Renting virgin, please help!

[PoohBears#1fan]

My H and I separated last year and I've been left with the DVC, I can't really afford to take myself and the kids so will probably sell it eventually and pay a chunk off the mortgage BUT while it's still going up in value, I'm figuring keeping hold of it for a while longer and renting it out so it covers the dues makes sense?

So....

Am I mad? Part of me thinks I should just sell it and make my life easier?
Is renting a huge hassle?
How does it work? Do I just make the reservation in someone else's name?
What's the going rate, is it still $10 per point at BCV?
Chances of renting to someone else in the UK?

And any other tips, I'd be grateful for

Thank you

 

[robinb]

First of all, I'm sorry to hear about your divorce .

I think that renting is a great idea until you decide what you will do with your points. Just be aware that if you choose to sell, any existing reservations will be cancelled at the time of the sale. So, you probably don't want to rent too far in advance in order to keep your options open while still being fair to your renters.

I have rented my points out more than once and it is not a hassle at all. You simply make the reservation in the names of the people who will be staying. You will also have to arrange for Magical Express for your renters if they want it. You can require only UK renters, but you will miss out on renters from other countries. Currency conversion may be a bit of a problem, but you should be able to overcome it. For instance, I know that Paypal does the conversion for you.

As for the price ... I know that many will disagree but I think $10 USD per point it too low. Especially for Beach Club Villas. I would ask $11 or $12 USD per point for your specific resort. Good luck!

ETA: I would come up with a contract for your rental so everything is spelled out on both sides. Also, you should think about payments, deadlines, refunds, cancellations, etc before you rent.

 

[PoohBears#1fan]

Thank you Robin, that was really helpful

Does anyone have a tried and tested contract that I could steal (cheeky grin)

 

[Granny]

It sounds like you don't have long term plans to hold on to your DVC, so I'd probably go ahead and sell now if I were in your place.

Renting? Well, it's not the hardest thing in the world but yes, it is a hassle unless you are fortunate enough to be able to rent out all your points with one reservation and one renter. Otherwise, you will be doing multiple rentals, tracking down payments, making multiple calls to MS, etc. And then there's the curerncy exchange thing if you rent to someone outside the UK. It's worth the hassle if you think you want to keep your DVC long term, but for me it wouldn't be worth it if I knew I was going to sell.

My H and I separated last year and I've been left with the DVC, I can't really afford to take myself and the kids so will probably sell it eventually and pay a chunk off the mortgage BUT while it's still going up in value, I'm figuring keeping hold of it for a while longer and renting it out so it covers the dues makes sense?

BCV is a popular resort and commanding a premium on the resale market. But there is no guarantee that it will continue to rise in value. Much of that has to do with what Disney is doing with new resorts and ROFR applications.

Your call...you can certainly make it work either way. But since you asked for opinions, I've provided one. As you can see, you've gotten two responses and two different opinions. Both are valid...you'll have to choose which path makes the most sense for you. Good luck.

 

[Granny]

Does anyone have a tried and tested contract that I could steal (cheeky grin)

Here's a thread with some suggestions.

http://www.disboards.com/showthread.php?t=895654

 

[PoohBears#1fan]

Thanks Granny, that's also really helpful, all opinions very gratefully received. I am really torn and my future's also so uncertain that it's difficult to actually make a decision about selling at the moment.

Ultimately I'd love to keep it long term and never sell it, but I also have to be practical and accept that I may never be able to afford to use it again whereas having that money to put into property is never a bad idea. But having said that, I just don't know what's round the corner and as my children get older I'm hoping I'll have more opportunity to earn. This is mainly why at the moment I'm leaning towards renting to keep my options open, selling seems so final and once it's gone , it's gone! Let's face it also, I'm not a DVC owner out of chance, I own it because I love it which makes being objective much harder! LOL

 

[marlouwrig]

Hi Jo

Sorry to hear about your divorce.

I know from the helpful advice you gave me when I was considering my DVC purchase how much you love it, and what a difficult decision this must be for you

One thing to remember perhaps is that the current $/£ exchange rate does not make selling such an attractive option as it might otherwise have been.

Maryx

 

[PoohBears#1fan]

Thanks Mary, that's a very good point actually that I hadn't thought of.

I have rented the points now, let's all pray that the pound weakens between now and when the balance is due

LOL

 

[robinb]

I have rented the points now, let's all pray that the pound weakens between now and when the balance is due

Wow! That was fast!

 

[Beca]

You're renting a virgin??!!! Umm...maybe that's allowed in the UK, but I seriously think it might be illegal here in the US.

 

[Minniespal]

You're renting a virgin??!!! Umm...maybe that's allowed in the UK, but I seriously think it might be illegal here in the US.

 

[Duckieluckey]

I have rented points many times. I rent the points to pay for cruises. I have found it very easy to rent points. You post your offer. Wait for a taker. Make the reservation. Send renter the reservation number. The renter sends you a check. If the check bounces, you cancel the reservation. I have never had a problem getting paid.

There are some things to be aware of. See my prior posts concerning prospective renters who can not make up their mind. If you need help send me a private message.

One future use of the points is to send your children with Dad. You supply the points and Dad supplies the airfare and expenses.