Is anyone afraid they will have to sell their dvc in this economy?

[aes74]

I will spare you the details, but our family has been hit hard by the economy. My husband is barely bringing in any income. He has a plan for the future, but getting there will be difficult. We are trying to get out of any debt possible, selling what we can, shaving off expenses, etc. My husband has mentioned selling our DVC as one less payment. I don't want to be selfish and cause our family to suffer in order to keep it, but the thought of selling it makes my heart ache. It brings our family so much joy. It's such a great way to get away from our problems. Since we live in Florida, we are able to drive there, and due to money issues it's been awhile since we purchased tickets to go in the parks. We've basically just been enjoying the resorts, downtown disney, etc.

Can anyone else relate?

 

[Chuck S]

You could try renting out your points, that would at least cover the dues payments. Hopefully, things will get better for your family. Housing permits are increasing in number, so the economy should start improving a little...but it will still be slow going for awhile.

 

[lisah0711]

Sorry to hear of your troubles. I think that it is difficult to find anyone who hasn't been adversely affected one way or another by the bad economic news. Just like the purchase of a DVC is one that is personal to your particular family and situation, so would be the sale. Only you and your DH know whether this is the time to sell or not.

I think that your point about it bringing your family joy and having a chance to get away from your everyday problems is an excellent one. Having future plans for your family is great but I personally don't let future plans interfere with enjoying today's priorities because who knows whether you will be there to enjoy the future you sacrificed for?

Good luck with your decision and some pixie dust for you that things improve soon!

 

[wildernessDad]

I suggest renting your points. It will pay for your dues and you'll probably have some money left over. Do this until the economy shifts in a positive direction and your situation is stable.

 

[aes74]

I know this sounds silly, but I had not even thought about renting pts as we've never done it before...I will check into it right away. Thanks for the advice!!

I am trying to make a true effort to remember to enjoy life and my family even during stressful times. I totally agree with you about that. Thanks for the reminder!

And p.s....wilderness dad, I love your moose e moose avatar! very cool!

 

[La2kw]

I think your husband has the right idea. If things were that bad for us, I wouldn't hesitate to sell. As much as we love WDW and our DVC, they are luxury items. I think selling would eliminate some stress in your lives, especially since you can't even afford to buy tickets to the parks. You live in Florida, so you could visit WDW pretty often without using DVC points. Wouldn't it be better to buy AP's and make WDW a day trip from Tampa? You could also stay in a motel offsite occasionally which would probably be cheaper than DVC. You could still visit the resorts as often as you like. Wouldn't it be worth it to sell so your family could be a bit more comfortable in daily life?

 

[DVC-Don]

We've discussed selling now that our kids 529 plans have tanked.

 

[maburke]

I know this sounds silly, but I had not even thought about renting pts as we've never done it before...I will check into it right away. Thanks for the advice!!

Absolutely you should think about renting rather than selling. It's a tough time to sell, especially SSR, you would get less money for it than 2 years ago or probably 2 years from now. If renting can help with the current cash crunch, go for it.

Good luck!

 

[redrosesix]

Although we're doing ok here right now, I live in an area that has been through a lot of economic downturns in the past couple of decades, so I think it's pretty easy for me to tell you that you should really consider selling your DVC. If it was a family cottage or something else completely unique, I would probably give you different advice. Your points don't get you the same unit every time you visit and it is not impossible for you to buy points again when your finances improve. Since you stated that you have already stopped buying park tickets, it's obvious that you can no longer enjoy it in the same way as you did when you purchased them.

You could look at it as taking a break from WDW to try different kinds of vacations. For example, when I was in grad school we started doing wilderness camping. That may not be for you, but I can tell you it was cheap! But the interesting thing is that it became one of our favourite things to do.

Good luck to you. I know it's hard right now, but you will weather this storm.

 

[pickles]

I was in your position a year ago. we did sell our contract, and I regreted it and hated it. (It sold like 2 months after we really needed the money) Fast forward almost a year later, I had some money left over from the sale, and paid cash and bought a 50pt contract at OKW and then this year added on 2 more small contracts thru disney(financed). I did it in 2 contracts so if i was in that position again I would have to sell everything, and I also did it so I could hopefully pay a contract off quicker. Not my goal to have it financed forever.

My advice is to rent your points if you can..is your contracted financed or owned? If owned then try and salvage it, no trips for awhile, rent your points out and re evaluate your position again in a year or so

 

[aes74]

We are in the beginning stages of this decision, so we are just beginning to consider many of the questions being asked. One big concern of ours is, if we sell it, will it sell for much less than what we owe?

My husband's thought is: sell now, and then down the road when things are better we can always buy in again.

As Florida residents, we have usually purchased tickets (like season passes) at pretty good prices. We aren't putting money towards tickets right now so we can pay off our credit card first, etc. But we still have really enjoyed going. And yes, you're right, w/ being so close to the parks it's not like we have to plan a year ahead for a vacation there for the most part (unless it;s thanksgiving or something), and it's pretty easy for us to go. But parks or no parks, it's been a joy.

As I said, we are just beginning to talk about the ramifications of it all. And our different options. But if all roads point toward selling, of course I would do that without a doubt. But if we can avoid it, I would love to do that instead.

 

[dgaston]

SSR is selling for as little as $69 and $71 asking prices at the Timeshare Store. Since you probably paid at least $85 per point, I would agree with those who suggested renting points.

And you can use Priceline to get some off-site properties for an occasional trip.

 

[MamaCrush]

We are in the beginning stages of this decision, so we are just beginning to consider many of the questions being asked. One big concern of ours is, if we sell it, will it sell for much less than what we owe?

My husband's thought is: sell now, and then down the road when things are better we can always buy in again.

As Florida residents, we have usually purchased tickets (like season passes) at pretty good prices. We aren't putting money towards tickets right now so we can pay off our credit card first, etc. But we still have really enjoyed going. And yes, you're right, w/ being so close to the parks it's not like we have to plan a year ahead for a vacation there for the most part (unless it;s thanksgiving or something), and it's pretty easy for us to go. But parks or no parks, it's been a joy.

As I said, we are just beginning to talk about the ramifications of it all. And our different options. But if all roads point toward selling, of course I would do that without a doubt. But if we can avoid it, I would love to do that instead.

I think renting is the way to go, and holding onto it as long as you can. I don't believe it's a guarantee that you will get your money out of it if you sell. And, as you've said there are plans in place for the future, you will have locked in a large chunk of your vacation costs (lodging) so theoretically you will be paying future vacations having spent prior years' money at prior years' cost. But of course, do what you need to do to get your family through these times. If it comes to paying your mortgage or the DVC, then it's obvious the choice you need to make. But like another poster said, buying into DVC took a lot of thought and consideration, and that's also true for the flipside. Good luck with your decision!

 

[disneychic]

I agree with dgaston, resale values are so low right now, try to rent your points out first. Good luck to you, I hope it works out the way you want.

 

[JimMIA]

None of us know what's best for your family, because we don't know your financial situation.

If you paid cash for DVC, and are getting by financially (although with some difficulty), I'm sure you can rent your points for enough money to cover your annual dues until things pick up. So renting would be one option in that case.

It might not be the best option, however. Even if you sold at a big loss, if you don't owe anything on your DVC you would still walk away with a pretty big pile of cash. Depending on your situation, that might be worth more to your family in the long run than the DVC vacations. Eliminating some other debt - in the long run - might contribute more to your family's overall happiness.

(As much as we all enjoy DVC, hopefully we're adult enough to realize that DVC is not the only way to visit WDW...right?) eek:)

OTOH, if you financed, you may not be able to rent your points for enough to cover both your dues and the mortgage payments. Not only that -- you might not be able to recover enough to pay off the loan if you sell. Depending on how much you owe, you might sell and still owe Disney money.

You really need to take your time, continue doing the calm, sensible research you are already doing, and then make the best overall decision for your family.

Good luck, and we're all rooting for you!

 

[littlestar]

You've got an advantage most of us don't have - you're a Florida resident! So if you really need the money, I'd try to sell it and use the other discounts you are entitled to as a Florida resident. You can always buy in again later when your situation improves.

 

[jekjones1558]

I don't have any advice, only best wishes. We are not able to travel right now and DH has suggested we might want to sell one of our add-ons. It made me physically sick when he said it, so I know that there are emotions wrapped up with this decision. We ended up renting some points this year and hoping that next year health issues will be better. Renting may not be the best option for you, so I am just sending you

 

[SLM]

Whatever you decide, hope things turn around for you soon. I know it must be a tough decision to make. Best wishes to you and your family.

 

[Kelblum]

So sorry to hear about what you are going through! I am dying to buy a DVC, but I am a Realtor and since the market is not doing too good, we can't buy yet.

Hang in there and good luck!

 

[quentina]

I will spare you the details, but our family has been hit hard by the economy. My husband is barely bringing in any income. He has a plan for the future, but getting there will be difficult. We are trying to get out of any debt possible, selling what we can, shaving off expenses, etc. My husband has mentioned selling our DVC as one less payment. I don't want to be selfish and cause our family to suffer in order to keep it, but the thought of selling it makes my heart ache. It brings our family so much joy. It's such a great way to get away from our problems. Since we live in Florida, we are able to drive there, and due to money issues it's been awhile since we purchased tickets to go in the parks. We've basically just been enjoying the resorts, downtown disney, etc.

Can anyone else relate?

If you financed through Disney, call them and explain situation. There have been postings of people reporting that they could defer payments for 6 months. They also said that you cannot use the membership during the deferment however, it would still be yours.