HELP!! DVC vs. standard timeshare questions

[snowglobe girl]

Hey everyone! I hope some of you here can help me. We have been considering DVC for some time and went on one of the tours a couple of years ago (we come to Disney every year for a week), but have never went through with anything. We have recently been deeded a timeshare in Orlando through The Seasons Westgate for a week (which we have never seen or used yet - it would be a week around first of May), which I am excited about, but am really more interested in the DVC because we always stay on the Disney property. So my questions / issues that I need advice on are:

1. It bothers me somewhat that DVC timeshare actually ends in 40-50 years whereas the regular timeshare is permanent - is yours forever and can be inherited by heirs. Please convince me of the advantage of DVC with respect to this issue.

2. I don't have a clue how to go about getting rid of / trading existing timeshare for DVC...would I have to put ours up for sale, sell it and then buy DVC? Would there be someplace to trade timeshare for DVC?? How would we go about this?

3. Should we buy DVC directly from Disney, or go through secondary market like the timesharing company that sponsors here on the DIS??

4. How much price difference would we be looking at??

I'm just so in love with Disney that I really had rather be in the DVC, but am apprehensive about some of this and don't know how to go about it. Any advice or help would be greatly appreciated!!!

 

[bwvBound]

1. It bothers me somewhat that DVC timeshare actually ends in 40-50 years whereas the regular timeshare is permanent - is yours forever and can be inherited by heirs. Please convince me of the advantage of DVC with respect to this issue.

It has been suggested that your heirs may not appreciate receiving an aging timeshare property. (smile)

However, that said, one of our resorts has units exceeding 100 years of age. Even without air conditioning, telephone, tv or alarm clocks -- I still love those units!

 

[dianeschlicht]

Hey everyone! I hope some of you here can help me. We have been considering DVC for some time and went on one of the tours a couple of years ago (we come to Disney every year for a week), but have never went through with anything. We have recently been deeded a timeshare in Orlando through The Seasons Westgate for a week (which we have never seen or used yet - it would be a week around first of May), which I am excited about, but am really more interested in the DVC because we always stay on the Disney property. So my questions / issues that I need advice on are:

1. It bothers me somewhat that DVC timeshare actually ends in 40-50 years whereas the regular timeshare is permanent - is yours forever and can be inherited by heirs. Please convince me of the advantage of DVC with respect to this issue.You can leave your DVC to your heirs. I for one am not going to live the 35 years left on my contract, and I doubt my heirs can afford the dues.

2. I don't have a clue how to go about getting rid of / trading existing timeshare for DVC...would I have to put ours up for sale, sell it and then buy DVC? Would there be someplace to trade timeshare for DVC?? How would we go about this?You could try selling your timeshare, but the truth is, the kind of timeshare you own that is limited to a specific week is EXTREMEMLY difficult to sell, and you wont get much for it if you can find a buyer. In addition, since your timeshare is in the Orlando area, it can NOT be used to trade into DVC. If it were elsewhere, you could try, but it would be difficult, since it is not part of the system DVC would trade with.

3. Should we buy DVC directly from Disney, or go through secondary market like the timesharing company that sponsors here on the DIS?? That depends on which resort you want. If you are looking for BCV or SSR, then I'd say buy through Disney. If you want any of the others, try resale through the Timeshare Store.

4. How much price difference would we be looking at?? That too depends on the resort. BCV may actually end up being more for resale, and SSR will be about the same. You should be able to do better price wise for any of the others, provided they pass ROFR.

I'm just so in love with Disney that I really had rather be in the DVC, but am apprehensive about some of this and don't know how to go about it. Any advice or help would be greatly appreciated!!!

Please see the red portions in your quote for my answers to your questions.

 

[bwvBound]

3. Should we buy DVC directly from Disney, or go through secondary market like the timesharing company that sponsors here on the DIS??

4. How much price difference would we be looking at??

FWIW, we assumed we would purchase resale and initially tried that route. In the end we purchased directly through DVC. Reasons:

• Price difference wasn't significant. Comparing "direct through DVC" with 100% of current year's points and no closing costs (at that time) vs. a most-often-stripped resale contract with fees for closing -- it was a near wash.
• Our "choice" in Resort, UY, contract size. Trying to find a resale with our desired resort, UY and contract size proved difficult. Worse yet, once we did find suitable contracts -- they fell apart before we could even get to the ROFR stage. (Twice - and we gave up trying.) Buying through DVC: simply phone in your order!
• Not having to deal with ROFR! Buying direct from DVC involved far less stress than the resale route.
• Financing is available. We only needed it for a few months -- but again, going through DVC was easier than floating alternative credit options for the same brief period.

 

[Slakk]

Hey everyone! I hope some of you here can help me. We have been considering DVC for some time and went on one of the tours a couple of years ago (we come to Disney every year for a week), but have never went through with anything. We have recently been deeded a timeshare in Orlando through The Seasons Westgate for a week (which we have never seen or used yet - it would be a week around first of May), which I am excited about, but am really more interested in the DVC because we always stay on the Disney property. So my questions / issues that I need advice on are:

1. It bothers me somewhat that DVC timeshare actually ends in 40-50 years whereas the regular timeshare is permanent - is yours forever and can be inherited by heirs. Please convince me of the advantage of DVC with respect to this issue.

2. I don't have a clue how to go about getting rid of / trading existing timeshare for DVC...would I have to put ours up for sale, sell it and then buy DVC? Would there be someplace to trade timeshare for DVC?? How would we go about this?

3. Should we buy DVC directly from Disney, or go through secondary market like the timesharing company that sponsors here on the DIS??

4. How much price difference would we be looking at??

I'm just so in love with Disney that I really had rather be in the DVC, but am apprehensive about some of this and don't know how to go about it. Any advice or help would be greatly appreciated!!!

1. No one knows what happens when the contract ends but I am thrilled that there is an end date! Who knows what any of these buildings will look like in 50 years. I will be 90 ish when my contracts end so I am hopeful we will end together.

2. Very few other timeshares hold value like DVC so it is doubtful if you can trade them. Not knowing how you bought yours (from a developer or through resale) the price you et can vary on the property, if it is a set week or flexible/size of rooms etc. The TUG boards can probably give you a better idea.

3. That is really up to you. Buying through DVC is quicker but in many cases you will be able to save some money in the resale market it just depends on the resort you want to purchase at. Resale will be about more expensive than DVC at the high end or $15 a point-ish on the lower side. It depends on amount of points and resort.

The thing is DVC is something you should not need convincing for...if you love WDW and cannot imagine staying outside the gates then DVC is for you. If your idea of a non WDW vacation is Hilton Head or Vero Beach then DVC is for you.

If you want to vacation occassionaly at WDW and the bulk in a variety of places other than WDW or the other resorts listed then DVC may not be for you.

If you enjoy WDW and want deluxe accomodations at a moderate price then Welcome Home!

 

[spiceycat]

. We have recently been deeded a timeshare in Orlando through The Seasons Westgate for a week (which we have never seen or used yet - it would be a week around first of May), which I am excited about, but am really more interested in the DVC because we always stay on the Disney property.

if it is within 10 days cancel your Westgate- you don't want to deal with Westgate.

they are sharks.

after they sold you - they don't care about the owners. they only are interested in selling you more. (that is NEVER going to happen).

Believe me after a few years of trying to deal with Westgate you won't want it.

DVC is completely different.

 

[dumbo71]

FWIW, we assumed we would purchase resale and initially tried that route. In the end we purchased directly through DVC. Reasons:

• Price difference wasn't significant. Comparing "direct through DVC" with 100% of current year's points and no closing costs (at that time) vs. a most-often-stripped resale contract with fees for closing -- it was a near wash.
• Our "choice" in Resort, UY, contract size. Trying to find a resale with our desired resort, UY and contract size proved difficult. Worse yet, once we did find suitable contracts -- they fell apart before we could even get to the ROFR stage. (Twice - and we gave up trying.) Buying through DVC: simply phone in your order!
• Not having to deal with ROFR! Buying direct from DVC involved far less stress than the resale route.
• Financing is available. We only needed it for a few months -- but again, going through DVC was easier than floating alternative credit options for the same brief period.

I've suggested resales to others but I have to say your post makes perfect sense.

Sorry Tom, he's got valid points.

 

[dumbo71]

if it is within 10 days cancel your Westgate- you don't want to deal with Westgate.

they are sharks.

after they sold you - they don't care about the owners. they only are interested in selling you more. (that is NEVER going to happen).

Believe me after a few years of trying to deal with Westgate you won't want it.

DVC is completely different.

I agree but I believe the OP was willed that resort or something to that effect. Westgate salespeople are horrible.

 

[keishashadow]

FWIW, we assumed we would purchase resale and initially tried that route. In the end we purchased directly through DVC. Reasons:

• Price difference wasn't significant. Comparing "direct through DVC" with 100% of current year's points and no closing costs (at that time) vs. a most-often-stripped resale contract with fees for closing -- it was a near wash.
• Our "choice" in Resort, UY, contract size. Trying to find a resale with our desired resort, UY and contract size proved difficult. Worse yet, once we did find suitable contracts -- they fell apart before we could even get to the ROFR stage. (Twice - and we gave up trying.) Buying through DVC: simply phone in your order!
• Not having to deal with ROFR! Buying direct from DVC involved far less stress than the resale route.
• Financing is available. We only needed it for a few months -- but again, going through DVC was easier than floating alternative credit options for the same brief period.

Of course, you're referring to a standard 150 pt contract...all bets are off if you're interested in a small resale to gain entry to DVC (the best kept secret ).

We were able to secure a resale in a few weeks & close in 2 months. Quality dealings from the TSS. Certainly, no more stressful than any other RE transaction. Able to add on the same day @ different resort (BWV) directly thru DVC.

If you start out small, easier to (gasp!) pay cash, makes it all the sweeter IMO.

 

[Dean]

I think the RTU vs deeded for life issue is overblown. The truth is there are few timeshare you will want to own when 50 years old, esp Westgate. As for selling Westgate and buying DVC, you're looking at a major price difference. Depending on specifics, you may be looking a only $2-4K to sell a Westgate Orlando 2 BR in May. You can't trade another Orlando resort to DVC directly whether it be Westgate, Marriott, etc. Got to the Timeshare Users group at www.tug2.net for more info on selling and pricing westgate.

 

[snowglobe girl]

Thank you so much for all of your advice!!

One of the posters was right - we didn't buy the Westgate timeshare, it was passed on to us. I tried to look it up online and didn't find much on The Seasons except about four pictures. I'm just afraid I won't be satisfied staying off property and figure that most timeshare companies other than Disney could be a pain to deal with.

I will definitely look at that website about pricing / selling Westgate. The timeshare is supposed to have about 6K equity, so I was figuring on having to pay at least 10K more for DVC. I guess I was just hoping for some pixie dust to come flying by and pick up the Westgate while dropping off the DVC!!!! I can keep dreaming!!

When we did the tour, SSR wasn't finished yet, but the plans looked really good. We've walked to the Beach Club numerous times though (of course to eat at Beaches & Cream ) and I really like that resort, but I would have to buy it through the second market - right??

Any and ALL advice is greatly appreciated. 10-20K is a lot of money, but then again, I would hate to really know how much money we've spent at Disney over the past 7 years. I'm quite sure we could have had DVC paid for by now...

 

[Dean]

Thank you so much for all of your advice!!

One of the posters was right - we didn't buy the Westgate timeshare, it was passed on to us. I tried to look it up online and didn't find much on The Seasons except about four pictures. I'm just afraid I won't be satisfied staying off property and figure that most timeshare companies other than Disney could be a pain to deal with.

I will definitely look at that website about pricing / selling Westgate. The timeshare is supposed to have about 6K equity, so I was figuring on having to pay at least 10K more for DVC. I guess I was just hoping for some pixie dust to come flying by and pick up the Westgate while dropping off the DVC!!!! I can keep dreaming!!

When we did the tour, SSR wasn't finished yet, but the plans looked really good. We've walked to the Beach Club numerous times though (of course to eat at Beaches & Cream ) and I really like that resort, but I would have to buy it through the second market - right??

Any and ALL advice is greatly appreciated. 10-20K is a lot of money, but then again, I would hate to really know how much money we've spent at Disney over the past 7 years. I'm quite sure we could have had DVC paid for by now...

The only listing I see on TUG for this resort is for a week 14 two BR for $3K. But there are MANY Orlando Westgate units for sale in the same price range.

 

[JudyS]

As usual, I agree with Dean. 50 years is plenty of time to own a timeshare. Also, Dean is quite correct when he says that your Oralndo Westgate can't be traded for a DVC unit. There are timeshares that will trade for DVC weeks, but the exchange company (Interval International) has a rule forbidding most trades of Orlando resorts for other Orlando resorts.

...I will definitely look at that website about pricing / selling Westgate. The timeshare is supposed to have about 6K equity, so I was figuring on having to pay at least 10K more for DVC. I guess I was just hoping for some pixie dust to come flying by and pick up the Westgate while dropping off the DVC!!!! I can keep dreaming!!...

You mentioned "equity" -- I hope this doesn't mean that there is a loan on your Westgate Timeshare. If there is, you should find out if there is some way to refuse the inheritance of this timeshare. You do NOT want to be making payments on a low-value, high-hassle timeshare such as a Westgate. An Orlando Westgate isn't worth anything like $6,000, especially not if it's a fixed week in May, which is very low season in Orlando.

 

[Diznut84]

We've walked to the Beach Club numerous times though (of course to eat at Beaches & Cream ) and I really like that resort, but I would have to buy it through the second market - right??

No, you can buy Beach Club directly from Disney. You will be put on a waiting list. I know of someone who just bought a 150 point BCV contract as a new member. They were on the waiting list for about 7 months.

On another note, you probably won't be able to trade your Westgate into DVC via Interval International. Interval has an "Orlando block" for other Orlando resorts, so owners of Orlando timeshares can't trade back into other Orlando timeshares.

 

[crisi]

One of the posters was right - we didn't buy the Westgate timeshare, it was passed on to us. I tried to look it up online and didn't find much on The Seasons except about four pictures. I'm just afraid I won't be satisfied staying off property and figure that most timeshare companies other than Disney could be a pain to deal with.

And that is why I don't mind that DVC is a leased deed.

We currently enjoy Disney. Will we still enjoy it in 20 years? - I don't know. We may sell by then. By the time our contract expires, I'll need a walker to get around Disney - if I have a few years in my late 70s of having to (gasp!) pay cash for my Disney habit, that's ok.

But I don't know if my kids would even WANT a Disney contract when I die. Will they still enjoy Disney in their own middle age? Will they be able to afford it? Maybe they'll be looking at my DVC like you are looking at your Westgate - "Mom liked this, but I really wish she'd have bought something in Cancun."

I've seen family throw a lot of money at inheriented property they really didn't want but needed to maintain for "sentimental reasons." "We don't use the cabin on the lake right now, we aren't cabin people. But we can't sell it because it was Moms favorite spot and we need to keep it in the family - maybe our kids will want it. In the meantime, we pay taxes on it every year, and we have to pay someone to maintain it." Not burdening my kids with that.

 

[spiceycat]

if you kept Westgate - be sure to check with tug.

Westgate is getting worst and worst. Now they want their members to pay a premier to trade out. that II does not even charge!!!!

these people are horrible. get out of it if you can.

they are one of the worst timeshare companies around.

 

[kdzgon]

I think the RTU vs deeded for life issue is overblown. The truth is there are few timeshare you will want to own when 50 years old, esp Westgate. As for selling Westgate and buying DVC, you're looking at a major price difference. Depending on specifics, you may be looking a only $2-4K to sell a Westgate Orlando 2 BR in May. You can't trade another Orlando resort to DVC directly whether it be Westgate, Marriott, etc. Got to the Timeshare Users group at www.tug2.net for more info on selling and pricing westgate.

Are there any/many timeshares that are over 50 yrs old? I thought the first of them were built in the 60s although their (US) popularity exploded in the late 70s or early 80s, no? I seem to recall my parents' timeshare (purchased around that time) had a limited time of 20 years, but I'm not positive.

 

[Dean]

Are there any/many timeshares that are over 50 yrs old? I thought the first of them were built in the 60s although their (US) popularity exploded in the late 70s or early 80s, no? I seem to recall my parents' timeshare (purchased around that time) had a limited time of 20 years, but I'm not positive.

I don't believe so but I can't think of a single early one I'd want to stay at. The earliest ones were in the last 60's if I've been told correctly. I'm sure there will be exceptions but since most resorts can be bought currently for pennies on the dollar, I think being stuck owning a 50 yr old timeshare is not likely to be a good idea in almost all cases. Even if the resort itself is worthwhile, you can expect the dues to be VERY high compared to much newer options. But the location may be worth it for some though not for most.

 

[kdzgon]

I don't believe so but I can't think of a single early one I'd want to stay at. The earliest ones were in the last 60's if I've been told correctly. I'm sure there will be exceptions but since most resorts can be bought currently for pennies on the dollar, I think being stuck owning a 50 yr old timeshare is not likely to be a good idea in almost all cases. Even if the resort itself is worthwhile, you can expect the dues to be VERY high compared to much newer options. But the location may be worth it for some though not for most.

So how does one "get out from under" a poor timeshare?

I guess what you are saying is one could be stuck with high maintenance costs at a less-than desirable resort? That is a valid point, although I would be very surprised to see this at Disney. Even so, I also believe that even if it were a viable alternative, the price would be much higher for an eternal ownership at DVC, based on other "Disney" premiums. Plus, there is the issue you mentioned re: increasing maintenance costs.

In any event, I am content that while my ownership is "limited", I will likely outlast my own ability to use it and it is long enough that we can offer vacations to our kids, their kids, and even their kids' kids for many years to come. Heck, my "baby" will be in his 70s by then; my stepchildren will be in their 80s. For us, it is a worthwhile value as is, but thanks for pointing out a very good "counter" for when we listen to the relatives tell us it is not a "real" purchase due to the expiration!

 

[Dean]

So how does one "get out from under" a poor timeshare?

It depends on specifics but it's possible to get out from under most now by selling on ebay or other similar places for a minimal amount even as low as $1. And many resorts will let you deed it back to them. And if you just quit paying the fees most will not do anything other than take it back anyway. As for which ones that will be worth owning in 30-40 years from now, hard to say. Even the top Marriott's and DVC may not be though most of us would expect they would. However, that's a long time and a lot could happen in the interim.

The problem most people have in moving poor timeshare ownership is their own pride. They can't get past the idea that something they paid $15000 for might only be worth $2500 or even less and/or they believed the lies the sales people told them about selling later for a profit. They can't believe they made such a poor financial choice so they keep hoping they will get more what THEY think it's worth than what the market tells them and thinking those people making lower offers are trying to take advantage of them. Even with the internet they look at many of the listing prices and think they can actually sell for those inflated numbers. Of course timeshare sales are still a relatively NON liquid market which decreases the chance that a potential buyer and seller will get together. This leads to desperation and the fact that one may be able to buy a timeshare for half what the next person was willing to give. And since that happens routinely, many then wait for those reduced price sales further driving down the market and making the bargain basement sales as the new standard. That's one thing that ROFR tends to prevent if enforced. For DVC and to a degree, Marriott, it acts as a floor for sales as he buyers and sellers figure out what's going on. For Westgate, it simply acts as a barrier to a sale and the potential buyer moves to a different option that is easier to deal with.