SIL... bad thoughts of DVC

[dairyou]

Hello,

We have posted many questions and are very close to buying DVC now. We even have a Resale Co. looking for what we want. I, would buy in a minute, my husband still a little skeptical. Anyway, we were talking to my SIL and she told us she didnt think it was a good idea. She said we wouldn't "own" DVC and couldnt pass it down to our children and their children. She said we should look into another timeshare company that would allow us to trade with Disney property. I really don't want to do this, and I know you guys have some sort of advice for us.

Also, if we buy resale, do we get to start our 30 years when we purchase (is that how long it is?) or do we start from when the original owner bought?

Thanks for all your help!

Deb

 

[mbb]

so I apologize for speeeeling and grammmattticall errors we thought of that too..in that its "just"for 40 years but for our family, we knew that WDW was the place we wanted to be vacationing in and at. So, yes you could buy another timeshare off property that will be "property"...but....

honey, it ain't disney

For us, onsite was important, not having to worry about "will we get the trade this year", and like the brochure says "we love the neighbors".

Everybody that owns at DVCI (Boardwalk,Old Key West,Beach Club Villas,HH, and Vero) contracts will end 2042. Saratoga Springs is the first of "DVCII" that contract ends for everybdy in 50 years. Right now you can only buy SSR from Disney. I fyou want to own anywhere else, you have to go through resale. Disney will treat you just like anyone who has bought from them directly...and you know what else, I bet your SIL will be asking when she can use your place at WDW!!

 

[vernon]

Her comment " you can't pass it on" is incorrect you can pass on your ownership should you (hopefully don't) die within the next 50 years, although she may have been alluding that with some other schemes there isn't the same "end date" that exists in DVC.

While she may be trying to be helpful, ultimately it's your choice, if she prefers off site timeshare, then she can put her money into what she thinks best. While the thought of "passing something on" is a nice thought 1) IMHO it's more important that YOU get the use of the plan that YOU want for the next 40-50 years and 2) It is possible that whatever you pass on (in 50 or whatever years time) may be something your kids/grandkids neither want or can afford to upkeep.

If you buy a resale (anything other than SSR) then it will finish in 2042, if you buy SSR from Disney then it finishes in 2054. If length of time is a major factor then you may consider SSR is a better buy than a resale.

 

[CaptainMidnight]

One thought to consider, what will a 40-50 year old timeshare look like that you would be passing on? What incentive is there to keep the buildings etc. up? DVC reverts back to Disney, and they have older resorts that one can see as examples of how they keep thier resorts up.

I also believe the % of people that are able to trade into Disney from other timeshares is not very high, not something that can be counted on on a regular basis. Get what you want and you know you'll use. Vacation time and family time is very precious. You can alsways rent points and try it out as often as you'd like.

 

[Dean]

It's just like any other real estate, location, location, location. If being on property is important to you, you should buy DVC assuming you will go most years, are not looking at long weekends and are not expecting to use the other exchange options much or at all. You will not buy elsewhere and trade into DVC unless you are willing and able to travel short notice and very off season (Sept, Oct, Nov X holiday, Jan, Feb and May. Even then your chances of being successful are fairly slim, esp if you want a 2 BR. Plus there are extra fees by the method proposed. You must join II and pay $74 EVERY year, pay an exchange fee of $124 or so and an extra $95 resort services fee to Disney. So if you did this every year, you'd have an extra $293 on top of your costs with the other timeshare.

While DVC is right to use (RTU), it expires 31 Jan, 2042. It is not forever and at some point, that will affect it's value, but not now. If you compared to lease vs buy on a Car, your car lease would be about 10 years or slightly more.

DVC is expensive but it is very flexible and that flexibility has considerable value. Say you wanted a 2 BR every year. You could arrive on Sat or Sunday and leave friday and get by with 150-250 points depending on when you travel and which days you stay. You can bank and borrow for more flexibility still, no fees to do so. I own a number of other timeshare and am very experienced in trading them with II. I can tell you there's one rule in timesharing that almost always holds true. That is that if you want to stay at a spescific resort most years, you should own there. The exceptions are very off season and to a certaine extent, Orlando other than DVC.

Now if you're just happy being in Orlando and driving to Disney, there are some very cheap ways to get this done. You could get something for $1000 or less with fees less than $250 a month and trade into nice resorts in Orlando every year though likely not the same resort EY. So you can get cheap if you want it.

 

[kathleena]

I'm sure others will (and have) be addressing the 30-50 years aspects and the "passing on" to kids.

So I will comment on this. We bought a timeshare week at Powhatan Plantation in 1993. At the time, DVC was just starting up and was a member of RCI. Being able to trade to Disney was a big selling point and helped to move us into the "sale" column.

When I tried to trade, Disney told me that the DVC owners "hardly ever" trade theirs out. I waitlisted many times and never got a hit. And I owned red week at a Gold Crown Resort, which supposedly gave me a lot of "trading power".

And within two years, DVC was out of RCI.

Now, I'm not saying that DVC will back out of their other arrangements soon - but what will you do if they do? If you make this your decision point - will it matter? If it will matter - then buy DVC!

As many have said - buy where you want to stay. Don't rely on the trading.

Good luck in your decision.

 

[dianeschlicht]

My kids certainly expect me to leave what's left of my DVC to them when and if I pass on befor the end of the contract. Disney tells you to do this. It is like any other asset, it can be put into your estate. The differece is that it only lasts until 2042, and since I will be 94 then, and my "kids" will be in their late 60's early 70's, I don't think I am going to worry too much about that. I know for a fact we will have gotten our use out of our ownership. In fact, we aready have.

We too were told by another timeshare that we could trade into DVC, but we were skeptical. So glad we didn't believe them.

 

[JimC]

Also, if you buy SSR the end date is 1/31/2054. So you will have the magic 12 years longer than with the other DVC resorts.

 

[Nana Sue]

Dairyou,
When it comes to timeshares, everyone seems to have strong opinions and it seems your SIL does too. But, your SIL is not buying, you are, and you have to decide what's right for YOUR family. There are also a lot of Disney haters out there who think it's rediculous to vacation at Disney every year. The bottom line is: if you love to go to WDW every year or every other year and you want the magic of staying on Disney grounds, BUY DVC. It's a little more expensive than some other timeshares but it's worth it.

There are some really cheap timeshares out there, but in my book you get what you pay for! There are also a lot of people who think you have to buy a t/s with a deed so your great-great grandchildren can still use that timeshare. They think RTU t/s are a waste of money. Well, who knows what the place will look like in 100 years and if your great-great grandchildren will even want to go to Podunk (or wherever the t/s is). Meanwhile they'll have this really old t/s on their hands, not knowing how to get rid of it, and having to pay large maintenence fees. My children and grandchildren know they will have great vacations ahead of them until 2042 at a first class, well kept resort. They also know when my husband and I pass on, which will certainly be before 2042, they will control our 698 DVC points.

Let your SIL buy her timeshare elsewhere and then she'll be crying a different tune when she can't get into WDW with her t/s and you are going without a problem.

 

[spiceycat]

You can buy a timeshare in Orlando for around $1,000 to $3,000 - but watch it - Florida maintence fees are higher across the board - and because Orlando has such great resorts - all the timeshare in Orlando have higher than average maintence fees - they have to for their owners to be able to exchange with RCI or II - they have to kept up the property.

So my other Orlando timeshare (that is on the market) has a maintence fee with taxes of around $535. because of the block that II has on Orlando timeshares I can ever trade it to another timeshare in Orlando. This is a 2-bedroom condo.

I own at OKW -
for this same time at OKW it would cost me 232 points - so my maintence fees would be $787 if I stayed the same way at OKW

but I don't need too - first of all I generally travel on the weekend - arriving Sunday and leaving Friday - then I get to rest on Sat and sun before returning to work. I drive from Alabama.

so OKW points now are 120 points for this 2-bedroom and the maintence fees are $407

but again I don't need a 2-bedroom - I am happy in a 1-bedroom if traveling with people - or a studio if traveling solo.

1-bedroom 90 points so $305 maintence fees
studio 40 point so $136 maintence fees

it all depends upon how you look at it.

the other DVC resorts won't look this good - OKW is the oldest and the maintence is the less (no valet parking, no room service, no slide, no lifeguard, no park within walking/boat distance, etc), so the point cost is also less.

All DVC resorts are also WDW resorts - and that means WDW transportation - this is during the wine/food festavial - so I can see where WDW transportation is a big help.....

you can will your DVC resort to your children - but as has been stated they run out in 2042 (expect SSR) - what WDW will do then is anyone guess - I think it will depend upon the economy - if it is great and WDW needs the extra space I think they will become part of the hotel that they are with presently - if bad then I think WDW will make the current DVC owners an offer - but who knows....

but as has been stated it is your decision - when I first looked at DVC in 92 I was ready to buy - but I got talked out of it by family and friends - BAD MISTAKE - the next year (93) I took my brother's family to WDW - first trip for niece and nephew - boy it was expensive I realized on that trip that if I had brought DVC - then that trip would have been included and almost free. Anyway when I got home I called and signed the papers - the same people were again trying to talk me out of it....but hey if you know you are going to WDW every year it is silly not too (my opinion).

the people who now enjoy OKW the most are the same people who tried to talk me out of it - this was one investment my entire family stills enjoys.

 

[Richyams]

Sounds like your SIL is exactly why in laws have such bad reputations.

 

[disneychick05]

I think your SIL was wrong in telling you that you should find a timeshare co. that would trade with Disney. The bottom line is that you will never top the quality of the Disney resorts in any other timeshare that you would buy. I feel that with Disney you always know what to expect. Also, you ARE able to leave DVC in your will. When researching DVC I would talk to your guide (if you have one) or someone that actually works for DVC in order to get the facts(not SIL). Lastly, from being on these boards I have realized that many of us would not have been DVC owners if we would have listened to family or friends who thought it was not a good idea.

 

[PamOKW]

If you want to own a timeshare to vacation regularly within WDW, DVC is the only way to accomplish that. If you want to purchase a non-WDW timeshare in Orlando and/or purchase a timeshare elsewhere that will allow you to trade into other Orlando (non-DVC) timeshares, that's a different option.

As mentioned, you can buy a timeshare that you'll own forever....even when the roof falls off and the management company runs for the hills. Or, you can purchase into DVC, own at WDW with the backing of the Disney Company and have the ability to pass on the ownership to your heirs. Currently, it all ends in 2042 or 2052 but that is something known going in.

Many, many people have no idea what DVC is all about. A friend asked me again last night whether I still "own my condo in Florida" and whether it's in Disney or Vero Beach. I've been a DVC owner for over 10 years and must have explained things at least ten times to her. Others don't get it, the only one who needs to is you and your family.

 

[childsplay]

The decision of whether to buy DVC can be complex, there are a host of variables to consider (most personal in nature). However, there is one "fact" which helped solidify the decision making process for us.

Fact- you are not going to be able to "trade into" DVC with regularity.

If staying on site is important (and make no mistake, you are paying a premium for staying on site) then DVC is not only the best option,it is the only option.
For us, when we go to Disney, I want to be at Disney, period. And I'm more than willing to pay for that opportunity, to others, (many of my friends included) staying on site is of no particular importance (except of course when it comes to crashing the pools for a midday break )

Does it end in 2042? sure. But so what? If I was looking for something to leave my kids I wouldn't buy a timeshare. Timeshares are not, repeat not, investments and should not be looked at as such.

Only you know for sure if DVC is right for you. Life is full of choices and there are plenty of places to spend your vacation dollars...think about, talk about, and keep asking questions.

 

[SimbaNoodle]

Happiness will be living to see your contract end, kids can buy their own contract. LOL

 

[donald@home]

Would you like to vacation on property at Walt Disney World in deluxe accomodations every year, or at least every other year? If the answer is yes, then buying DVC is the only option for you. Don't worry about your SIL and do what you know is right for you. As others have mentioned, you will find it very difficult to trade into DVC on a regular basis using other timeshares.

 

[WOW]

We bought OKW in 1994 and never regretted it for a moment. YES you can pass it down to your children. We always stayed away from timeshares and were very hesitant about DVC, but it has worked out beautifully for us. We will be in our 90's in 2042, so that is not a concern for us------unless of course we are in good health!!!!!!!!!!!!!!!!!

 

[Dean]

Originally posted by spiceycat
You can buy a timeshare in Orlando for around $1,000 to $3,000 - but watch it - Florida maintence fees are higher across the board - and because Orlando has such great resorts - all the timeshare in Orlando have higher than average maintence fees - they have to for their owners to be able to exchange with RCI or II - they have to kept up the property.

So my other Orlando timeshare (that is on the market) has a maintence fee with taxes of around $535. because of the block that II has on Orlando timeshares I can ever trade it to another timeshare in Orlando. This is a 2-bedroom condo.

I own at OKW -
for this same time at OKW it would cost me 232 points - so my maintence fees would be $787 if I stayed the same way at OKW

but I don't need too - first of all I generally travel on the weekend - arriving Sunday and leaving Friday - then I get to rest on Sat and sun before returning to work. I drive from Alabama.

so OKW points now are 120 points for this 2-bedroom and the maintence fees are $407

but again I don't need a 2-bedroom - I am happy in a 1-bedroom if traveling with people - or a studio if traveling solo.

1-bedroom 90 points so $305 maintence fees
studio 40 point so $136 maintence fees

it all depends upon how you look at it.

the other DVC resorts won't look this good - OKW is the oldest and the maintence is the less (no valet parking, no room service, no slide, no lifeguard, no park within walking/boat distance, etc), so the point cost is also less.

All DVC resorts are also WDW resorts - and that means WDW transportation - this is during the wine/food festavial - so I can see where WDW transportation is a big help.....

you can will your DVC resort to your children - but as has been stated they run out in 2042 (expect SSR) - what WDW will do then is anyone guess - I think it will depend upon the economy - if it is great and WDW needs the extra space I think they will become part of the hotel that they are with presently - if bad then I think WDW will make the current DVC owners an offer - but who knows....

but as has been stated it is your decision - when I first looked at DVC in 92 I was ready to buy - but I got talked out of it by family and friends - BAD MISTAKE - the next year (93) I took my brother's family to WDW - first trip for niece and nephew - boy it was expensive I realized on that trip that if I had brought DVC - then that trip would have been included and almost free. Anyway when I got home I called and signed the papers - the same people were again trying to talk me out of it....but hey if you know you are going to WDW every year it is silly not too (my opinion).

the people who now enjoy OKW the most are the same people who tried to talk me out of it - this was one investment my entire family stills enjoys.

Two comments. One is you rarely get more than you pay for but frequently get less and this is especially true in timeshares bought from the developer. The other issue is that the block on trading to other Orlando resorts is at the discretion of the developer and II only facilitates it, there is no II rule across the board. In this case it's simply DVC prevently trades from other timeshares in the Orlando area, I think it's a 45 mile radius. DVC also prevents trades to other Orlando timeshares with their unique system though who would want to trade that way in all but very unusual circumstances.

 

[CarolMN]

If it were my SIL, I'd tell her that we are not buying a timeshare and that it is not our intent to leave a timeshare obligation to our children.

Instead, we are buying a pre-paid vacation plan for the place we love to visit. DVC is not a financial investment, it's an investment in family vacations. It makes economic sense, because we plan to vacation at least once per year in WDW and stay in at least a moderate hotel on site. DVC makes it possible for us to do that for less money while staying in larger accomodations with more amenities. If there is still time on the RTU left after we die, our children will most likely have a lot easier time selling DVC than most of the "cheaper" timeshare options.

Of course, having said all that, my DH and I would then thank our SIL for her input and then go right ahead and make the decision we believed was in our family's best interests. In our case, it would be / was to purchase DVC. We purchased in 1999 and are only sorry that we did not buy in sooner.

Good luck with your decision.

 

[Eggleboo]

This reminded me of an interesting phone call 10 years ago when we bought Old Key West, DVC, site unseen. We worried but knew it was Disney and that's where we wanted to stay most of the time so we purchased. A few months prior to our purchasing DVC we were debating other timeshares in the area and had a salesperson from the Marriott timeshares (close to Disney) and he was going on and on with his sales pitch and wouldn't let me get a word in edgewise when I finally was able to say, I'm sorry but I am researching DVC and am not ready to commit to Marriotts and he sighed and said ok and hung up!! Even he knew it was a good thing and never called us back. It all worked out for us because even with maintenance fees we knew it would be cheaper in the long run if we were going to DIsney a few times a year. When I compare hotel room rates in Disney 10 years ago to the cost of one now, I am even more positive we did the right thing for us! Good luck!!