kahluacream said:
With the current incentives, DH and I are excited about the possibility of buying into
DVC.
First of all...take a deep breath, relax. You have much to learn, so take your time and do a LOT of research.
What if...
You have to cancel a DVC reservation at the last minute? Do you lose all of the points allotted for that stay? If so, how far in advance can you cancel w/out penalty?
These are more complicated questions than they appear. The only time you lose all of the points for that ressie is if you don't show up at all.
The latest you can cancel without penalty is 31 days ahead of arrival.
However...from there it gets complicated, and if I make a mistake I hope someone will correct it.
If you cancel 30 days or less out, your points go into "holding account," which means you can only make reservations 60 days in advance -- a major difficulty for most people.
If you make a reservation for a non-DVC property (e.g. Grand Floridian) and cancel that (no matter when), those points become "reservation points" and can only be used for other non-DVC ressies. You can't use those points for DVC.
If you cancel near the end of your "use year," you could have points which will expire before you can use them. In the same way, a cancellation could come after a banking deadline and you might not be able to bank the points forward into your next use year.
There's more, but those are the basics.
How difficult is it to switch a reservation once made? If we buy into SSR and secure a spot for Christmas week there 11 months out; could we then call at the 7 month mark to switch that ressie for another DVC resort?
Not difficult at all; everybody does that. You may get the ressie you want; you may not. But either way, you're covered.
Any other advice for a DVC newbie would also be appreciated.
TIA!!!
Read everything you can find...especially here...and ask a lot of questions. DVC has tremendous flexibility, but the aspects of it which create flexibility also make it very complicated. Don't stop asking questions on a topic until you are completely sure you understand it.
At a minimum, you need to understand: how the points work, what you can do with them (e.g. banking and borrowing), what you can't do with them (reversing banking/borrowing transactions), use year, banking deadlines, cancellation policies, etc, etc.
There are a lot of benefits and perks of DVC ownership -- ignore them. They come and go, so don't consider them in making a purchase decision.
I do not consider DVC an investment. I consider it a long-term vehicle to lock in vacation costs. I would never consider the possibility of making any money on DVC, although many who bought in on the ground floor have.
I'd encourage you to think long-term -- not just about this year and next. It's a big decision, so take your time.
