Total newbie here - how do you PAY for DVC??

[LoDivaLoca]

Though I doubt I can afford it....I wanted to know more info on the DVC. I checked the "FAQ's" about it, and I don't see how it's paid for. I'm guessing it's like a monthly payment thing?

I suppose you complete an application (after you selected your "home" resort?? and are you r points worth MORE at this home resort??) they check your credit, and then you pay in installments???


(Sorry for the ignorance, but I know NOTHING of time shares or the DVC!!) Thanks!!!

 

[WebmasterDoc]

DVC will be happy to provide financing for a purchase. They will handle all of the details and can even include your annual fees with a simple debit from your checking account.

Some have found their own financing thru home equity loans.

However you choose to handle the financing, the program works very well and DVC can walk you through the entire process.

Enjoy!

 

[Geubux]

Hi! Your points aren't worth more at your home resort, but you can make ressies 11 months in advance at your home resort. Also, the points per night are based on the size of the room and the season. Call DVC and inquire. They are a NO pressure operation!

 

[Cruelladeville]

Thru Disney you can finance a DVC loan for up to 10 years, with 10% down. That runs about $150 per month. That gives you about 150 points which you spend like money, and you get that many points each year. If you go to Disney at least once per year, and stay on property, then DVC is a cheaper way to vacation per year because the rooms average out to cost about $70 per night for a studio(an oversized motel room). At a typical timeshare (not Disney) you have a certain week that you stick to each year, unless you can trade it for a week that you would rather have. Some of us have both DVC and the more typical timeshare. Most companies that sell timeshares will also finance them. After you choose your resort that you want to buy at, you fill out the paperwork for buying into it. There is enough of the paperwork to choke a horse! I was the most surprised by that aspect of it, since it seemed to be more paperwork than when I bought my house, although that was a few years ago. At any rate, if you can afford to go to Disney each year, and you save for it monthly, then you can probably afford to be a DVC member. The cost for DVC starts at about $10, 500 or so for 150 points. Most timeshares in the Orlando area are also charging in the 10-$15,000 price range. My daughter bought into Vistana in april and that was $15000 for a 1 bedroom unit. Disney's advantage, though, is that your points can be used in so many different ways. For example, instead of getting just one week, you can arrange your points so that you can get two vacations out of it. We go in April and July, when 5 nights costs 75 points or less each time we go, therefore giving us two vacations for the price of one. Hope this helps a little.

 

[Crissup]

Hmm... Let's see... how do you PAY for DVC?? Why, with an arm and a leg, of course!

Seriously, DVC is a real estate interest, so you can get a real estate loan, a regular loan, or pay it all up front. Disney financing is a real estate loan (mortgage), with payment options up to ten years (if memory serves). Maintenance fees are due annually and can be paid all at once at the beginning of the year, or paid monthly via direct debit from your bank account. My dues for 150 BWV points amounts to about $47 a month. A pittance, considering what I get in return.

 

[LoDivaLoca]

Thanks everyone SOOOO much for the info!!!

(I'm just a renter so I know nothing of all the "paperwork" and mortages, etc.)

Now, what are these maintenance fees? How long do they last? FOREVER? For as long as you finance?? Or ???

Thanks again!!!

 

[slimplaw]

Maintenance fees run as long as you stay with DVC. So yes, until 2042. Mine are around $50 per month.

 

[DebbieB]

Dues continue for as long as you own it. Think of it this way - your initial purchase is like buying a house. Your monthly dues are for the maintenance of your home (insurance, utilities, taxes, repairs, etc). So even when the mortgage of your home is paid off, you still have to pay those other items, they don't go away. Same with DVC.

 

[LoDivaLoca]

So really, I'm thinking this DVC is NOT for me. Figure if it is $50/month maintenance for me (that's $600/year). That's not far from what I would spend in a year for resort costs anyway (with my AP) - $400 earlier this year at ASMu (6 nights) & 5 nights this Nov for $400 = $800 total. And that $600 is just for MAINTENANCE.....well, I see this needs some mulling over. Thanks everyone for your help!!

 

[Crissup]

If you plan to always stay at the all stars, you may or may not see a significant savings. However, when you realize that the DVC resorts are all deluxe resorts and you start to compare DVC to the other deluxe resorts, then you begin to see significant savings.

A case could be made about the price for the AS resorts going up over time, but DVC dues will be going up also.

 

[nydizfan]

wait....ASMU vs OKW.........there is no comparison. if you have no problem staying at a value resort well then .. OKW is not for u but thats ok too . dave

 

[LoDivaLoca]

Yea, I guess for now the values & moderates are just fine for me (doing CSR in Nov). I worry about convenience & affordability when I go away. So if I can get a moderate for $50/nite cheaper than a deluxe - then I can afford a rental car (for example) instead! So to me it's worth the savings!

Thanks everyone so much for your helpful info - it really helped me alot!!!!

 

[RAD]

Don't forget that in most cases the interest on the mortgage and the real estate tax part of your annual costs are tax deductable if you itemize.

Also, don't forget that the annual price of a WDW room goes up every year, I've hear 8% to 15% thrown out before, but don't hold me to that. In the two years that I've owned at BWV's my annual fees have acatually gone down, no up.

It's also the opinion that DVC makes sense if you were always going to be staying at a moderate price resort or higher every year. Some folks look at the question of staying on the grounds as to why spend a lot of money on a room when all you're going to do is sleep there so who cares how big it is or what facilities are at the resort. Before you finally decide I sugguest that you at least call DVC and ask for the information packet and maybe ask to see the rooms at BWV or WLV if you can fit the time into your schedule. It doesn't hurt to look (that's what I thought until I took the tour and bought two hours later).

 

[caverill]

DVC might be for you if you meet the following points:

- Stay at a Disney DVC property at least every three years (although most DVC Members go more often)

- Normally stay in Deluxe or Moderate resort on-site

- Like to schedule your vacations in advance (11 months preferred)

DVC offers a great deal of flexablity, but it is not for everyone!

You might be surprised how fast the costs of staying at resorts adds up over time. I believe that we will have gotten full value out of our investment by our seventh year, which means after that we will be staying on only what we pay in Maintenance fees.

Don't rush in, take your time and look at it from all angles. DVC is for some and not for others!

Ask any questions you want on this board. You will get lots of positive answers!

Hope this helps...

 

[LoDivaLoca]

You LIKE me - you really like me!

Thanks again everyone for all the info - I LOVE IT!!!!
(hard to believe this is my most popular post yet! lol)


Yea, when I go in November I might check this DVC out - I know they have some type of 2 hour presentation, so if I can fit it in (on my last day) - I just might do that.

 

[Crissup]

Actually, the presentation can be as short as you want it. If you only wanna spend 45 minutes, tell the guide that. He will shorten the presentation for you. However, most people end up wanting to hear more and end up spending the whole two hours there. LOL!!