Lots of ?'s

[THESCHULTZFIVE]

Ok, let me explain my situation and see if anyone can help me

We are a family of 5(2 adults, 3 kids) and most times my mother trabels with us. So we would be looking at a 2 bdrm. Here are my questions

1. At this time is SSR the only resort available for purchase through Disney?

2. My husband's vacation time varies each year so to be sure that we have enough points to cover whenever he gets it we would need 250-300 pts right?

3. What would be the monthly payment on that?

I'm sorry to ask so many ?'s but I wanna have an idea of what to expect b4 we call the guide. Thanks for your help

 

[calypso*a*go-go]

You can buy any resort you want from DVC but you'll have to go on a waiting list for any resort other than SSR. The length of time on the list is going to vary greatly depending on what resort you want. Also, with some of the current incentives, it might be cheaper to buy SSR right now and have the 12 extra years those contracts include.

You didn't say how long your stays usually are. That makes a huge difference in how many points you would need. Also, do you intend to travel once a year, or more often?

When asking about the monthly payment, were you wanting to know how much maintenance fees are, or an actual "mortgage" payment on the contract?

Standing by, with my two cents ready.

 

[THESCHULTZFIVE]

As far as how long, we usually stay 5 days. and we would be making 1 trip a year. what are the current incentives and with monthly payments I meant the "mortgage". I sooooooo appreciate your 2 cents!!!

 

[todsue99]

Ok, let me explain my situation and see if anyone can help me

We are a family of 5(2 adults, 3 kids) and most times my mother trabels with us. So we would be looking at a 2 bdrm. Here are my questions

1. At this time is SSR the only resort available for purchase through Disney?

Yes. As of right now this is the only place unless you buy resale.

2. My husband's vacation time varies each year so to be sure that we have enough points to cover whenever he gets it we would need 250-300 pts right?

My opinion that would be about the right amount of points for you. Just something to think about.....If you buy 300 you can buy 2 150 point contracts and if you ever decide it is too many you can sell one. I wish I would have done it that way. Not that I want or need to sell any of my points right now, but it would give me options at a later date.
3. What would be the monthly payment on that?

Not sure.

I'm sorry to ask so many ?'s but I wanna have an idea of what to expect b4 we call the guide. Thanks for your help

Don't be afraid to call your guide. They will be able to answer all these question. I called many times before we purchased.

 

[tjkraz]

While you can buy resorts other than SSR from DVC, think pretty carefully before doing so. SSR currently costs $87 per point (and you'll also save on 2005 dues) for 49 years worth of ownership. All of the other resorts will cost you $89 per point, and you only have 37 years left.

If you can afford to buy a resale (meaning you'll have to pay cash or finance it yourself), those older resorts become a lot more economical.

Here's a good thread to read with some pros and cons regarding the selection of your Home resort:

http://www.disboards.com/showthread.php?t=778634

For 300 points, you'll need a down payment of about $3300, cash or credit card. Monthly payments will run about $300 per month for the next 10 years. Dues, based upon today's rate, would be another $100 per month.

If 300 points is a bit too pricey for you now, you could always buy half that and either take shorter trips or just use your DVC every-other-year, banking or borrowing to get you 300 points every two years. If you still want to make annual trips, you could pay cash for a cheaper resort or stay off-site in those odd years.

 

[lllovell]

The nights which you travel will also impact the number of points you need greatly.

If you can travel Sun - Thurs nights, it is only 225 during the most "expensive" season for 5 nights. If you have to add in a couple of weekend nights, it goes up to 325 for 5 nights.

For the less "expensive" season, those same 5 nights will cost you 135 points for Sun - Thurs and 189 points if you use 3 week nights and two weekend nights.

Do you have a points chart? I think there is a link at the top of the page here. Check that out too and see if you might be able to travel at non-peak times which would stretch your investment MUCH farther.

 

[calypso*a*go-go]

tjkraz beat me to the punch.

DVC is very flexible compared to other timeshares. Do your homework and make your decision based on what's best for your family. Don't be afraid to ask lots of questions...we all love to show our DVC expertise on a regular basis.

 

[dizplanner]

The other thing that affects the number of points needed is whether you will be staying Friday and Saturday nights. For example, in Magic season (only Easter and Christmas have higher points) a 5 night stay at the more expensive resorts (BCV, VWL, BWV(preferred)) would take 200 points if Sun-Thurs nights, but if Friday and Saturday are included, a five night stay would be 270 points. Now if you stayed at OKW (lowest points required), you would need 150 to 236 points.

So let's cover your bases and get 270 points. At SSR at the current incentives, I think you can get it for $87 a point ($95 - $8 incentive). So this is $23,490. Now Disney usually want 20% down, but this is off the original amount and the incentive counts as part of the down payment. So you will need $5130 down payment - $2160 incentive = $2970 cash needed. The balance of $20,520 would be financed. I think I read here that 9.75% for 10 years is the going rate (may vary depending on your credit rating). This works out to about $270 a month. In addition you have your dues. I'm assuming $4 a point (although SSR is actually a bit cheaper, but dues go up each year). This is $1080 a year or an additional $90 a month. So assume a total payment of $360 a month for ten years.

Now, if this is more than you can afford, look at reducing the number of points. If you went for the minimum 150, you could make it work if you didn't stay Fri & Sat often, were able to go during Adventure season some of the time and/or stayed at OKW some of the time. You could then add on later when you can afford it. Doing the same numbers on 150 points, I get down payment of $1650 and a total payment of $200 ($150 loan/$50 dues)

If you bought a different resort from Disney (usually requires waitlist), it would cost $89 a point and you would need to come up with the entire down payment. Example, 270 points would require $4806 down and $345 mortgage & dues.

If you decide to get 270 or more points, you might look at getting 150 point and then doing a 120 point add-on. You can get an extra 100 one time use points if you do a 120 point add-on right now. I believe Disney can do the both contracts at the same time. This allows you do sell one or the other if your needs change. Talk to your guide how to maximize the incentives.

DECLAIMER: I do not work for Disney and just ran the numbers using an on-line loan calculator. Use only as ball park numbers - talk to a DVC guide for more exact numbers that fit your situation.

 

[THESCHULTZFIVE]

Man, you all sound like you have a master'd degree in DVC(hey, that rhymes). I think I will call the guide and see what they have to say. This is the biggest "want" we will have ever purchased so I'm on the fence. I want to have no doubts and you all are such a great help to me( I can't imagine my guide being better than this). If there's anything else you think I should not, please post it or send me a pm. Thanks again

 

[DrTomorrow]

Tara,

First, keep asking all the questions you have; yes, we know a little too much about DVC, but we're pretty harmless.

One other point - not sure if it's in the other threads - is that you mentioned that your DH's vacation dates change from year to year. What kind of lead time do you have on each year's dates? DVC is most useful when you can take advantage of the 11 / 7 month priority windows; if you only have a few months notice, then not so much.

Be well!

PS Don't let some of the nit-picky DVC threads alarm you; sometimes we love DVC and WDW so much we lose our sense of perspective.

 

[mjfox]

You might want to think about this...

If you buy a minimum contract of 150 pts. Then buy an add-on contract of 150 pts. you might be able to take advantage of the add-on deals too. (100 bonus pts one time use @ your home resort)

Check with your guide to see if that is possible.

 

[JimMIA]

Several people have mentioned that add-on incentive. Don't think that is insignificant just because the incentive is "one-time" points; it's not.

Let me explain. Say you buy 150 + a 120 add-on as was suggested. In addition to starting out with your 270 points, you get 100 one-time points...so now you have more points than you expect to use your first year. Boom, you bank 100 points!

Now, you have 100 points banked into next year and still have 270 to use this year. For simplicity, let's assume you use exactly 270. (Obviously if you knew you were going to use less than 270, you would have banked more than 100)

Next use year, what do you have? 270 + 100 banked = 370. More than you need? Cool. Bank again.

This process can go on and on, and you could effectively have 100 points that just carry over year after year after year...which you could use for a longer stay, larger accommodations, long weekend, to rent out, or just as a cushion. So don't think of them as one-time points.

BTW, I believe the incentive is 100 bonus points with a 120 point add-on, and 110 bonus with 160 or greater add-on.

 

[THESCHULTZFIVE]

Good point!!

 

[cruise-o-matic]

Several people have mentioned that add-on incentive. Don't think that is insignificant just because the incentive is "one-time" points; it's not.

Let me explain. Say you buy 150 + a 120 add-on as was suggested. In addition to starting out with your 270 points, you get 100 one-time points...so now you have more points than you expect to use your first year. Boom, you bank 100 points!

Now, you have 100 points banked into next year and still have 270 to use this year. For simplicity, let's assume you use exactly 270. (Obviously if you knew you were going to use less than 270, you would have banked more than 100)

Next use year, what do you have? 270 + 100 banked = 370. More than you need? Cool. Bank again.

This process can go on and on, and you could effectively have 100 points that just carry over year after year after year...which you could use for a longer stay, larger accommodations, long weekend, to rent out, or just as a cushion. So don't think of them as one-time points.

BTW, I believe the incentive is 100 bonus points with a 120 point add-on, and 110 bonus with 160 or greater add-on.

If you are planning to buy more than 250 points, this is good advice. Not only do you get the incentive with the "add on" contract, if you ever decide to sell, a smaller contract is easier to sell than a larger one.

Also look at resale too. You can pick up a 100-150 pt contract cheaper than a new SSR one. Once you are on the system, then you can still add on with a SSR. That way you have 2 home resorts, with the 11 month advantage at both (but you'll probably have to bank and/or borrow). One caveat though, it may take 6-10 weeks or longer from start to finish on a resale, so the DVC incentives may be gone by then.

 

[lllovell]

My ONLY regret buying DVC is that I didn't have this "break up your contract" advice before buying 250 points this past year.

I didn't find this board until AFTER I purchased, or I certainly would have known more about the add-on incentives and the resale gains to be had with smaller contracts. Oh well, maybe that add on bug will get me anyway

 

[Cruelladeville]

As mentioned in the first response, you can buy at any of the resorts by getting on the waitlist, but only SSR is offering incentives mentioned by everyone here.

Another way to save points is to start with the 150 pt contract, and plan to pay cash for Friday or Saturday if you are coming in/leaving on the weekend. It might seem dumb to do so, but it's one big way to save those points. DVC members can usually pick up a discount, or you can call the regular CRO number for lots of discounts on the rooms(not at the busiest times of year, though). Using cash for the weekends, and saving the points, is enough to give you a second vacation of 4 nights later in the year.

 

[DE38]

sorry but what does CRO stand for?

 

[meuseman]

CRO = Central Reservations Office