Help! Thinking about purchasing a DVC

[Goofy22]

HI! Me and my sister n law are thinking about going in on a DVC membership! I was wondering if someone could explain how it works and apprx what our payment maybe? We are a family of 5 and she is a family of 4! We want to be able to goto Disney when we want and not worry and have a nice place to stay! Any help would be appreciated! We are going in April 2007 there will be 11 of us! Would it pay to purchase this before then and use it? Help someone please! TY!!

 

[Happy Birthday Cat]

You may want to start by reading the DVC FAQ's right here on the Dis. Here's a Link.

DVC isn't cheap and whether it would "pay" or not really depends on what makes you happy. If you travel to Disney at least every other year and stay in a moderate to deluxe resort, then it will eventually "pay". Unless you do what many of us do and add more trips.

HBC

 

[Granny]

You should also read many of the threads on this board as there are many questions you might not even think to ask.

Also, look at this long thread which has a ton of great info for prospective DVC members... http://disboards.com/showthread.php?t=778634

And here's another link to some good information on DVC... http://www.allearsnet.com/acc/dvc.htm

I'm afraid that DVC is a very complex system and is not easy to explain in one short paragraph. Read, read, read and ask a ton of questions as it is a sizable investment in future vacations. In addition to paying for points, you have annual dues to pay as well.

Let us know if you have any specific questions when you have a grasp of the basics.

 

[KarenCPA]

we are OKW members since 1994. Hands down the best decision we ever made. We are a family of five. k

 

[swissarmyknife]

Whoa Nelly!!!!!! It didn't take long reading your post to be concerned. You ask "How much are the payments?" The payments should be zero because financing isn't recommended for a luxury purchase like DVC. We waited years to save the buy in money and the wait was worth it. Even having DVC paid for the trips still aren't cheap, you have tickets, meals, airfare, etc. It is thousands of dollars a trip.

The other concerning part of your post involves buying in with a relative. This is a recipe for disaster. What hapens when the old family fued starts or you want to take an extra trip or use more points? Buy your own DVC with cash or skip it altogether. The break even tretches far longer when finance charges are factored in. Do you have at least 6 months of savings that can cover your monthly budget? Do you have retiremnet savings, investments, college funds, etc. If the answer is no to any of these you are not DVC ready.

Really think this through. Maybe I'm reading to much into your post but you don't sound like you are anywhere near the decision process.

Good luck with this.


Mary

 

[Chuck S]

Whoa Nelly!!!!!! It didn't take long reading your post to be concerned. You ask "How much are the payments?" The payments should be zero because financing isn't recommended for a luxury purchase like DVC. We waited years to save the buy in money and the wait was worth it. Even having DVC paid for the trips still aren't cheap, you have tickets, meals, airfare, etc. It is thousands of dollars a trip.

The other concerning part of your post involves buying in with a relative. This is a recipe for disaster. What hapens when the old family fued starts or you want to take an extra trip or use more points? Buy your own DVC with cash or skip it altogether. The break even tretches far longer when finance charges are factored in. Do you have at least 6 months of savings that can cover your monthly budget? Do you have retiremnet savings, investments, college funds, etc. If the answer is no to any of these you are not DVC ready.

Really think this through. Maybe I'm reading to much into your post but you don't sound like you are anywhere near the decision process.

Good luck with this.


Mary

Financing a DVC purchase is not necessarily a bad thing, it depends upon the individuals situation. I would not presume to try to judge someones financial worth through a simple question posted on an internet forum site.

To answer the OPs questions...DVC is a timeshare, so your payments would depend upon the number of points you purchase. For a party of 11 people, you would need a grand villa. The largest, and most point value for your points, would be a grand villa at OKW. Depending upon the season, that runs 356 to 654 points for a week. If you plan on vacationing to WDW every other year, that would be a minimum of 178 to 327 points, or at $101 per point $17,978 to $33,027 for the initial purchase, plus annual dues, currently averaging about $4.25 per point (depending upon which resort you want to purchase). Resale options would be less expensive, but these are ball park figures.

For a rough estimate I'd figure whatever your payments would be if you purchase a brand new mid to high end car.

 

[NJDad18]

I would seriously consider you and your sister-in-law buying your own DVC membership. You just never know what is going to happend down the road. What happens if you want to take an additional trip one year and you have to borrow points from the next year, is that going to be a problem.

One thing to consider when going with a large group it's best to get each "family" their own studio. It requires a lot less points. In 2007 we're going down with my brother and his family, my unmarried brother and my parents. It is a total of 10 people (6 adults and 4 kids). We will be getting 3 studios.

Another thing to consider is to plan 2 trips within one year of each other. We are going this August and will use the DVC $100 discount on the annual pass. We will then go back in June of 2007 and we won't have to buy park tickets. An annual pass less the discount does not cost too much more than a weekly hopper pass.

I will say this, that it's the best thing that we ever bought.

 

[crisi]

To answer the OPs questions...DVC is a timeshare, so your payments would depend upon the number of points you purchase. For a party of 11 people, you would need a grand villa. The largest, and most point value for your points, would be a grand villa at OKW. Depending upon the season, that runs 356 to 654 points for a week. If you plan on vacationing to WDW every other year, that would be a minimum of 178 to 327 points, or at $101 per point $17,978 to $33,027 for the initial purchase, plus annual dues, currently averaging about $4.25 per point (depending upon which resort you want to purchase). Resale options would be less expensive, but these are ball park figures.

Or you would get two two bedrooms. You should know that Grand Villas are a high demand item and tend to book early. In fact, DVC is highly flexibile but best suited to planners. It is difficult (or impossible) to get any room on certain nights in October, November and December right now - and it isn't even July yet.

Its also filled with timeshare "rules" - you are getting a good deal on a room, but the trade off is reduced flexibility in cancellations (and some other things like less housekeeping).

Some people buy a smaller contract and then "transfer in" rented points from another member. This can work very well if say YOU buy enough points for your family, but you want to take a family vacation with your SIL every five years.

 

[flechette]

Go ahead and contact Disney and ask for an info pack- they will NOT hound you. You should get 1 phone call confirming you received the package - at that time ask that you not be contacted unless you call/fax first and you're set.

Or if you want to be very nice - ask if anyone here can refer you to their guide-- some states allow a bonus to be paid to existing members for this, so someone will accept/offer I'm sure

I'd also hesitate to go in with your SIL - it just seems like each of you having your own points would elimintae alot of hassle.

My sister and I have come to an agreement about a timeshare she has - I'll pay the dues and II membership fee if I use a week. Right now she'd like to give it to me but she's banked so many years it's just easier right now to leave it in her hands and pay her directly for it. Perhaps you can come to a similiar agreement with your SIL?

 

[havencruiser]

Buy two contracts!!! That's the best piece of advice I have seen here. that way, the contracts can be deeded or willed or sold seperately. It would also be much more helpful in tax benefits to have you each own a contract.

 

[Pluto 2]

i bought in 2000 one of the best things i have ever done. i have never regreted it. i started going to wdw in 1995 i have only missed one year since then. i used to stay in off property than i moved up to the allstars. i always wished i could of stayed in the better resorts but didnt have the money for 200-300 a night, but with dvc i can and dont have to pay those prices.