Thinking of buying into DVC need some help

[minnieandmickey]

I think I might actually have DH convinced to buy into DVC. We would probably do a resale since CA is not a registered state for Sarasota Springs. I am looking at BCV or OKW. Could you please help me with some questions?

First- if say we went every 3 years could we roll over points from on year and borrow points on another year? (ie. roll over 2004, borrow 2006, for a stay in 2005)

Second- can you write the interest off of DVC on you income taxes?

Third- What are the yearly fees for being in DVC, I do know it is based on # of points you have lets say we buy 200.


Fourth- What should I expect during the purchasing process, ie: closing costs and down payment wise? Just an example if you have one.

Thanks for all your help, I have been looking at the boards for a couple of days and getting some answers, just need that little extra to pursuade DH.

 

[Happy Birthday Cat]

Yes you can bank one year of points, use the next year and borrow the next year so you could go in 2005 and use points from 2004 and 2006 to make the trip. This is a quite popular method with many owners.

Interest is tax deductable as mortgage interest if you buy through Disney or use a home equity to pay for it. The property taxes you pay in your dues are also deductable. Make sure to check with a tax advisor.

Yearly maintenance costs are based on your number of points. They are around $4.00 per point.

If you buy from Disney there are no closing costs. If you buy re-sale everything is negotiable but usually the buyer pays for the closing. If you buy re-sale you will have to find a way to pay for it unless you pay cash. Home equity loans are popular for this.

Good luck.

HBC

 

[MrShiny]

I can't speak to closing costs, as I bought through Disney.

You should (always consult with a tax professional) be able to deduct your interest if you fiance with a mortgage just as you would your house. In fact, if you have the equity, it would be better to take out a home equity loan and buy the points with that (Your Mileage May Vary).

For SSR, I believe the dues are $3.80/point. It varies by resort. $0.77 of these are real estate taxes, which are also deductible (YMMV)

 

[DisneyBill]

You must conduct the banking transaction during the 1st 6 months of your use year in order to bank 100% of your points into the next use year.