Hi - Closing costs help?

[catlady10]

Hi there,

Hubby and I are looking into buying DVC this year. We currently can't agree about where to buy, but narrowing it down to Wilderness lodge (his choice!) and AkL (my choice!).

Therefore if we decide on WL then we will be looking at resale and I know we have to pay closing costs. However, if we buy AK we will buy direct from disney in Aug when we go on holiday (vacation!), but I can't find out if we will have to pay closing with Disney or not? We did the tour in 2006 and I'm sure we were told we would pay around $75 for exchange or something, (we are from the uk), but no closing costs, am I correct? Also, can we put the cost on our credit card until we get home?

We are looking to buy around 250 points. Also, if we buy in Aug does that mean our use year is Aug, or can we choose an earlier one? We will have to go in Aug for a while yet as we can only go in the kids school hols. Would a UY of Aug be a problem?

Many thanks, I'm learning lots from this site!

 

[Claire L]

You can pay by CC no problem, we did all of our transactions that way.

As for UY no it depends on what they have for sale AKL will have most UY's but VWL will depend on what is about in resale.

If you have kids and will be mainly going in the summer months then choosing a UY just prior to your holiday sounds a good idea, I think a June UY may work best incase you want to go late July.

I don't think we paid closing costs as it was direct with Disney. You can start to buy now if you want if you have the money available as the excahnge rate is still good.

Claire

 

[catlady10]

Thanks Claire for your help.

There is so much info to take in! i've had to work really hard on my hubby to win him over to DVC

It just makes sense to me, we go every other year, stay on site in a deluxe resort, but now the kids are older find a hotel room too small! So we have been staying at SSR (1 bed) paying cash through Disney which is so expensive

We tried a villa in 2006 and hubby hated it!! Having paid out again for this Aug at SSR I think he finally agreed that DVC is the way to go

Just need to agree where to buy now!! AKL is my fav resort, wheras WL is his so, we may end up buying half at each, although I'm worried that will be complicated! Or I could just give in

Kate

 

[Claire L]

If you only go everyother year with banking and borrowing you could split the contract in two and alternate each visit, but be aware of the 11 and 7 month rules. Plus with AKV in the new Kidani village all 1 beds will have two bathrooms, handy for the kids to have their own bathroom

Claire

 

[Claire L]

BTW if using a CC make sure it has a zero transaction fee for foreign currency such as Nationwide

Claire

 

[vicki_c]

As far as I know, for all new contracts direct through Disney, you have to pay the closing costs. Our guide told us that was new this year when we purchased in February. Add-on contracts through Disney have the closing costs paid by DVC.

 

[Chuck S]

That is true, and fairly new, if you ar a new member, you will pay closing costs. Once you are a member, if you add onto a membership, closing costs are waived.

 

[Magic08]

We were told by our guide the closing costs will be $324.

 

[Magic08]

Sorry, wasn't quite finished! We also were told they are selling a UY of June for AKV with the developer points, plus your June 08 points for AKV.

 

[catlady10]

Thanks for that!

It's a shame Disney are charging the closing costs now, knew we should have bought in 2006!!

Do the costs vary according to the amount you buy or is it always $324??

 

[Claire L]

Thanks for that!

It's a shame Disney are charging the closing costs now, knew we should have bought in 2006!!

Do the costs vary according to the amount you buy or is it always $324??

I think it is always $324. But the exchange rate is so much better now than 2006

Claire

 

[Dodie]

We just bought 160 VWL directly from Disney. They "threw in" the 2007 points. Our use year is September, so we'll receive 160 more in September 2008. We did not pay any closing costs.

The cost per point was more than a resale, but...
1. We got the extra 160 points
2. We don't have to wait for the deal to clear Disney's right of refusal process
3. We were able to book our first trip immediately
4. We didn't pay closing costs

 

[catlady10]

Hi Dodie,

Thanks for the information. Do you mind me asking;

1, Did you contact a guide direct, and would we be able to ask about WL when we do the tour in Aug, rather than ring form the uk? I didn't know you could still buy WL direct from Disney, thought you could only add on points?

2, Did you already have a DVC contract so these point were add ons?

3, Being very cheeky may I ask how much the points were? You can PM if you would prefer not to post!


I'm really confused about the closing costs as i've seen some who haven't paid and some who have?? May-be I'll just have to wait to do the tour again when we are over, and find out. Could be a negotiation point I guess?

Thanks again
Kate

 

[DVC Mike]

I didn't know you could still buy WL direct from Disney, thought you could only add on points?

may I ask how much the points were?

You can do your initial purchase into any of the 8 existing DVC resorts, and not just the ones they are actively marketing to new buyers. If you don’t want the resorts they are currently selling (AKV/SSR), you may have to do some firm talking to a guide to convince them you really want an older resort.

Current Cost per point:

AKV = $104 - $8 incentive = $96
SSR = $104 - $10 incentive = $94
BCV = $104
BWV = $104
VWL = $101
OKW = $101
HHI = $87 if min 50 points; otherwise $92
VB = $87 if min 50 points; otherwise $92

 

[Caskbill]

If you are not a current DVC owner, then if you purchase through Disney, the minimum is 160 points, and you pay a portion of the closing costs. DVC subsidizes part of the costs. As mentioned, you pay in the $300 range.

If you are already an owner, and you purchase additional points as an Add-On, you do not pay any closing costs, no matter how many points you purchase.

However, if you purchase a different use year month, it's treated as a new membership (not an add-on), and the 160 point minimum applies, as well as the closing costs.

If you purchase resale, closing cost are negotiable between you and the seller, but most likely you'll pay all the closing costs (one way or another...)