several questions before buying into DVC...

[chris4disney]

DH and I have tossed back and forth about taking the plunge and buying into DVC for several years now. And as you can see by my signature, we've been to WDW often enough that we should have bought in a long time ago! Oh well, what's done is done.

So now with our tax return and upcoming tax rebate we've started talking again about joining and have a few questions that I'm sure someone here can answer...

We are debating between buying (via resale) BCV or BWV. We love BCV, but having BWV as a home resort and the capabilities of booking 11 months out to get a standard view for lower points is appealing. My thinking is to buy 100 points at either of these resorts to get our foot in the door, then maybe buy a 50 point add-on at CRV (if it becomes available) or more at our home resort direct from Disney down the road. When you buy these smaller addons from Disney are their any closing costs? Does the price per point from disney vary depending on the resort you are adding on? Or is everything priced at what the going rate is if purchasing 160 points?

When it comes to the process of buying resale, when is the money exchanged? Do you send a deposit when you make the offer, just like when making an offer on a house. Then the balance is due after passing ROFR?

I'm sure we'll have more questions... but that's all for now.

TIA!

 

[chalee94]

When you buy these smaller addons from Disney are their any closing costs?

no.

Does the price per point from disney vary depending on the resort you are adding on? Or is everything priced at what the going rate is if purchasing 160 points?

prices vary by resort. currently:

BCV = $101
BWV = $98
VWL = $98
OKW = $96
HHI = $92
VB = $92

When it comes to the process of buying resale, when is the money exchanged? Do you send a deposit when you make the offer, just like when making an offer on a house. Then the balance is due after passing ROFR?

yes.

 

[chris4disney]

When you buy these smaller addons from Disney are their any closing costs?

no.

Does the price per point from disney vary depending on the resort you are adding on? Or is everything priced at what the going rate is if purchasing 160 points?

prices vary by resort. currently:

BCV = $101
BWV = $98
VWL = $98
OKW = $96
HHI = $92
VB = $92

When it comes to the process of buying resale, when is the money exchanged? Do you send a deposit when you make the offer, just like when making an offer on a house. Then the balance is due after passing ROFR?

yes.

Thanks for info! Another question I thought of about add-ons... is there a wait list for these? And if so, how long have people waited for it to come thru?

And I thought I read somewhere that the add-ons will have the same UY as your current contract. Is this correct?

 

[chalee94]

Thanks for info! Another question I thought of about add-ons... is there a wait list for these? And if so, how long have people waited for it to come thru?

sometimes - check out this thread:

http://www.disboards.com/showthread.php?t=735842&page=73

And I thought I read somewhere that the add-ons will have the same UY as your current contract. Is this correct?

yes.

 

[dianeschlicht]

Just one other piece of advice... If you are planning an add-on at CRV (should it even happen), you will likely want more than 50 points, because I am expecting the point cost at CRV to be a bit higher than what we are seeing at the others. That is, unless they have several point structures like they do for AKV.

 

[chris4disney]

Just one other piece of advice... If you are planning an add-on at CRV (should it even happen), you will likely want more than 50 points, because I am expecting the point cost at CRV to be a bit higher than what we are seeing at the others. That is, unless they have several point structures like they do for AKV.

yes I agree that probably atleast 50 points would be needed at CRV. If adding at our home resort a 25 point add-on would probably make more sense if that was all we wanted to spend at that time.


Another question I just thought of... is anything on DVC tax deductible? If we do buy into DVC we'll probably put half down and get an equity loan for the other half. And I'm pretty sure we can deduct the interest on our equity loan. But how about the maintenance dues since they also include the Real Estate tax? Is there anything special you have to do when preparing your tax return when owning DVC? I use Turbo Tax to prepare and file our taxes if that helps answer my question.

Thanks!

 

[chris4disney]

bump

 

[RobDoc]

Often, members can claim the interest paid as a deduction. If you have used your Home Equity, it probably is deductible, but you should confirm that with your tax advisor.

You will get a breakdown of the Property Taxes paid from DVC and some members have been able to deduct that amount for tax purposes too - again confirm with your tax advisor to make sure the 2nd home allowance applies in your situation.