Should I join?

[Piecey]

Okay, first of all.. I'm a Disney nut. Absolutely, positively hands down crazy for Walt Disney World. I've recently, on my Christmas trip, infected my brother.
I'm only 18. He's 21.
He wants to make our last Christmas trip a yearly thing for brother/sister. I think this sounds GREAT to me!

We're both also definitely laid back and as much as we love the parks, we'd like to stay someplace that we would enjoy to just be in. Like a DVC resort.
So, today.. I get the Annual Report and see that Shareholders get the special complimentary vacation. Well, that sounds alright to me. So I called and spoke to someone (At first they told me my parent's needed to call back.. ) And asked for some information and spoke to the lady. I'm incredibly independent- the only thing my parent's give me is the roof over my head (Which, yes, is a lot...) I pay for everything else (including my college tuition and books) so this is something I would be going in on completely on my own. (I might try to get them to help me out a little and offer to throw some points their way..) I work as much as possible and generally pick up a second job for Christmas and over the summer, to save up some money (This year I'm going to Europe )
So, basically.. all in all, purchasing the LEAST amount of points required.. is this going to be a wise thing for me to do? We're not picky about the resort (Probably just going to do SSR) and we'll definitely, while still in college, never need all the points per year-- meaning I'd bank a lot to use for later. We have enough trouble squeezing in 6 nights down there as it is.
My other question was about dues. Do you pay dues on the entire year or do you pay them monthly? And about how much do they end up being?

Sorry, just desperate for some opinions here... you DIS'ers are my guidance!!
Think this is a smart move or not?

 

[dianeschlicht]

Not sure if you can purchase at 18, but I think you can. If not, your brother may have to be the primary owner for now.

The initial buy in is 150 points, and maintenance dues at SSR are just under $4 per point per year. Dues can be set up to be autopayed monthly, so it makes dues payments a bit painless when you spread it out that much.

Be aware that if you use banking, you must use AT LEAST the same number of points you have banked into that new use year to avoid losing them.

 

[Piecey]

Yes, that was one of the first things they asked- how old was I? Because I sounded so young. You can at 18.

 

[lizziepooh]

Some things to think about - Would your parents be ok with providing a roof over your head while you purchase DVC? (Personally, as a parent, I wouldn't). What is your financial situation? If you are working and paying for all college tuition, books and all other bills, are you sure you have enough extra income to purchase DVC plus pay the maintenance fees every year? You might want to get your college degree first, then purchase. You could rent DVC points from a member for a few trips to be sure you and your brother still want to travel together and that DVC is for you. Sometimes when significant others come on the scene, sibling relationships and plans can change. Just my opinion.

 

[browniemtb]

Some things to think about - Would your parents be ok with providing a roof over your head while you purchase DVC? (Personally, as a parent, I wouldn't). What is your financial situation? If you are working and paying for all college tuition, books and all other bills, are you sure you have enough extra income to purchase DVC plus pay the maintenance fees every year? You might want to get your college degree first, then purchase. You could rent DVC points from a member for a few trips to be sure you and your brother still want to travel together and that DVC is for you. Sometimes when significant others come on the scene, sibling relationships and plans can change. Just my opinion.

Ditto...
Live a little...don't tie yourself down to a long term contract. As the member stated above rent points for your trips now....I've been looking for many years and felt that getting my family situated in a new house was far more important then DVC. For you think college,graduation, getting yourself settled and then take a hard look at DVC.
Brownie

 

[DisneyMomJen]

If financially you can swing it, I would go for it! When I was 18, I had a down payment on a Marriott Timeshare at Sabal Palms in Orlando. I decided to to back out since I was in college, a little nervous and I thought it might be better to buy a car (which I never did). I also was living at home, working and had my parents full support with this purchase. So many times I look back and think I would have had that paid off within a couple of years and it would have helped greatly when we were first married and even now. (This is a Marriott where you can exchange your week for points every year for hotel stays and airline tickets) I also look back and think that my husband and I should have bought into DVC when we were first married. You can always 'rent' out the points which can help with your payments and the price was so much cheaper. Good Luck with whatever you decide to do!

 

[Piecey]

I have enough money, I'm incredibly well at balancing my money. I also go to a local branch of West Virginia University. So my tuition and books average 1200/semester.
I would have enough to move out, and planned on it. However, my parent's don't want me to leave- If I did, they'd never see me. So they'd rather have me here. We've discussed it before, that wouldn't be a problem.
And my brother and I are close. Closer than any pair of siblings I've ever seen, that isn't going to change. Even when we were little, we were inseperable. I sort of resent the fact that that was even brought up as something for me to consider. But I guess I understand.

 

[Beca]

I was very much like you in college. I lived at home, and paid for everything...college, books, car, car repairs, insurance, food, clothes....etc, etc, etc. Having been in that situation, I do not think I would buy into DVC at this particular point in your life. It was hard enough making "ends meet" when I was working and in school, but once I got married and moved out on my own, money got even tighter for awhile. Granted, going to grad school took a big cut of our finances....but, there was a 10 year span where, even if someone had paid for my accomodations at WDW, I would not have been able to afford the airfare, park tickets, shuttle, and food and spending money. Not to mention the wages lost while we were vacationing. Even with DVC, we spend a LOT every time we go to WDW.

While I think you definitely should buy into DVC as soon as possible...your life will change so much over the next few years....you're so young...WDW is going to be there for a long time...as much as I know you don't want to hear this....I would wait.



Beca

 

[Piecey]

Hmmm.. I get what you're saying, Beca. Thanks for sharing And giving me an honest opinion.
We just actually took a trip last year- 6 nights at POP and left on Christmas Eve. I paid for the room, tickets, flights, food and all of our spending money- ALL of it was completely paid for-- by me.
I guess, after hearing everyones opinions, I could always try to convince my parent's that they want to join

 

[Juliet25]

Wow, I wish I was as mature with my money at 19 as you seem to be! Way to go.

If you have NO other debt, this might not be a bad idea. Heck, I graduated from college with about $22,000 in student loans and credit card debt. If you graduate with just a DVC loan, you're ahead of me, lol!

If this is what you want, go for it! I wish DH and I had bought into DVC when he was in law school. Of course, we had no money then. But 5 years later we still have no money. If you can swing it, why not go for it???

 

[mommym]

I am going to take a little different approach to this that many will disagee with. Just a few suggestions if I may. Have you told your parents your plan and do you have their blessing? You are an adult but since you live under their roof they should be included in the discussion, IMO. Are you "paying yourself first?" I wouldn't even consider buying in now if you are not putting money away in short-term savings. What about the day YOU decide you want to move out of your parents house? Do you have money for a deposit and first and last months rent? Those sort of things....Would you have enough disposable income to make the trip and then all of the expenses that go with it? It does no good to belong to DVC if you can't afford the trip and need to use credit cards to do it. That being said, if I could responsibly afford to buy in at your age I would go for it. Good Luck and don't let your emotions get in the way of a big decision like this! Let us know what you decide!

 

[Beca]

Hmmm.. I get what you're saying, Beca. Thanks for sharing And giving me an honest opinion.
We just actually took a trip last year- 6 nights at POP and left on Christmas Eve. I paid for the room, tickets, flights, food and all of our spending money- ALL of it was completely paid for-- by me.
I guess, after hearing everyones opinions, I could always try to convince my parent's that they want to join

Wow!! That's pretty impressive!!! If you can afford to do this, maybe you CAN afford DVC!!!

You know, this really is your decision. But, since your parents are "subsidizing" your living expenses each month (by allowing you to live there), I would certainly check with them. The last thing you would want would be to offend them by purchasing something they might not be able to afford for themselves (and, maybe they can...I don't know your situation).

You do seem very determined and responsible...if this is what you want...then do it. One thing I might suggest....look for a small contract on the resale market, and maybe pay cash for it (you probably could've purchased this with what you spent on vacation for everyone last year). Then, you can always add-on slowly thru DVC in increments as small as 25 points. If you have a 50 pt contract, it would give you 5 days in a studio and your dues would only be about $250 points per year. If you could pay for that cash....you wouldn't have much to worry about as far as finances are concerned. You really might want to think about this.

Good luck!!!



Beca

 

[sajetto]

I say if you can really and truly swing it...why not. Just factor in what your expenses will be after your parents no longer pay for the roof over your head to be sure you can afford it for the long run. My future hubby and I are house hunting now so it is not in the cards for us but once it is we will definitely think about buying in! Good luck!

 

[Piecey]

Thanks for all the feedback everyone
I do plan on moving out- had actually found an apartment and was getting ready to sign the lease when my parents asked me to stay. Working as much as I do and going to school, I'm hardly here anyway. They also go off a lot- to the beach and sometimes my dads company sends them on getaways and they appreciate having me here to take care of our pets and just watch the house.
I also make dinner sometimes and help clean if I do have a day off, so even though they've given me a roof, I'm not a burdeon on them at all.

They could afford to do this, if they wanted. My parents and I don't have the type of relationship, though, where I would talk to them about whether or not I should do this. That is partially why I came here
They know that I can handle my money very well- last years trip was proof, as was me putting together enough money to study abroad through my college in June.

But I will definitely look into that resale thing. Thanks a lot!
And as for the money for the actual vacations.. I've found flights out of Pittsburgh (about a 2 hour drive for me and a half hour from WVU's main campus, where my brother goes) has incredibly reasonable flights. Especially if you catch a SW Ding!!!

 

[rogerram]

resale can be good, but you also have the ROFR and closing costs to deal with. It is a crap shoot. No one knows exactly what will and will not go through Disney. If you do SSR you also have 12 additional years to own it.