Which resort to buy into?

[studog]

I'm looking into to buying but still have questions....

1) Wouldn't you want to buy into the resort that has the lowest maintenance fees? You can stay anywhere but the "home" resort is what your fees are based on...is that right?

2) What kind of terms are available for financing? What's the longest one could finance a DVC timeshare?

3) Is the interest tax deductible?

4) If I were to purchase a resale for 10,000..In addition the the mortgage payment each month, I'd also pay the maintenance fee yearly. And even once I pay off the timeshare, I will stay pay on the fees yearly for the life of it...is this right?

Thanks

Ken

 

[IndianaDVCMember]

Most people will tell you to buy where you want to stay the most because of the 11-month reservation privelage. It can be difficult to get reservations during busy times at 7 months. If you only travel during the slow times, you can probably get a reservation for the resort of your choice. Also, the difference in dues between the least expensive and the most expensive is not very much.

 

[spiceycat]

OKW has the lowest annual fee - once the new slide is in (if it happens) this might change - I doubt it because OKW still doesn't have room service (big expense) or valet parking (doesn't need it).

if you go through DVC then SSR is what you will be buying period.
they offer financing. most resalers do not offer refinancing. Ask to be sure. Some people have a 2nd mortage on their house.

Yes DVC is if you go thorough them - but only if you don't own a second house - then only if you are using a 2nd mortgate.

yes the annual fee includes the maintence of the place - DVC does this very well - WDW transportation - insurance - MS - all the salaries at your resort - taxes.

 

[KLR-wlv]

I'll try to anser some of your questions...

You can finance up to 10 years through Disney - going rate is around 9.75% deducted from your checking account. Dues can also be deducted monthly. Down payment or full payment can be made on a credit card - and there is no prepayment penalty. There are no closing costs through Disney. If you buy a resale, they don't finance as far as I have read, and you need cash - no credit cards. But you could get home equity loan for it and pay a lot less interest...I do believe the interest on the loan as well as the real estate tax portion of Maintenance fees are tax deductible.

Once you pay off the principal, you would still pay maintenance fees every year, and they do increase based on taxes, insurance, etc. DVC is excellent about planning for maintenance and repairs - I believe the bulk of increases over the past 2 years has been due to increased insurance costs and property taxes.

You could buy the property with the lowest maintence fees, but you really need to look at when you will be travelling. With two young kids, our vacations coincide with the busiest times at DW, which are when resorts fill up - we own at VWL - and went there at New YEar's last year. I called right at the 11 month mark and got 2 studios, but by the next week, they were about sold out. And with more and more people buying into DVc, the 11 month window will be more important. I have stayed at all the resorts and haven't had a proble getting in at off times at the 7 month window - so it has worked so far. We just did an add-on at VB which has the highest MF and it was so we could get a Beach Cottage every other year in the summer. So depending on where, when and what kind of room you will want will factor into where you should buy.

The extra 10 years at SSR would, I think, be a huge incentive...but all the resorts are great.

Hope I answered all you questions - I'm sure other folks will add to this...Good luck in your decision. We have owned for 3 years, and it has been such a great thing. We have taken way more vacations than we would have ever thought about, and they have all been wonderful.

 

[tinkgrl]

Originally posted by studog
I'm looking into to buying but still have questions....

1) Wouldn't you want to buy into the resort that has the lowest maintenance fees? You can stay anywhere but the "home" resort is what your fees are based on...is that right?

2) What kind of terms are available for financing? What's the longest one could finance a DVC timeshare?

3) Is the interest tax deductible?

4) If I were to purchase a resale for 10,000..In addition the the mortgage payment each month, I'd also pay the maintenance fee yearly. And even once I pay off the timeshare, I will stay pay on the fees yearly for the life of it...is this right?

Thanks

Ken

Ken,

I think I can help! First welcome to the world of DVC!!!

1. You want to buy where you want to be the most! i.e. if you want to be near the Magic Kingdom Wilderness Lodge Villas would be perfect. If MGM or Epcot Beach Club Villas or Board Walk Villas would work. If you like to be alittle farther away from the action Old Key West might be for you. If you are beach person, Vero Beach is right outside their doors. Hilton Head resort give you best of the beach/land.

You have an 11 month booking window (from your checkout date) and 7 months @ the other DVC resorts. It can be difficult to book a peak time say the 1st 2 weeks in december (low point values) @ 7 months. Am I making sense so far? This is NOT to say that it can't be done.

BTW, Old Key West has the lowest maintenace fees & you would be using less points per stay. It was the 1st DVC resort back in 1992. You might also consider the themeing to your home resort.

2. You can finance through Disney as high as 10 years. 1, 5 & 10 years I think.

3. I am not sure about this one. But someone will have an answer.

4. Yes, you will still have your maintance fees even after you pay off the mortage. You can do it monthly or yearly!!! Hope this helps.

Allison an associate

 

[studog]

Thanks everyone for the help...

Ok so the minimum purchase is 150 points right?

WHat is the price per point if going through Disney...does it depend on where you buy at?

What is the maintenance fee perpoint at each resort?

If I were to buy a resale...I'd have to find a bank myself to finance and pay closing costs and have only cash? Is this right?

Any regrets?

ANy benefits given by Disney if a DVC owner such as free passes or anything?

Ken

 

[tinkgrl]

Originally posted by studog
Thanks everyone for the help...

Ok so the minimum purchase is 150 points right?

WHat is the price per point if going through Disney...does it depend on where you buy at?

What is the maintenance fee perpoint at each resort?

If I were to buy a resale...I'd have to find a bank myself to finance and pay closing costs and have only cash? Is this right?

Any regrets?

ANy benefits given by Disney if a DVC owner such as free passes or anything?

Ken

Ken,

If you buy through Disney, yes minium is 150. You can add on to you purchase @ any time 25 points for cash & 50 points & above to finance. If buying though Disney all contracts have to be in the same use year. If resale you can buy as many points as you'd like in different use years. Use Year are the 1st the month that you will get your points each year & only matter if you must cancel.

I think the current price per point is $84 through disney & it varies in resales but you must pay closing and finance it yourself, I believe. Someone correct me???

I am not sure of the maintenace fees, but I do mom & I pay $4.17 per point @ Beach Club Villas. I'm sure someone else can tell you the other resorts fees.

The only regret we have is not buying sooner. There are various discounts for WDW resturants & other things around the "world." Also some restruants near HH & VB. This are subject to change without notice. They range I believe from 10% to 20%. When old Key West was opened, members got free passes for 2 years, but not anymore. We get 10% off UPH passes. Good luck!!!

Allison an associate