Should we rescind?

[beagee]

Hello everyone. This my first post, and as you'll probably be able to tell, I am a total DVC noobie. Please go easy.

Two days ago, we purchased directly from DVC with the Poly as our home. And I now realize that we may have made a mistake.

We have two young girls, so while a studio is perfect for us now, in 5+ years it won't be a great option for us, making the Poly's 11 month reservation window almost worthless. I now understand that through the resale system, we can buy 150% more points for the same price at other home resorts that will be more flexible for our needs 5, 10, 20 years from now.

Are the perks of being a member who has purchased direct worth the extra cost vs. resale? Honestly, I don't think so based on my research but my DH is concerned that we'll regret it.

Are there any other reasons that we should NOT rescind and go ahead with this purchase?

Thanks so much for your help!

~Bea

 

[ktmo]

I have only been a DVC member for a month, so I am by no means an expert. I spoke to Disney about purchasing direct, but I had the same concerns about Poly. I also have two girls and we like the space of a 1 bedroom. Poly is not a great fit for my family. That was my main reason for not buying direct. I thought about buying direct at BLT, my guide got points for me within a week, but I was getting less points for more money over buying resale.

I will say the resale process was long, long, long. At times I wanted to cancel and just buy direct because it would be easier. But, it was worth the wait. In the end I saved probably $5,000 and got more points.

I probably would back out if I were you. I would read as much as you can and find a property that would work for the needs of your family. We ended up going with BCV.

 

[beagee]

Thanks so much for the response, ktmo! Are you at all concerned about the fact that the BCV (which is also where we'll probably go if we do rescind) points will expire in 2042? That's another hang up for my DH.

~ Bea

 

[beagee]

Oh wait! One more question, ktmo. After the "long, long, long" resale process (another concern of mine ...) it looks like you were able to book a trip for May, just six months or so after you finally closed on the resale, did you have trouble finding a room? Were you past the 7 month mark? How long did the process take you total?

Congrats, by the way!

~ Bea

 

[ktmo]

I did factor that into my consideration. But, in the end, I decided to buy for today, not the future. We will still get 20+ years out of it. So, the lower price per point off-sets the end date. I thought about BLT, but we like the convenience to Epcot and Hollywood Studios. It is such a difficult decision.

 

[ktmo]

Oh wait! One more question, ktmo. After the "long, long, long" resale process (another concern of mine ...) it looks like you were able to book a trip for May, just six months or so after you finally closed on the resale, did you have trouble finding a room? Were you past the 7 month mark? How long did the process take you total?

Congrats, by the way!

~ Bea

I put in my offer at the end of August. I closed in early December and got my points right before Christmas. My contract had some banked 2014 points, so I had to use them by the end of May 2015. So, I moved up my trip I had planned for June. When I was looking at May, I originally thought about booking a studio. I wasn't sure if my DH would make it. I could have gotten AKV, SSR, OKW or Poly. But, then decided to get a 1 bedroom (they seem to be easier to get). I couldn't get anything at BCV but, I ended up getting a 1 bedroom at BWV. This isn't the busiest time of year for DVC, so there were some options. And we are just going for a long weekend.

 

[icc2515]

Hi,

To the best of my knowledge buying direct only gives you the ability to book the Disney Collection, which mean you can use your points to book regular Disney rooms at a very inflated price and using points to book cruises, also at a very inflated price. Oh and I forgot the Adventurer collection also at a greatly inflated price. It in no way gives you an advantage on booking or staying at any DVC property. Where ever you buy direct or resale you still get 11 months at your home resort and 7 at the others. The only difference is that direst from Disney will cost you about $165 per point compared with $85 to ??? on the resale market. We paid $85 for SSR and $125 for BLT. It was a very easy process.

 

[Madame]

I wouldn't necessarily worry about the time it takes to close on re-sale. It varies from contract to contract. We offered on Nov 24 & our deed was recorded on Jan 14 - 3 major holidays in there (Thanksgiving, Christmas & New Years).

From the research I've done (& it's been quite extensive), trading out for DCL or ABD is not good value & you'd be better off renting out your points & paying cash.

 

[crisi]

I would be concerned about the time it takes to do a resale, but I'd just plan on paying cash or renting points for your next trip. You are buying DVC for the long term. Don't spend thousands now to save yourself a relatively small amount of cash on the next trip.

 

[freediverdude]

Like your husband, if your family is a young family with little kids, I would be concerned about the 2042 end date of some of the resorts. You would probably end up paying Disney to extend it later on. If you do need 1 and 2 bedroom units, then I would go with one of the later dated resales, maybe BLT or VGF if you like those.

 

[KAT4DISNEY]

No, there isn't any reason that you should not rescind. Do it now while you still can. Above everything else you could always call up DVC and get the exact same contract again so that is why there's nothing at all to be lost.

Now about buying DVC it sounds as if you've already decided that Poly will not be the best product for you over the years and there is a lot of money to be saved in buying other locations. If you're not going to use Poly almost 100% of the time when you're paying a huge premium when you would not have to. Take some time to do some investigating and figure out what direction would be best for you.

Some people, and I am one, believe that the restrictions that come with resale probably end up saving money over the long run anyway because you're restricted from using points on very expensive options. However you still can trade out through the world collection should you ever wish to although generally it's going to be less expensive to rent your points and pay cash.

 

[disneynutz]

Seems like you have your answer, direct in your case isn't the best choice. I find it funny that people recite the long resale process as a reason to buy direct when Disney is why the process takes so long.

Bill

 

[chicagoshannon]

I wouldn't worry about the 2042 end date, that's 26 years from now. You might want an out by then!

I'd recind and then look for a contract at a resort you really want.

With 2 kids you might want to look at getting enough points for a two bedroom.

 

[ColinBlair]

In my opinion, especially considering your age, BCV is way more expensive than the Polynesian. The lack of 1 and 2 bedroom units at the Poly is more of an issue.

Comparing Poly to BCV is like comparing the price of a regular size box of food at regular grocery store to the club size box from a Sams Club or Costco. The small box from the grocery store may be priced lower, but the club size box is more affordable in the long run as long as you actually use all of it. That is why age matters, the older the buyer the more likely that the points will last longer than the buyer.

If all of the resorts were being sold based on the total number of points remaining on the contract indexed against the current cost of the Polynesian, this is how much each of the resorts should cost per point:

OKW, BWV, BCV, VWL $85.71
SSR $126.86
AKV $137.14
BLT $147.43
GFV $161.14
POLY $168

 

[ldo]

you have a limited time period to rescind. If you have any doubts, rescind now ASAP. Then, take a while to read up on DVC and see where you could envision yourself over the next 10 years. Don't think too far past that, as your travel tastes will likely have changed by then. We found 1BRs were a great fit for our family of 5, but even this trip with just 2 kids, we found the studio more like "camping" and less like a vacation. We had a studio and then moved to a 1BR and loved the luxury of the 1BR. We have never needed a 2BR. good luck with your decision.

 

[msjprincess]

I wouldn't necessarily worry about the time it takes to close on re-sale. It varies from contract to contract. We offered on Nov 24 & our deed was recorded on Jan 14 - 3 major holidays in there (Thanksgiving, Christmas & New Years).

From the research I've done (& it's been quite extensive), trading out for DCL or ABD is not good value & you'd be better off renting out your points & paying cash.

I agree. My first resale contract took a little less than 7 weeks from the day we made an offer until the deed was recorded. The second contract took a little longer. But that was only because the seller had a vacation booked.

 

[Dean]

Hello everyone. This my first post, and as you'll probably be able to tell, I am a total DVC noobie. Please go easy.

Two days ago, we purchased directly from DVC with the Poly as our home. And I now realize that we may have made a mistake.

We have two young girls, so while a studio is perfect for us now, in 5+ years it won't be a great option for us, making the Poly's 11 month reservation window almost worthless. I now understand that through the resale system, we can buy 150% more points for the same price at other home resorts that will be more flexible for our needs 5, 10, 20 years from now.

Are the perks of being a member who has purchased direct worth the extra cost vs. resale? Honestly, I don't think so based on my research but my DH is concerned that we'll regret it.

Are there any other reasons that we should NOT rescind and go ahead with this purchase?

Thanks so much for your help!

~Bea

Cancel and educate yourself so you can make the best decision possible. It doesn't sound like the Poly is the best resort for you anyway. Buying there and using mostly at the 7 month window long term will likely cost you more than just doing cash.

 

[bumbershoot]

Above everything else you could always call up DVC and get the exact same contract again so that is why there's nothing at all to be lost.

Agreed.

 

[Deb & Bill]

If you are even considering rescinding, you need to do it. The Polynesian will be there is you decide you want to go ahead with another direct purchase.

 

[cdnjason]

In my opinion, especially considering your age, BCV is way more expensive than the Polynesian. The lack of 1 and 2 bedroom units at the Poly is more of an issue.

Comparing Poly to BCV is like comparing the price of a regular size box of food at regular grocery store to the club size box from a Sams Club or Costco. The small box from the grocery store may be priced lower, but the club size box is more affordable in the long run as long as you actually use all of it. That is why age matters, the older the buyer the more likely that the points will last longer than the buyer.

If all of the resorts were being sold based on the total number of points remaining on the contract indexed against the current cost of the Polynesian, this is how much each of the resorts should cost per point:

OKW, BWV, BCV, VWL $85.71
SSR $126.86
AKV $137.14
BLT $147.43
GFV $161.14
POLY $168

This is very true. Additionally, the resort most comparable to Poly (in many ways) is GFV. And, looking at the points charts, a 1BR at GF requires about the same amount of points as 2 studios at Poly (e.g. 308 points for 1BR at GFV vs. 306 points for 2 studios at Poly during Dream season). Note, however, that a 1BR at BLT during Dream season is 250 points.

Conceivably, someone who needs more space can just try booking two adjacent rooms at Poly. That is, unless they need/want a kitchen. If you require/desire a kitchen, then Poly isn't an option for you (@beagee ).

If you have doubts, I agree with others. Rescind now and take the time to decide what fits your needs best. One you know what matters most in meeting your vacation needs.