newbie question, first time purchase must be 150 pts?

[idontknow]

I was reading the DVC 101 thread and checked out prices at The Timeshare Store. There are a couple of people selling 50, 60 and 65 points. As a first time buyer, is it possible to purchase those points or must I purchase 150 points the first time?

 

[doubletrouble_vb]

As long as Disney doesn't exercise its right of first refusal you can buy...

 

[johde]

Yes you can purchase any number of points through resale. I am currently closing on my 60 point initial purchase. You only need to price it such that disney will not excercise their Right of First Refusal. Small contract sell quickly though so you may want to call all four of the major resale brokers and get on their call list. The only down side is that closing costs can be expensive: $350 in my case that adds $7 per point to a 50 point contract. Hope this helps you out.

Jeremy

 

[Dumbo]

>>There are a couple of people selling 50, 60 and 65 points.<<

Make sure you know what you are buying. In the 50 point resale 48 points have been borrowed and used. You will only get 2 points on Oct. 1, 2002. You won't get 50 points until Oct. 1, 2003.

In the other 2 resales all the points have been borrowed and used. You won't get any of those points until Oct. 1, 2003.


Dumbo

 

[idontknow]

Thanks for the info. I saw that the points had been borrowed against, too. I also saw that someone was selling a horrendous amount of points for $47,000! Maybe a little wishful thinking.......if they can not sell the points all together, maybe they would break them up. LOL Actually, We really would not need 150 points for the 3 of us. I know a 1 bedroom would really be nice, but we wouldn't have to have it. We always go in low season, too. I figure at 12 points a room for 5 nights, we would really only need 60 or so points. Although, I know it would be in our best interest to buy more for any increase in points, so I haven't ruled out looking for more.

I keep reading about people adding on to their points. If we could find an "add-on" amount (under 100) and the timing was right, we might be able to pull it off. 14K is a lot of money and a pretty long commitment to pay off. Our truck will be payed off in March and you can be I will be doing a serious happy dance when that day comes! It seems like every bill just sits above my head and I always have it on my mind. (I'm just like that) If we found something that we could pay off in 2 or 3 years, I think it would make DH and I a lot happier and we would be able to enjoy our vacations a little more.

Thanks for the closing advice! I hadn't even considered that.

 

[crisi]

They can't break the points on a large contract. Which is one of the reasons some people choose to purchase multiple smaller contracts - easier resale. (Though I think its most common to get multiple smaller contracts either because you want home resort advantage someplace else, or you just buy your points little by little).

Our resale was under $10k for 150 BWV points - closing costs included. Most of this years points had been spent - we don't get points until April of 2003 - but that works for our vacation schedule - and we won't pay dues this year.

Keep in mind that you will need to pay dues on those points. And even with DVC, Disney vacations are not cheap. If money is very tight for you, DVC may increase the burden - not releave it.

 

[Shontell_Crawford]

Hi,

What everyone has said is correct...you can buy less than 150 if you buy resale. Disney will treat you the same as a "full" owner, but it will be tough for you to accumulate enough points to trade through Interval International, which only accepts full week exchanges. Other than that, there isn't a downside.

You really should be able to get into a small package, with closing costs included for under 10K, in my opinion. Contact your broker(s) and tell them your needs...they should advise you and call you with any packages that fit into your parameters.

Good luck!
Shontell

 

[idontknow]

Wow, you can not split up contracts? Why would anyone buy that many points in a single purchase then? It really seems like it would be very hard to resell the points. (maybe I should check checked the sale before I say that, though )

It isn't that we could not afford it, I just don't like being in debt for that amount of time, if you know what I mean.

crisi, it sounds like you got a really good deal on your resale. Like you said, even though there were no points available this year, when you want to go you will have points. That worked out for you, which is great. That is the situation I am looking for. Something that fits our budget and that will work for us.

 

[crisi]

Alot of people on this board think you can do better than my contract!

Most people never plan to resell their points. Or maybe don't look that far into the future.

I haven't visited the resellers sites for a while, but Shontell is right - call each of the resellers and let them know what you are looking for - points, resort, price. Patience and flexibility is rewarded. Often, the contracts don't get listed on the site, because someone is waiting for that contract to become available. They also know who is motivated - you can offer less than the listed price.

(I don't like debt either.).

 

[jimmytammy]

I will let you in on my way of getting into DVC. My dw was against the idea because money is tight, so after talking LOTS AND LOTS about it I finally convinced her.

We bought in at 170 pts directly from DVC and did financing, got a break on downpayment because we didnt buy until the next use yr. (does that make sense).

I figured a way to make extra $$ outside of take home pay. Now we are middle income 2 children 1 parent working family. It can be done. Save a few $$ by letting DVC draft from checking(saves around $10 a mos.). Figure out some service you can do mostly on weekends(but not every weekend-not worth losing your family over) then keep cash in a safe place other than normal checking acct. or set up seperate acct solely for DVC draft.

Believe me, it can be done. I think if everything works out like I think it will ours can be paid for in 5 instead of 10 yrs. By the way, we will also be using part of the extra income to use for upcoming DVC trips. Remember the room will be already paid for.

My best advice, find your niche that can earn you a few extra $$, before purchasing, get a bout 6 mos. ahead in DVC payments stored in draft acct. We have already added on 50 pts. and been members since Jan. and going "home" 1st time in Dec. Good Luck!