newbie Q-what do you lok for in evaluating a resale purchase

[TigerLaw]

There are SO many properties being listed, I just wanted to make sure I was factoring all the right issues in when and if I decide to purchase beyond the basics (points, use year, etc) so if anyone has some suggestions or other things to look for, I would appreciate it!

 

[Granny]

I'm sure you'll get plenty of tips. Here's mine (we bought one resale).

#1. Buy where you want to stay the most. It's important, because of the 11 month booking advantage at your home resort vs the 7 month at other DVC resorts. If you're not sure where you want to stay the most, then ask questions here to see which one fits you and (possibly) your family the best.

#2. Once you've finished with #1 above, you'll find that the number of resales is now a much more manageable number. So the second part is....determine how many points you think you'll need. Use the points calculator here to figure out what it will cost in points to make your "usual" vacation plans. The factors that determine point needs are:

a. Which resort will you be staying at? (see #1 above)
b. How long do you plan to vacation each year? If you are
looking at vacationing every other year, figure out that trip
length and divide by two to get an average annual stay length.
c. What type of accommodation will you need?
- Studio and 1BR sleep 4
- 2BR sleeps 8
- Grand Villa sleeps 12
d. What time of year will you usually travel? Points vary by season.


Now you have a rough idea of how many points you need.

#3. Check the resale listings to see if a contract with close to that many of points is out there. Don't look for a perfect match in the resales...get something "close enough" to your point need....say within 25-50 points.

#4. Check the status of the contracts being offered for resale. Have they used this year's points? Have they borrowed next year's points? Those two are called "stripped" contracts because they restrict the ability to vacation right away. Obviously, they are worth considerably less per point than a full contract will all points available, or even the ones with banked points from a previous year (but watch the expiration date on those).

#5. If you don't see a contract you like, call the various brokers and let them know you're interested. Many contracts never make it to the market because the brokers have developed a "wait list" for contracts of various sizes and locations.

#6. Everything's negotiable, so don't be afraid to offer less than asking, or different terms, or who pays closing, etc. The worst they can say is no.

#7. Be aware that Disney has the right of first refusal (ROFR), so if you negotiate a "steal", Disney will buy it out from under you as they have the contractual right to do.


There really weren't that many other considerations for us. We didn't care much about use year, but that can be important if you always vacation at the same time of the year. We're all over the calendar, so use year wasn't very important to us.

Good luck!

 

[BEACHCLUBVILLAS]

I don't know why but there is something that happens inside me mentally about a December use year that I don't like. It seems like it's too long to wait to get your points. You could look at it differently and say you get points a month before the year you plan to vacation, but for some reason I can't resolve that in my head. So, after figuring out approximately how many points I want, my evaluation would include use year, then location, and finally banked/borrowed point situation.

 

[rocketriter]

December is a great Use Year if you plan to always travel over the holidays. Then if somebody gets sick and you have to cancel, you've got 11 more months to use up the points.

 

[Beca]

DVC says to pick your use year for the month before you plan to travel. EX: we do most of our travel between Nov- March, so for us Oct. would be perfect. Unfortunately, an Oct. was not available at the time we were "itching" to purchase, so we got a Sept. instead. That works out okay, too.

Just remember, not all UYs are represented...there is no Jan, May, July, or Nov issued by DVC.

Have fun shopping!!!!

Beca


(Just me dreamin' about BWV)

 

[Richyams]

The month of, the month before, three or four months before, all are perfectably acceptable use years.

We got lucky, we had no idea what use year meant, we vacation October through December and an occaisional January. There were handing out September use years when we bought and it turns out that it was the perfect month for our vacation habits.

Unless the use year is a month or two after your usual vacation time, I wouldn't really call use year a deal breaker.

Unless Granny was including use year in item #5 when talking about finding one you like, the only addition I would make to that list is:

3 1/2) Decide when you are going to stay and what half the year you want your use year in.

I say 'what half' because while use year is certainly a consideration, its simply not that big of a deal. Anywhere from the month you vacation to six months earlier is perfectly acceptable...also, vacation habits could change over the next forty years making your choice moot.

 

[TigerLaw]

thanks everyone for the info so far!

 

[las3888]

We bought 1 resale package and are waiting for ROFR for a 2nd. What we looked for, after researching the boards was a package at the place we wanted to stay the most, for a small amount of points, thinking we would like to start small and can always add on. I do believe it is important to buy where you want to stay, even though the price per point may be higher than some of the other DVC resorts.

Secondly, we wanted to get a package that had existing points to use so that we were getting the most of our money. This wasn't a must, but it was something we definitely looked for.

The use year wasn't as critical to us - I think the only time it comes into play is if you usually travel every June and you have a July use year. If you have to cancel your June trip then you risk having your points expire the following month, as opposed to if your use year was December, then you have until December to reschedule.

I hope this makes sense...good luck with your resale shopping!

 

[rmaiers]

We choose our property based on the amount of points required for a 2BR - which makes OKW the easy choice because it requires the fewest amount of points for any of their rooms.

I have not stayed at a DVC resort yet, but I have walked through all of them. IMO, OKW doesn't have the ideal location but the current resale prices on them are awesome and all my wife and I were after were max points for our $$$.

The downside I can see is that some of the other DVC resorts like Boardwalk and Beach Club do sell faster, so if you decide you need to sell your membership, my guess is those will go faster. Simple supply and demand...

 

[rmaiers]

...one last point I forgot to mention.

Another reason we chose OKW is because if we decide to add on, it seems like it will be cheaper for us to do via resale than through Disney. Definately not easier, but cheaper.

With the general high availibility of OKW interests on the resale market, it doesn't look like purchasing a second interest in the future will be very difficult - and will save us money.

 

[Disney Doll]

I would echo everyone's sentiments about buying where you want to stay and figuring out your "typical" vacation habits/style and hooking up with the points calculator to give you a ballpark idea of how many you'll need.

DH and I bought our first contract from Disney in 1997, with a September use year. Since we historically vacation there in the more wintery months, it worked out well for us because if we had to cancel a vacation(which has happened twice now, both times due to family illness), we had a fair amount of time to reschedule rather than lose points. Our home resort is OKW and we bought 200 points. Those worked well for us for quite a few years, and then we bought a second contract at OKW resale from The Timeshare Store(TTS) for 230 points, with an October Use Year. It was no hassle to buy from Disney. It was also no hassle to buy from TTS...start to finish was about 6 weeks. Pat Spell was our agent, and it was very smooth. This what right before Disney got so gung-ho about Right of First Refusal(ROFR).

As far as where to buy...that depends on several things. What is your favorite area of WDW??? Are you a MK fan? Then buy at the VWL. If you are an Epcot/MGM fan, then buy at the BWV or BCV, as you have walking/boating ability to both those parks. Love golf and Downtown Disney?????OKW or SSR are your best bets. As far as resorts, they are all equally as nice, in different ways. Some are more laid back, some are more "hustle-bustle". My thoughts on each resort:

OKW-largest room size;quiet laid back atmosphere;near golf and DD;nice main pool(a slide is being built);3 quiet pools;boat to DD;bus to everywhere else;nice views from pretty much every room;cheapest point costs;has grand villas;decent full-service restaurant;decent snack bars near main pool and Turtle Pond pool;playground area for kids near main pool;rent boats,bikes etc.;park near your unit rather than valet or self-park far away;condo style with exterior entrances rather than hotel-style with doorways off hallways;some buildings have elevators, but not all-if stairs are a problem, keep that in mind!;beachy theme with pastel colors, light furniture

BWV-smaller rooms than OKW, but very ample for a vacation condo;busy atmosphere due to Boardwalk location;nice main pool with a slide;2 or 3 quiet pools;walk/boat to Epcot/MGM;bus everywhere else;views differ depending on location in resort;more expensive point costs;has grand villas;many restaurants on the BW + all those within walking distance at the YC/BC, S&D, & Epcot;rent bikes at BW;rent boats near YC/BC;valet or self-park not near unit;hotel-style with doorways off hallways;elevators;seashore theme-verypretty-lots of blue

BCV-mostly similar to BWV except no grand villas;has Stormalong Bay which is by far the best hotel pool on WDW property;beachy theme with lots of wicker, light,bright,airy decorating

VWL-room size like BCV/BWV;no grand villas;serene atmosphere;pretty main pool;nice quiet pool;boat to MK and Fort Wilderness;bus everywhere else;views differ depending on location in resort;more expensive point costs;Artists Point-nice restaurant but I am not a fan of venison etc, Whipering Canyon-cute,fun, family-oriented restaurant, Roaring Forks-decent snack bar;rent bikes & boats;valet or self-park not near unit;hotel style with doorways off hallways;elevators;woodsy theme- deep cozy colors and feel

I have never stayed at VB,HH, and don't know about SSR, so I can't help you with those.

Good luck with your decision-making process.