So....buy DVC or finish the Basement??

[disneymom3]

Well, we have some rather unexpected money coming our way. We have no debt other than a car payment that is quite low and doable. We have savings, will be buying DH a car as his is not so hot right now and the money will easily cover that as well. Any small purchases or increased savings are a done deal--even adding more than planned to the kids college funds.

The two big possibilities are finishing the basement or buying DVC. They will cost about the same amount. I don't know how long we will live here, but do know that the cost of finishing the space will be more than the value it will add to our home. That is a given for most home improvements around here.

So, I realize I am asking in a somewhat biased place, but hey over on the budget board I already know that at least half of the posters will tell me I should do neither and pay off my mortgage. I don't feel the need to do that and it really is down to these two options.

 

[Doctor P]

I would finish my basement. Even if you do not get 100% return on it immediately, you will get some return on it and it will improve the living space in your house.

 

[DAG]

I'd finish the basement, too.

 

[CPTJAK]

I vote for the basement we finished ours and use it everyday. Would you use the DVC everyday (I know you would dream about it everyday but...

or

You could finish part of the basement and get enough points to go every other year to your favorite home at DVC??????????

 

[disney gadabout]

Go for the basement and rent points if you need them. We are seriously considering selling ours and re-doing the kitchen!

 

[Lasrnw]

DO BOTH!! THAT'S WHAT THEY MAKE HOME EQUITY LOANS FOR.

 

[bdb7607]

As much as we love WDW, we'd get more use out of the basement if we were in your shoes, JMHO

 

[WOW]

Oh my, am I the only one that would do DVC and not the basement??????

 

[byoung]

I'm with you WOW DVC.

 

[disneymom3]

DO BOTH!! THAT'S WHAT THEY MAKE HOME EQUITY LOANS FOR.

Uhh, no. I don't consider either one of these necessities so am not willing to take on any debt for them. Starting to wonder though if I can do a little more do it yourselfing and manage to pull off both purchases......I really expected more responses in favor of DVC.

Here is one of my thoughts--if I decide later that I need cash for some reason or other, I could resell the DVC a lot easier than I could resell my basement. And hey, we already have a 2300 sq ft home so it's pretty big already.

 

[manning]

Uhh, no. I don't consider either one of these necessities so am not willing to take on any debt for them.

You're one smart person. You will have a VERY comfortable retirement.

How handy are you? You can save quite a bit of money doing it yourself.

 

[NYMomof4]

DVC
You get my vote for DVC! I go by the "what will make you happier" philosophy though, so my vote may not be the most practical....

 

[2giddy4wdw]

I'm with the DVCer's. Besides like you said yourself you can always sell the DVC, but you can't sell your basement!!!! Good luck in your decision!

 

[niffer]

Not sure what your plans were, but if you are looking at hiring a contractor to do the whole thing for you, you might want to think about how we did our basement. A contractor generally hires trades to do different parts of the job, sub-contracting it out, and taking an additional cut for himself.

I saved thousands by planning and contracting out the jobs myself.

It took some patience, a few good referrals, lots of quotes, a few minor headaches - but I wouldn't hesitate to do it all over again.

Then, five years later, we purchased into DVC.

Perhaps it won't take you as long....

Niffer

 

[rogerram]

If the basement is a thing that you really need for living space, then that would be it. If you are comfortable the way your home is now, then go with DVC. You can always attempt to do some of the basement on your own. just make sure you hire any elctrical, plumbing, etc. that you are not qualified to do. I use relatives. One is a plumber ,one is an elctrician and another is a carpenter. I do some things for them and they help me out. Might work for you.

 

[MinnieGirl33]

For me it's a no brainer - DVC in a heartbeat !

 

[mickeyfan2]

Do you need the extra space? If so do the basement.

If not, then do DVC.

 

[JimFitz]

Do the basement, it will increase the value of your home. Our basement is finished and it gets so much use. I would rent for a while and then maybe nuy DVC down the road.

 

[greenban]

If it was during F&F promotion hands down, DVC.

Now, have you considered an OKW theme down in the basement?

Good Luck,

-Tony

(I'd still do the DVC)

 

[cobbler]

Me I would do DVC but I like a previous posters idea about doing half and half.

Finish half the basement, a part you might use a lot and buy enough points to bank/borrow to go every other year.

That way you get the satisfaction of the best of both worlds!