Help me through this!

[Marv_barr]

We are in the middle of purchasing our 1st contact. We went down to Vero last year and fell in love with the resort. We drive down from Canada and have stayed at multiple DVC resorts at WDW but Vero really is tugging on our hearts.

So I have 2 questions I was looking for some help on.

1.)Contract is Feb @ Vero for 150 points at $55/point. It is a striped contact but that doesn't bother us. We would be paying cash to cover the cost of the contract. We are looking to go once a year or every other year. We love the one bedrooms over the studios. Minus the high maintenances fees what is the drawback? The 2042 contract expires while we are in are early 60's. I figure if we love it we can always add on at a different resort.

Any insight would be appreciated.

2.) Is it recommend to put my kids names on the deed DD is 7 and DS is 5 ?

TIA

 

[bumbershoot]

Is it recommend to put my kids names on the deed DD is 7 and DS is 5 ?

No. I don’t think you actually *can*.

But even once they are adults you’ll want to take things slow. They might be atrocious with money, and suddenly your Dvc is an asset in their bankruptcy court. Or they might marry someone then divorce, and again the deed would be a contested asset.

Minus the high maintenances fees what is the drawback?

The high fees are the drawback. And if a big storm comes through it’ll close. And I believe they *could* invoice for even more beyond the dues, if there was serious storm damage.

 

[kniquy]

Minus the high maintenances fees what is the drawback? The 2042 contract expires while we are in are early 60's. I figure if we love it we can always add on at a different resort.

Any insight would be appreciated.

2.) Is it recommend to put my kids names on the deed DD is 7 and DS is 5 ?

The issue is the high fees and the bigger risk is if they are hit by a bad hurricane it can skyrocket the MF to help with repairs from a storm.

The MF of a contract is the what you end up paying more of over the life of the contract. More than your initial buy in -- this goes for all resorts.

If you do just a simple spreadsheet you could see how those MF add up over time.

I have been tracking 7 month availability at all resorts. i have been doing this since April of last year and there has not been any time where there is not any availability issues at Vero. It is always open at 7 months.

As for #2 -- you can not put minors on the deed. Only once they are 18 could they be added and even at that there are many negatives to putting children on a deed/contract.

I'll just tell you my situation. We do own on property but had considered added on at HHI, also a "cheap" buy in but high MF. Thankfully there were people here on this board who had me look at it differently. I could rent a house at HHI for significantly less than i would be paying for yearly MF. So why would I want to buy in to essentially pay more? Thankfully i didn't buy in when i did because that next year was when they were hit with a hurricane and the MF jump because of a special assessment for storm damage.

 

[Marv_barr]

Thanks for the feed back. I really appreciate it

 

[disneynutz]

While VB is a nice resort, I don't know if buying there makes much sense. I'm sure you can find other beach places to stay cheaper. The benefit of owning DVC is staying at the parks in a deluxe resort at a discounted price.

Bill

 

[Lumpy1106]

The MF of a contract is the what you end up paying more of over the life of the contract. More than your initial buy in -- this goes for all resorts.

If you do just a simple spreadsheet you could see how those MF add up over time.

I have been tracking 7 month availability at all resorts. i have been doing this since April of last year and there has not been any time where there is not any availability issues at Vero. It is always open at 7 months.

^ THIS. In your situation I would buy in at Saratoga. You will get more years on the contract, it will be more affordable in the long run, and you will have 11 month availability @ WDW should you decide to change plans and go there instead.

 

[Frederic Civish]

The issue is the high fees and the bigger risk is if they are hit by a bad hurricane it can skyrocket the MF to help with repairs from a storm.

I keep hearing that a hurricane will wipe it out. Doesn't Disney carry hurricane insurance? Or are they 'self insured?'

 

[CarolMN]

I keep hearing that a hurricane will wipe it out. Doesn't Disney carry hurricane insurance? Or are they 'self insured?'

We members carry insurance (see your resort budget). I believe the deductible is quite high however. (which makes sense to me). The insurance category includes insurance premiums for property coverage, general liability, workers’ compensation, crime and Director’s and Officer’s liability.

 

[disneynutz]

Last I heard HH and VB had insurance claims recently. Disney loaned the deductible money to the DVC owners there and they are paying a surcharge to pay back Disney.

Bill

 

[MB_01]

Last I heard HH and VB had insurance claims recently. Disney loaned the deductible money to the DVC owners there and they are paying a surcharge to pay back Disney.

Bill

I wonder what kinda interest rate they got??