Questions for current DVC owners

[shelby2001]

My DH and I are looking to buy into DVC, however we have some questions and he would like some answers from current owners and not a sales person. First of all are you better to buy from Disney direct or a resale? If you buy from either can you finance this, for how long and what are the interest rates are they set or are they flexable? Also, when our children reach that nice age of 18 and older will we be allowed to book a room for them and let them go alone? What happens if you decide you want out after about 10 years, is any money refunded, and what are the dues due each year and are they fixed at a set price until 2042 or do they go up each year? Do you get a deed on the property? So many questions any further info you can give us would be great my DH really wants to know further info on this before talking to someone in sales he feels the owners are your best resource?

 

[Richyams]

Now that they are forcing resale prices up so high with their buy backs, resales have become harder to get good prices on.

But, OKW is only available through resale. So resale is really the only way to go.

 

[spiceycat]

First of all are you better to buy from Disney direct or a resale?
depends upon what you want if you are happy with BCV then DVC is fine. However if you want VWL, BWV or OKW - then resale (right now) is your only choice.

If you buy from either can you finance this, for how long and what are the interest rates are they set or are they flexable?
with DVC yes you can finance for 1, 3, 5, 7 or 10 years. It is a fix rate and I really can't tell you the current rate - maybe someone you recently brought can do so. I don't think with a resaler you can finance.

Also, when our children reach that nice age of 18 and older will we be allowed to book a room for them and let them go alone?
Yes - this is not a problem. DVC will let your children stay as long as the one responsible is at least 18. (this might be 19?)

What happens if you decide you want out after about 10 years, is any money refunded,
No - but you can resale it

and what are the dues due each year and are they fixed at a set price until 2042 or do they go up each year?
dues - really maintence fees - and yes they will probably go up each year (although in the past they have gone down) -
they are based on operating expenses, insurance, taxes and transportation. OKW has the lowest MF and VB has the highest.

Do you get a deed on the property? Yes

 

[Chuck S]

The "deed" isn't a deed in the conventional way. You don't own a piece of land at WDW. You own a percentage of a building on land that is leased from Disney until Jan 31, 2042. Your deed is to the building, not the land it is sitting on.

 

[eva]

1. First of all are you better to buy from Disney direct or a resale?

With the price increase of resells it is becoming less desirable to buy resell. DVC has been buying back any points that are selling for under $70. This make resells less economical because you still have to pay closing cost. If you buy through DVC the cost is $84 a point with $10 MB offer that makes it $74. And DVC pays the closing cost.

2. If you buy from either can you finance this, for how long and what are the interest rates are they set or are they flexable?

If you buy through DVC you can finance through them. It is considered a mortgage and you can normally deduct the interest on your taxes. You can finance up to 10 years and the rate is usually between 11% and 12%, depeding on the number of years and the downpayment amount. There really is no financing option for a resell other than a personal loan or a refinance on a home.

3. Also, when our children reach that nice age of 18 and older will we be allowed to book a room for them and let them go alone?

I believe so. A number of member have done this. Do be aware that the member is responsible for any damages to the room while someone is using their points. (Not saying that your children would do that.)

4. What happens if you decide you want out after about 10 years, is any money refunded, and what are the dues due each year and are they fixed at a set price until 2042 or do they go up each year?

If you wish to get out the only option is to find a buyer. The dues are for maintenance, land taxes, and the general running of the resort. So they do fluctuate each year. Sometimes they go up and sometimes they go down. They can never go up more than 15% in a given year.

5. Do you get a deed on the property?

Yes

So many questions any further info you can give us would be great my DH really wants to know further info on this before talking to someone in sales he feels the owners are your best resource?

This is a great place to get answers. So just ask!

 

[sandieb]

Hi - You can really talk to a DVC salesperson (guide) without pressure to buy. You will receive a lot of information. We bought while on vacation, and our guide was urging us to wait and think it over!!! I told him I first inquired about DVC in 1995 and felt I had waited long enough (too long actually). Good Luck with your decision. Sandie

 

[Dean]

You've gotten great info so let me add a couple of thoughts. There are less financing options resale but one company that's reported to do Timeshare loans on resales in addition to the home equity and cash loan options.

Remember that the rules could change adn while 18 is currently not a problem, many timeshare have higher ages. I've seen requirements of 21 and even 25 to be able to check in.

You can go resale or through DVC directly depending on what you want and how many points you are buying. Resale will save you some money MOST OF THE TIMES but will take a little long and has a slightly higher risk. Some resorts are not available through DVC and you would need to go resale to get them, as mentioned earlier. Good luck.