney
[BI just discovered this discussion site last week. [/B]

"Welcome Home and to the DIS"!!!

 

[LoveToDisney]

Thanks Nick & Cindy!

 

[DennisV]

One last thing is that of the $30,000 that you assume for dues
dont' forget that around $ 7,000 of that will be for real estate
taxes which are tax deductible which actually lowers the cost to around $23,000.
My wife and I have been owners at OKW since 1993 and we have added on points 3 times. We also looked at the cost of hotels when we started to buy. In 20 years your $250.00 hotel rooms will be $400.00 or more. Our dues will also go up but not at the same rate.
We stayed at the GF for our 20th anniversary on our points.
The dues that year were about $850.00.
The room would have cost us about $3,000 if we had to pay for it.
The thing we like about the DVC is the comfort we enjoy when we go on vacation and the options open to us.
We plan on using 320 points and go to Hawaii for two weeks in the next few years. We will save big dollars and stay at places we may not be able to afford otherwise.
We just love the DVC.

 

[wdw47]

just a few trivia questions anyone know what the origanial per point cost was and when OKW first opened. what is the lowest resale per point cost that Disney has let go through that you have heard of. also what the origanal maintenance fee was for OKW and what the current fee is there. it sounds like OKW might be the best value for us, and we know the area well.we never though of looking into a resale with banked points too. we just wish we lived within a 8, 10 or even a 12 hour drive away like many of you, we have about a 21 or 22 hour drive which means plane fair for 4.where can someone keep a eye on all the resale units. like everyone has mentioned you need to buy where you plan to stay and next to the BCV's we like the look at OKW.

 

[PamOKW]

OKW opened October 7, 1991 and points were $51. There are reports that some folks bought pre-opening for $48 per point.

The first dues I have are from 1993. Dues at OKW were $2.5629. For 2004, they are $3.6766 or an increase of 43% ($1.1137). From 1993-1998 dues went up about 5% per year. From 1998 to 2002 dues were just about stable, going up or down no more than 1% per year. From 2002 to 2003 dues went up 8.8%. From 2003 to 2004 dues went up 5.8%. Both these large increases resulted primarily from increased insurance and pension costs for employees and a decrease in the amount of interest being earned on invested DVC monies. The exceptionally low interest rates also played into the problem with employee pension costs. It is hoped that the improving economy will bring the dues increases back down to their historical levels.