Splitting DVC With Family

[Granny]

I agree that two contracts is definately a good way to go. However there is a downside. I purchased three years ago and my parents just purchased. (both at SSR) We almost always go on vacation together and normally share accomodations. The hard part is we go more than once a year so the one transfer per UY rule is tough on us.

There are definitely circumstances that make one solution easier to deal with than another. I suppose if, in this case, the entire year gets planned out the one transfer rule still works if the entire year's needed points are transferred at one time.

That calls for a lot of planning and could lead to its own issues with cancellations, etc.

Bottom line is that sharing something like this will be as easy or difficult as the nature of the entire family (including in-laws) relationship. No different than sharing a parent's lake house or other shared asset of a family.

 

[mikesmom]

I don't think anyone has mentioned it, but remember, any property that is co-owned by several members of the family is at risk if one owner gets into a financial crisis or bankruptcy (never say never!). The property you all own could be subject to siezure.

 

[Mic]

My husband would not allow me to add my sister to our contract, even as an associate, for many valid reasons I won't go into. So I purchased a small 30-point contract on my own, with the deed in my name only. I bought resale, with a different use-year and a different resort than what I share with my husband. When I can confortably afford it, I would like to add another 30 points to my new contract, but for now, the 30 points will be enough for my sister to join us every other year, or to go to Disney on her own. At the time I purchased my 30-point contract, the Timeshare Store had 3 identical contracts, with the same amount of points and use year. If you were to call them, and let them know you are looking for 2 small contracts with the same use-year, you may be pleasantly surprised to find there are some out there. When I first started checking DVC resale listings, I found several small contracts(25-50 points) for sale that seemed to have a "twin" from the same owner. I personally own 2 50-point HH add-on contracts, and 2 130-point SSR contracts. And when I add-on to my "new" 30-point contract, I will have 2 30-point contracts! My advice to you would be to purchase 2 individual small contracts with the same use-year and at the same resort, then add-on to one or both as needed. Should your in-laws ever decide not to use their membership, they can simply "gift" it to you and your wife, and just pay to have it put into your name. Even the best of families don't always agree, especially when it comes to money. Play it safe, and keep your interests separate.

 

[wonka27]

I just thought I'd update this thread, as I appreciated the great input from you folks.

I have decided to propose to my in-laws an opportunity where my wife and I would buy DVC, and they would agree to purchase between 8-10 vacations from us on an every other year basis. The rate would be attractive (probably around $8 per point).

It helps us because while I think we can afford DVC, it makes it even more affordable with them involved. They would prepay their trips by making monthly payments for up to 5 years. Also, with talk of a child in our near future, we may not want trips every year. This helps us get rid of some in the near term with no hassle. Also, I know the in-laws...if we were itching to go on a year they had a trip, they'd gladly have us along (we'd reimburse them for half of the trip, of course).

It will help them secure some final trips to disney at a very attractive rate. I believe that if they would pay rack rate at WL (their favorite spot), it would cost them $900 more per trip than with our rental of DVC. Sure they could buy in themselves, but they will end up having something they probably won't be able to use anymore within the next 20 years.

Finally, this plan addresses the ownership issue spoken about in this thread. We retain ownership. Inlaws get some good use out of it, however. The way I worked it out...it seems like a win-win all the way around. I hope at least!

 

[Deb & Bill]

Sounds like a well-thought out idea, Wonka. If everyone is happy with it, you're good to go.

 

[drakethib]

I think really the best way to handle it would be for each of you to buy separate contracts at the same resort and UY. Then you have the option of each group handling their own reservations, or transferring to the other (once per UY) to combine points for a group reservation. Provides more flexibility and avoids potential "misunderstandings" that almost inevitably will occur when sharing anything.

Agree with Granny.


We thought about doing this and spoke with our family about how it would work (who would get what year).

Not that either party was right or wrong, but we all discovered that it was best that each family buy their own DVC.

JMHO

 

[Cruelladeville]

I think it makes sense is for one party to hold title to the DVC points. You didn't mention any other family members, but, as mentioned, a death of a parent does NOT bring out the best in many family members. If your parents owned this contract with you, you can kiss goodbye to your relationship with other family members. They would think you were getting something extra that should belong to everyone. It's hard to believe, but death brings out the worst in most people.

I went to college in 1972 on scholarships and grants, and my mom paid for books for one semester out of four years of college. When Mom died in 1995, my siblings tried to sue me for that semester of books, because Mom didn't buy them any books.These were not the siblings I grew up with, but it shows just how bad things can get when a death occurs.

Don't share a contract with your family under any circumstances!! If you can't afford a contract on your own, wait until you can.

 

[Granny]

I just thought I'd update this thread, as I appreciated the great input from you folks.

And we appreciate you taking the time to update us on the final decision you made. Sometimes the advice is solicited and given and we all wonder what finally was decided. Nice to hear the final solution, especially when it works out well for you.

The solution you ended up with sounds very workable, and most importantly it sounds like everyone knows their commitments going in.

 

[wonka27]

Thanks for the continued support!

I am hoping to speak with an agent in the next day or two to get the ball rolling.

As for our arrangement, I think it will work out just fine. We will buy, they will rent. It makes sense on both ends. We get a little financial help with it (not that it is needed, or I wouldn't buy), and they get fairly inexpensive accomodations. All the hassle of keeping track of who owns what and what will happen when they are gone goes flying out the window. We are the owners, and no one else can touch that.

I appreciate the people on this board offering suggestions. It did help me find my answer!

I will keep all updated when we make an offer...