Is there a "how to buy DVC" thread?

[RadioFanatic]

I may be interested as my family goes annually, but it all seems confusing to me so a "how to" thread would be great - including pitfalls, hidden fees, what are considered best rates, what are the monthly dues, etc. any help would be appreciated. thanks!

 

[YourEveryDayAdam]

There is some pretty good info at http://www.****************/info/

they have point charts, how to's, etc.

IF you have any questions feel free to ask! There aren't really any hidden fees. The only costs are the initial buy-in, closing costs (cheap, comparatively), MFs, and park tickets/food.

If you choose to use points outside of DVC (cruises, RCI, etc.) there is a $95 fee.

 

[Sandisw]

There is a lot of information about there and dvcnews.com has some great information along with what is at this site.

There are two ways to become a DVC member. Buying direct through Disney or through the resale market. There are pros/cons to each.

Resale can be cheaper and you can get contracts at resorts that are considered "sold out" by Disney. You can also become a member with any size contract. You may pay closing costs (some get the sellers to pay) and it will take you between 4 - 8 weeks from offer to close. When buying resale, any contract has to go to Disney as they have ROFR (Right of First Refusal) and can buy the contract if they don't like the terms (ie: price per point too low).

BLT, the newest resort at the Contemporary is only avalable right now through Disney so if you are interested in this resort, you have to go through them. There are closing costs but they are minimal. You can also purchase directly through Disney at SSR and AKL. But the minimum buy in for a new member is currently 160 points.

The time frame going through Disney is much faster and many new members have their "points" available for use within days to book reservations. The cost per point is usually higher, but sometimes the incentives bring it closer to resale, especially if you have the name of a current member as a referral.

Financing is available through Disney (not a great rate)and they do not report it on your credit report.

One of the biggest things to decide is where you want to buy points, your "home resort". DVC members who own at a resort get to book trips 8 - 11 months in advance. Once you hit the 7 month mark, any DVC owner can book at any of the DVC resorts. If you have a preference as to where you want to stay and can book during that 8 - 11 month time frame, then it is important to buy points where you want to stay.

If you llike to resort hop or really don't have a preference, then home resort is not that important. For me, I wanted BLT and only bought in to DVC because of it. The price I paid was more ($112.00 per point - $5.00 per point incentive) but worth it for me.

However, right now, SSR is selling for a great price on the resale market. It doesn't expire until 2054 (most others expire in 2042, except AKL and extended OKW in 2057 and BLT in 2060) so it is a great value.

When buying points, you will have a UY. This is when you get your yearly allotment of points. Since you can bank points during the first 8 months of your UY, you want to choose one that falls just before your typical travel dates.

Hope this helps a little-at least, to spark questions that the rest of us can answer for you!!!!

 

[WALTSAGOD]

Lots of GREAT info on this board, with many, many pages of older threads that you can search for. Ask a question and it usually gets answered VERY quickly.

 

[JimMIA]

Here's one of those old threads, started several years ago. Four years ago, actually -- my, how time flies!

Anyway, one of the best things about the thread is that many experienced DVC folks added their input, so you'll get a lot of different perspectives. Keep in mind that the thread is 4 years old, so obviously the numbers have changed dramatically. But there are still a lot of valid points.

Advice for prospective DVC buyers

 

[JimMIA]

Right now, in the current environment, I think I would stress two things to prospective buyers.

One -- don't even think about buying DVC unless you are certain your job is going to be stable for the next 3-5 years. Considering the mess the economy is in, it would just be foolish to get involved in a luxury purchase like DVC unless your income is very secure.

I am not one who is "wise" enough to determine whether a particular family should finance or not, but I will say that the above goes double if you are going to finance. If your job is not really solid, financing just multiplies the risk. If your income is disrupted, you not only have an expensive luxury timeshare, you have a mortgage payment on that expensive luxury timeshare!

Two -- unless there is something very specific that you simply MUST have, I'd sure seriously consider resale. The discounts available via resale are very good right now. Buying resale will require going to school a bit, but you're going to be doing that anyway.