Points, money and maintainance...

[leahannpen]

We are just starting to look into this. Let's say, hypothetically, we buy 150 points. And it's 89.00 per point or whatever. That's about $13-14,000. We put do a down payment then finance the rest. Say we finance $9000 or something like that.

Now, are there yearly "maintainace" fees on top of this? Or does our DVC money cover that in the points fee? I'm really confused on the maintainance aspect...

 

[wtpclc]

Yes, there are yearly maintenance fees on top of that. I can't remeber exactly. I think SSR runs about $4.70 per point right now. They can be paid lump sum annually or financed over 12 months without a charge.

 

[Granny]

SSR dues for 2004 are $3.80 per point, I believe.

Maintenance fees can also rise over time, but no more than 15% for any given year. Historically, maintenance fees have risen in the 3-5% per year range.

Good luck on your decision.

 

[DebbieB]

Think of it this way. You buy a home, you put down the down payment and mortgage the rest. That is the equivalent of your $89 per point initial DVC purchase. You still have other expenses with your new home - utilities, insurance, taxes, repairs, etc. That is the equivalent of your DVC maintenance fees. So even when the mortgage is paid off on your home, you still have those continuing expenses which can increase over time. DVC works the same.

 

[RobDoc]

For 2004, the maintenance fees at SSR are $3.80 per point (I think that's second lowest - OKW is $3.68).

They are due by January 15 each year and may be paid by credit card, if desired. Another option is to have the fees deducted by autodebit from a checking account. There is no service charge or interest chraged for that service. If you're already having the mortgage paid by autodebit, this is done the same way.

Typically, annual fees have increased an average of about 4% per year. Some years they have even gone down. There are no other fees charged.

Enjoy!

 

[wtpclc]

Thanks Granny. I didn't think my math was right (or maybe prorated for the end of this year, who knows). Long Monday!

 

[leahannpen]

Thanks for your very quick replies! That's exactly what I was looking for, and even though I didn't explain myself, you knew what I meant! LOL! Thank you!!