Question about two contracts - how many points? Same of different?

[tksbaskets]

Hello,
We are within a couple of months of our dream of being DVC owners. We are a family of four who travels during prime time (hubby teaches). We'd like a nice week stay every year. Here are a couple of my burning questions:
1. How many points would you veteran DVC owners suggest? I'm thinking 250-300 from what I've read.

2. Would it be best to have two small contracts? I think the pros would be that I could will a contract each to our sons and that if we ever do decide that we didn't need so many points we could sell (it pains me to think about either)

3. The advantages of 'owning' two different resorts sees to be the booking window. If we owned at the new lodge and BWV can we book at BWV and use the points from both contracts or can you only book the number of points you have at BWV at the 11 month window?

Thanks for any sage advise you care to send my way,
Teresa

 

[Diznut84]

Hi Teresa,

Each contract has its own booking window. They are not combined.

I would recommend buying a 150 point contract and then additional 50 point contracts. If you find you have too many points, you can simply sell one of the 50 pointers.

Good luck!

 

[dianeschlicht]

If you have looked at the point totals for the times of the year you would likey travel and know it would likely take about 300 points, then I would buy them in 2 different contracts. We did both our contracts at the same resort so we could have the 11 month booking window with all our points, but 2 resorts could give you every other year booking at each by banking and borrowing. I suggest the 2 contracts because you have 2 children to leave them to.

 

[mikron]

If you buy two 150 point contracts and put each one in each of your childrens names there is on transfer fee. If you will or give them the points at a later date there is a fee. When my wife and i bought 4 SSR contracts our guide said there could be a $1,000.00 charge to transfer the contracts at a later date. We put one contract in each childs name. When you rent or use yourself having three names on each contract dosn't cause any problems. One person is set up as the person to deal with MS. The # of points dose change any of the above.

 

[browniemtb]

1. How many points would you veteran DVC owners suggest? I'm thinking 250-300 from what I've read.

Well, I would suggest if you travel during peak times, school vacation, and plan on staying at BWV, like us a 310 points contract works best. This will give you a 1 bedroom for a week during peak times. This also means that you plan on going to WDW every year. If your plan on going every other year a 155 point contract would work. Also dont forget that studios take much less points...300+ point purchase means that you would like to stay in 1 bedrooms.

2. Would it be best to have two small contracts? I think the pros would be that I could will a contract each to our sons and that if we ever do decide that we didn't need so many points we could sell (it pains me to think about either)

Definetly 2 small contracts. We did two 155 point contract both a BWV. If something did happen you could sell the smaller contracts much faster.

3. The advantages of 'owning' two different resorts sees to be the booking window. If we owned at the new lodge and BWV can we book at BWV and use the points from both contracts or can you only book the number of points you have at BWV at the 11 month window?

Splitting the contracts between 2 resorts confuses me a little. With two resorts you loose the power of the 11 month window with all your points unless you bank and borrow. Stick with the resorts you would most likely want to stay. Book at 11 months and then change at the 7 month mark if you want. But at least you will know you have a room.

Brownie

 

[tksbaskets]

Thank you to everyone for taking the time to post this helpful information. I never thought about having the boys names put on the contracts up front. That is a great suggestion!

Teresa

 

[RobDoc]

A couple of things to think about before adding names to the deed. Your children must be "of age" (18 I think) to be on the deed. All persons on the deed are owners and have some level of control over the property - including any liability if one of those owners later had financial difficulties. A divorce or bankruptcy could place the property at risk for all owners even though only one is affected.

You might seek legal advice before titling the deed in such a manner.

 

[tksbaskets]

Guess my boys have a few more years to go then...they might just have to cough up some bucks when it is transfered to them in many years

 

[Parkhopper13]

I certainly would have no problem if someone left me 150 points and I had to lay out $1000. I hope that happens many times in my life.
I think Doc makes some good points and you might as well deal with the transfer issue when the time comes...hopefully a long time from now!!!