Has anyone ever shared a contract?

[funhouse8]

I was just wondering has anyone ever bought a contract with another family member or friend. Is this even allowed. We would like to buy into DVC but would only use it every other year. My DH hates to spend the money for maintenance fees every year even if we aren't going. He decided it might be worth it to purchase with his sister. So she can go one year and we use the next. Do you think this is insane. Can it even be done? What do you think?

 

[slimplaw]

I do know that you can buy DVC and list a someone else as an associate(friend or family). They get the same access to the points as the listed person does. I'm sure only the person listed on the contract gets the tax write off.

 

[crisi]

We almost bought a resale that was owned three ways. I say almost, because the three owners couldn't decide if they really wanted to sell it.......

I think it can work, but you need to spell everything out - like what happens when one person wants to sell. What happens when you want to use three years worth of points to bring friends.

Why not just buy a small contract and go every other year - that's what we do.

 

[Dean]

I've seen it happen but it's usually family such as parent-adult child or adult siblings. DVC requires a main contact so someone must be willing to take that responsibility.

 

[Rence]

The thought of this just makes me uncomfortable. You know your family situation better than I do, but a DVC purchase is for a very long time.

With DVC you are buying points, not weeks. You can bank points from one year to the next. You can also borrow points from the next year into the current year. You could just buy fewer points and use them every other year. Yes you'd be paying maintenance every year, but it would be a lesser amount.

For example, say that you decide that for two families sharing you need 400 points each year and let's say that maintenance was $4.00 a point. So each year you'd split $1600 maintenance and pay $800 each.

Instead buy a 200 point contract and bank all the points the first year. Second year you have the 400 points you need. You'd be paying $800 a year in maintenance, the same as if you were sharing. (If you wanted to travel the first year, you could borrow the 2nd years points into the first year instead)

If your SIL is interested, she could buy a 200 point contract as well. Each of you have your own contract. If one wants to sell, they can do so without involving the other.

It is possible to transfer points between contracts (rather complex rules regarding this, but there are lots of posts on here explaining it).

So you can buy a contract that will let you go every other year and will not cost extra in maintenance fees.

 

[Mrs.Milo]

Yes, we bought in 93 and shared with DH's sister & husband. One person was elected as master member and received all paperwork, but all members of the contract could call & make ressies. Later (maybe 4 or 5 years) we had each added enough points to be able to split off our contracts, and Disney handled the paperwork for a fee. One family kept the original member number, and the other got a new one.

 

[Beca]

"Rence" is so right!! And remember, if you were only looking for 150 pts. to share every year...you CAN buy less than that through resale, even though that is the minimum that DVC will sell you. Just today, a 100 pt. resale for VWL came up on "The Timeshare Store" website (of course, it went VERY quickly), but there will be more that come up...just watch (if you don't want VWL, if you watch you will see all resorts come up eventually). Anyway, the asking price on this was $7400 dollars. The maintenance on that would be just over $400.00 per year, then if you went every other year....you'd have two hundred points to spend. If you want greater or fewer points, you can find them on there.

I really would recommend two separate contracts. DVC is not worth any impending feud between siblings, and this way...you could each pass your contract onto your children (if you're not too young for this to apply).


Good luck,
Beca

 

[funhouse8]

Thanks all! I knew it was a big risk when my DH talked about splitting the contract. Thanks Beca I didn't realize I could buy only 100 points. That's a good way to start and not to expensive if I go every other year. Gina