Making decision TOMORROW regarding a small DVC resale

[thelionqueen]

I've been wanting to buy DVC FOREVER!! I almost bought at SSR direct from Disney, but got cold feet having to finance. I've always wanted our home resort to be OKW, it is our absolute favorite so I've been watching.

We've got a 30 point contract with 07' points coming later this year at our beloved OKW. Problem is, we've already got a 2 week vacation coming up that is costing a pretty penny and I would really choose to buy later. However, these contracts don't come up too often.

I am conflicted. If we do buy now, we would save on annual passes for our upcoming trip which is around $300 (correct me if I'm wrong), we would have 07' & 08' points for a trip next year, and we would own the points outright with no contract, we'd be DVC members (FINALLY) and able to add on a little at a time without financing. Those are the positives.

The negatives is that we are kind of in a bind at present but will not be by the time closing comes around. I guess I'm just wondering what to do. I'm REALLY leaning towards just "going for it" and making the offer tomorrow, but I'm so confused

PLEASE help me decide..whatever you choose to post would be most welcomed. I keep thinking of going to OKW and having them say "Welcome Home" as an actual member and not a renter...AHH...HEAVEN

 

[CPTJAK]

Sounds like it is an emotional buy. Only you can make the decision. If you can buy it without finacing the purchase than I would say go ahead.

I would think a 30 point contract would be around 2400 plus closing costs of 400 so..2800. your annual dues of around $130.

Let us know what happens and good luck

 

[3DisneyKids]

I am somone on these boards who is a staunch "don't finance" it person. However, I think I would make an exception in your case. You stated that you would initially be in a bind, but not by closing time. This is such a short time, I think it would be ok.

You are right...these are hard to come by, and when the right one pops up, you need to jump. On the other hand, new stuff comes on the market all the time. There WILL be other contracts.

You will save $100 per adult on APS and I am not sure of the kid savings, but I think it is also $100 off. And yes, you would then be IN and could add on little 25-pointers whenever the cash was available until you reach your goal.

Good luck and let us know when we can welcome you home!

 

[kend58]

snip: We've got a 30 point contract with 07' points coming later this year at our beloved OKW. :snip

snip: I am conflicted. If we do buy now, we would save on annual passes for our upcoming trip which is around $300 (correct me if I'm wrong), we would have 07' & 08' points for a trip next year, and we would own the points outright with no contract, we'd be DVC members (FINALLY) and able to add on a little at a time without financing. Those are the positives.

The negatives is that we are kind of in a bind at present but will not be by the time closing comes around. I guess I'm just wondering what to do. I'm REALLY leaning towards just "going for it" and making the offer tomorrow, but I'm so confused :Snip

I am also waiting on the "perfect" small resale contract (have had two sellers decline my offer so far and I was offered what they were asking both times weird) and understand your desire to take one that is in front of you at the Home resort you want, for the number of points you want/can afford, with the UY you want. I believe in paying in full and have the money in the vacation bank account to do mine that way (unfortunatley not the biggger ones that are readily available without raiding other bank accts ... why did we have these kids so close togther do they both really need cars and college degrees I want my DVC!!

I would ordinarily advise against financing a vacation purchase. This purchase is a luxury and has future possible savings but no current positive cash flow. Since you indicate the bind is only now and will clear up before closing (I assume a couple of months away at most) would the fiancing be strictly interim (i.e 2 to 6 months or less). Then the AP DVC discount savings will offset the financing costs so go ahead. Financing for longer term ... I am still waiting and can only advice others to do the same.

 

[rkandmjsmommy]

GO FOR IT!!!!!!!!!!!!!!

We bought DVC at a time when we were also in a bind. I was just staring my 3rd semester of nursing school and had no idea what the next 2 semesters would bring, We took the plunge and went for a 100 pt contract at BCV and have NEVER regretted it! I graduated and am now working and LOVE my Disney vacations, best decision we made. We too were financlly scared but it all worked out and I hope to add on soon

 

[thelionqueen]

Thank you all for the GREAT advice..Just what I was looking for

SO.....I DID IT!! DH said.."not right now, there will be another contract, yada, yada, yada...but I took the plunge and he is now excited too

We offered $84 per point ($4 over asking price) offered to pay half 07' dues. With closing costs and seller paying half (they offered) the total price is $2685.

Now to see if Disney exercises ROFR only time will tell. I can save the total amount in less than 2 weeks anyway, so I fell great about the decision, and I cannot wait to hear.."you've passed ROFR" and "Welcome Home"

Thanks so much for the valuable advice, I feel GREAT!!!