HELP! I’m having DVC buyer’s remorse

[pgp1206]

I’m 53 and my husband is 59. We both have retirement on our minds. We are doing a kot of home improvements so that when we sell, we get the most out of our investment. We are also saving for our daughter’s wedding.

I wish that we invested in DVC 15 years ago. We would have made the most of it then passed it on to our daughter when we could no longer use it.

I have so many other priorities financially, it would not be wise for me to invest in DVC now.

I don’t know what your financial situation is, how close you are to retirement you are, etc. I would try to consider what you can really afford and still have money for emergencies and a comfortable retirement. If you have plenty of expendable cash, I think your child/children would enjoy taking it over when you can no longer enjoy it. If it would be a burden, cancel it.

We are actually in a similar situation. We are self employed, so we don’t have anything stashed for retirement. Our youngest of five children is graduating from high school and about to start college. We also have a lot of home improvements to do to our house. I guess I know in my heart thatwe can’t really afford this, but we love our Disney vacations and we try to go every year or two. Working long hours from home, we really enjoy getting away now and then. Thanks for your input.

 

[Hopefully]

My husband and I bought in our late 50’s too. He is now 70 and I am 69 and we still love our DVC. My only regret is that we did not buy 10 years sooner.

 

[sndral]

We are actually in a similar situation. We are self employed, so we don’t have anything stashed for retirement. Our youngest of five children is graduating from high school and about to start college. We also have a lot of home improvements to do to our house. I guess I know in my heart thatwe can’t really afford this, but we love our Disney vacations and we try to go every year or two. Working long hours from home, we really enjoy getting away now and then. Thanks for your input.

The expense of DVC isn’t just the purchase price, I assume you paid cash for those 150 points, but going forward you’ll have MFs to pay right after Christmas every year (or monthly) which go up every year plus the cost of park tickets which also jump every year plus transportation costs to get there and the cost of food once there.

 

[sgrap]

I would cancel and buy a resale contract! We wish we would have bought in earlier as well. But resale will save you so much money and you will still have many years to enjoy it.

 

[Deb & Bill]

If you have any regrets rescind now. You can always call them back in a few days or weeks or months if you decide to change your mind again. You would also have some time to read about it all and find out more about resales. You could spend less on a Boulder Ridge resale and own it for only 25 more years left on the contract if you like Wilderness Lodge area.

 

[GGGT]

.............. so we don’t have anything stashed for retirement.,,,,,,,,,,,

This alone would make me cancel. Good luck with your decision.

 

[lovin'fl]

Well the good thing is that if OP keeps the contract and 10 years down the line they need money for retirement, they can resell the contract. DVC is one of, if not THE only, timeshare that holds value pretty decently.

 

[hcortesis]

Old Chinese proverb says "The best time to plant a tree is 20 years ago. The second best time is now". Buy in, enjoy it for 10, 15 or 20 years, then pass it over to your children. Maybe they'll even invite you back for a trip or two!

 

[rg35]

FWIW, my grandparents bought around your age back when DVC started and it was great for them (and the entire family).

However, both were able to look forward to city pensions and a comfortable retirement. Given that you are having remorse and with your statement about being self employed and not having anything stashed for retirement, I have a lot of concerns about your ability to truly afford DVC. Even if you're self employed, there will come a time when you won't be able to work anymore. Given that, I don't know if the initial cash outlay + yearly maintenance is the right choice.

You also said you could leave DVC to your kids, but that brings with it its own set of complexity. If you have a single contract, you can't split that amongst multiple children. Maybe your kids won't want DVC, or maybe they wouldn't be able to afford the yearly dues.

In any case, my recommendation would be that you rescind your purchase today and reconsider. DVC will always be there should you change your mind after more thought. Making a decision like this while on vacation and while "in the bubble" is exactly what DVC banks on, because people are vulnerable and not in the right mindset for making decisions about these things.

 

[DSLRuser]

. Any advice?

i will buy your 150 points tomorrow @ $125 a point, no questions asked

 

[Marionnette]

We are actually in a similar situation. We are self employed, so we don’t have anything stashed for retirement. Our youngest of five children is graduating from high school and about to start college. We also have a lot of home improvements to do to our house. I guess I know in my heart thatwe can’t really afford this, but we love our Disney vacations and we try to go every year or two. Working long hours from home, we really enjoy getting away now and then. Thanks for your input.

I think this says it all. Cancel the sale NOW!!!! Take the time to re-evaluate what buying into DVC will cost in the long run. As others have pointed out, DVC will not only cost you while paying on the mortgage, you will have annual dues to pay (and they will go up every year) plus the cost of Disney vacations. CCV isn't going anywhere. Take the time to rub the pixie dust out of your eyes and give yourself some breathing space.

 

[ziravan]

Just to make sure, and I know you mentioned it, Florida Timeshare law requires them to allow you 10 days to rescind (cancel) your contract. It’s not a nice gesture on their part; it’s the law.

(It's the law precisely because people buy in a huff of pixie dust and have second thoughts on what is a very expensive product. It’s been a big enough issue with timeshares generally in the past that most state governments have a rescission law to give consumers a small amount of protection.)

You can do this by mail, I would do so certified, and the instructions on how to do so are required to be in your paperwork. I would have everybody listed as an owner sign and send a copy of the first page of your contract with it.

After 10 days, done. There’s a loudly ticking clock here. After 10 days, DVC (and every other timeshare on the planet) will hold you to your contract. (10 days by Florida Law. Some states are less.)

(Mainly I wrote this post not for OP who probably knows this, but people in similar situations reading along. Most times this comes up, posters stress the 10 day limit. Since OP mentioned it first, it wasn’t stressed in the cancel advice and I didn’t want it to get lost from the message.)

 

[miTnosnhoJ]

You will get papers to sign in the mail. If I recall correctly, the 10 days starts then. You don’t have to decide until within 10 days of when you receive the actual contracts. They will overnight them, so they know when the clock starts.

 

[KAT4DISNEY]

You will get papers to sign in the mail. If I recall correctly, the 10 days starts then. You don’t have to decide until within 10 days of when you receive the actual contracts. They will overnight them, so they know when the clock starts.

My impression is that they signed the paperwork while on vacation at WDW so the clock started then.

 

[pgp1206]

You will get papers to sign in the mail. If I recall correctly, the 10 days starts then. You don’t have to decide until within 10 days of when you receive the actual contracts. They will overnight them, so they know when the clock starts.

We actually signed the papers when we were there so my time is up in a couple of days.

 

[disneynutz]

Pretty sure that it's 10 days from the signing date.

Bill

 

[pgp1206]

With heavy heart I cancelled the contract but I’m hoping to snatch something in the resale market at a later date. Thanks for all the great advice.

 

[Bing Showei]

With heavy heart I cancelled the contract but I’m hoping to snatch something in the resale market at a later date. Thanks for all the great advice.

It'll always be there waiting for you the moment you decide you're ready.

 

[bobbiwoz]

With heavy heart I cancelled the contract but I’m hoping to snatch something in the resale market at a later date. Thanks for all the great advice.

In view of your stated circumstances, that’s probably the best.

 

[Dean]

we can’t really afford this

To me, this says it all.