Large contract question

[DizBub]

Originally Posted by wallawallakids

We also value our time together. And our family loves to go to Disney. Our trips are our one splurge. If I am always going anyway, I might as well have a nice two bedroom with a kitchen! Plus we bought Disney stock so I always joke to hubby that we are supporting ourselves by buying. That is why I wouldn't consider buying into a different timeshare. I either buy Disney, or sit on the $$$ we have saved. In my mind those are the only two options. And we are not value folks. Nothing wrong with them, but if I am going on vacation, I want a nice room with all the amenities. It's just the way we are.

You will LOVE DVC.

[Dean]

Originally Posted by wallawallakids

Thank you for your help. We will be paying cash. We have been thinking about this for the last three years but just now have enough saved to go through with it. We have been to Disney World (and Land) 4 times in the past 3 years. Our total OOP amount is about $10,000 for each visit. Realize that some of that is airfare, tickets, and food but a large amount is hotel room. For example, we are paying over 700 a night at the DLH this August in Disneyland. We just are too large for a standard room and getting two connecting is sometimes more than one suite. This past May we got two connecting rooms at POFQ. It wasn't my favorite visit and it was actually quite expensive. I would have rather used that money to stay in a villa. I think the 2 bedroom villas would be heaven for us. I realize we probably will not be saving money. Lord knows, if I wanted to save money the cash we have saved towards buying DVC would be much better used in our retirement account. However, we are good savers. We don't take on debt. We buy used clothes and we save for our kids college. We also value our time together. And our family loves to go to Disney. Our trips are our one splurge. We don't eat out any other time of year so we can go. We save and save because going makes us happy. I don't think that is going to change. Disneyland and Disney World are our happy place. We love our time there. That is the main reason why we would like to buy a piece of the magic. If I am always going anyway, I might as well have a nice two bedroom with a kitchen! Plus we bought Disney stock so I always joke to hubby that we are supporting ourselves by buying. That is why I wouldn't consider buying into a different timeshare. I either buy Disney, or sit on the $$$ we have saved. In my mind those are the only two options. And we are not value folks. Nothing wrong with them, but if I am going on vacation, I want a nice room with all the amenities. It's just the way we are.

Thanks for the additional info. Based on your post I'd suggest you consider a contract in the 200-250 point range at the location you'd be happy staying at most trips. It sounds like BLT is the best option to fit this need. As for off site, don't knock it if you haven't tried it since there are some VERY nice timeshares in the area that are even nicer than DVC in some areas with larger rooms, better pools overall, and more activities. I know a number of people who thought as you do (Disney or nothing) until they actually tried some of the off site options. Don't get me wrong, I love DVC and would prefer staying there all else being equal but it's not equal.

[ELMC]

Originally Posted by wallawallakids

I am looking into resale options now. Honestly, it makes me a little nervous!

I understand how you feel. However, we typically fear things that are unknown to us. I would recommend that you take the time to read as much as you can about DVC resales so that it is not unfamiliar anymore. Timeshare resales have often gotten a bad rap, especially from timeshare salespeople (mostly from other systems, not necessarily DVC) who want to bully you into buying direct, where they make a commission. But the truth of the matter is, there is very little difference between a resale and direct purchase for DVC.

Specifically regarding BLT, I cannot see any financial reason to purchase there direct. Initial offering prices were in the $105 range depending on incentives, etc. Now the price is $165 a point. From a sheer numbers standpoint, they have priced all of the value right out of owning DVC. In my opinion, people who are purchasing BLT direct are putting other considerations ahead of financial. That's their priorities, and I can respect that, but I could not disagree more.

As for resale, I have four contracts, all resale, and I couldn't be happier...both with my ability to use them to stay at DVC resorts and the money I saved over buying direct.

Originally Posted by wallawallakids

I mostly have been looking at Fidelity. I have seen their name on the boards quite a bit, so I am hoping they are reputable.

Fidelity is a reputable business, as is The Timeshare Store, a sponsor of these boards. These are legitimate brokers who are licensed to do business in the state of Florida and specialize in DVC resales. In my mind there is close to zero risk to purchase resale through either of them.

Originally Posted by wallawallakids

Disney is offering an OK deal, but yes, it is quite a bit more $$ than the resale. Only benefit is the fast closing.

I have to say that at today's direct prices, not only is it not an ok deal, it's actually a bad deal.

[Kidanifan08]

Originally Posted by ELMC

I understand how you feel. However, we typically fear things that are unknown to us . . . But the truth of the matter is, there is very little difference between a resale and direct purchase for DVC.

Specifically regarding BLT, I cannot see any financial reason to purchase there direct . . . From a sheer numbers standpoint, they have priced all of the value right out of owning DVC.

I have to say that at today's direct prices, not only is it not an ok deal, it's actually a bad deal.

These is a great summary of direct vs. resale for DVC and specifically BLT. If have have any concern to getting through ROFR, you shouldn't worry. If you bid on a clean contract, it will be yours within 40-60 days. DVC is not buying back BLT (or AKV for that matter). If you choose to go the resale route, bid aggressively and you will the contract that you want. Keep in mind that many of the BLT sellers still have mortgages, so the they may not be able to go too low on the selling price. BLT has only been on the market since 2008, and there was this thing called a recession that caught a few people off guard. You may have to put in bids on several different contracts before you find a seller who is not upside down. Some of the sellers forget that the broker is going to take 10% of the selling price, and they simply cannot sell at a loss.

This time of year may be a good time to buy, since the 2013 dues were just collected and you may find a motivated seller who wants to sell their contract quickly and recoup their 2013 dues. Just make sure the 2013 points are all there (and the 2012 points, if you want a really great deal!)

[thptrek]

Our offer on a BLT through resale just got accepted. Has 2012 points included so we are stoked. Just waiting for it to all clear so we can make our first reservation. We just could not justify paying 50% more. We are starting small and will see how it goes.

[wallawallakids]

Originally Posted by thptrek

Our offer on a BLT through resale just got accepted. Has 2012 points included so we are stoked. Just waiting for it to all clear so we can make our first reservation. We just could not justify paying 50% more. We are starting small and will see how it goes.

Congratulations!!! That is great that you got the 2012 points as well!!!

[wallawallakids]

Originally Posted by Dean

Thanks for the additional info. Based on your post I'd suggest you consider a contract in the 200-250 point range at the location you'd be happy staying at most trips. It sounds like BLT is the best option to fit this need. As for off site, don't knock it if you haven't tried it since there are some VERY nice timeshares in the area that are even nicer than DVC in some areas with larger rooms, better pools overall, and more activities. I know a number of people who thought as you do (Disney or nothing) until they actually tried some of the off site options. Don't get me wrong, I love DVC and would prefer staying there all else being equal but it's not equal.

I am curious: which timeshares are you taking about? Marriot? My SIL owns there and she does love it.

[Dean]

Originally Posted by wallawallakids

I am curious: which timeshares are you taking about? Marriot? My SIL owns there and she does love it.

Please understand I'm not trying to talk you out of the choices you've made, only to make sure you know your options and don't make assumptions that aren't accurate. Staying off property will push you more toward a car but we'd do that anyway.

As for properties I'd put at least as nice as DVC overall, I've posted the list previously, here's a copy of the pertinent part of that info.

Here's my list, there are a few resorts I dont know enough to place but based on other info, I wouldn't list any of them in to top group. There is one alternative lifestyle resort if that matters to anyone. Some are II, some RCI, some both.

Top Group.
4 top Marriott's (1 in RCI)
3 Hilton's
The Fountains (and Oasis Lakes)
Vistana Villages.
Wyndham Bonnet Creek & Reunions

The next group, worth staying or at least considering but definitely less would include the following. This is a broader grouping than the last time I gave this list. There are a few others that I didn't list that should be OK based on rating and awards.

Silver Lake (both ID's)
Vistana
Orange Lake (River Island best) (Now Holiday Inn)
Liki Tiki Maybe
Summer Bay, esp Houses at
Village at Parkway
Westgate Lakes
Other Marriott's (2 in RCI)
Some other Wyndham's

We are timeshare snobs, we expect a quality room and resort. Just clean and functional is not good enough for us.

I think one of the large components is about giving the individual other options outside Orlando. If you want one system to give Disney and other timeshare options, DVC is not a good or reasonable choice to do that. OTOH, if one has to be on property, cash and DVC are the only feasible long term options even though some of these can potentially trade in to DVC at times. Bonnet Creek is essentially on property from a location standpoint. As for the best none DVC option, it totally depends on variables and personal preference but I think those that give you other options would be the top and all of the first groups would plus some of the second. That'd put Bluegreen, Wyndham, Starwood and Marriott as possibilities that would give you other good non Orlando options. The first 3 as points mini systems and Marriott as either a points system or floating weeks system with an internal trade preference. I would steer you away from the Marriott's points system because of the cost.

I hope that helps.

[Jasonkat]

Originally Posted by wallawallakids

Looking to buy a min of 360 points. (We always need a 2 bedroom villa and we like BLT). My question is do I buy one large contract or should I buy two smaller ones that have the same use year? Is there any benefit to having the points all together or is it better to split it into two? Thanks

When I looked into DVC (late 2012, so don't think I'm an expert) I thought we'd need about 400 points. That gives us a week in summer and one 3 day weekend in a 1 bedroom.

I ended up buying a loaded 200 point contract. My contract has 200 banked 2011 pts, plus all 2012 pts, plus all 2013, etc. So I have 800 pts to use between 2013 and 2014 before I end up at only 200 per year.

What this will do for me is allow me to experience DVC for 2 years with several trips before I make a larger commitment. If I decide I really do want 400 pts I have several options. I can either bank and go every other year, or I can buy another 200 pt contract, or I can buy a 400 pt contract and sell my 200 pt contract. In the meantime I get to experience DVC for only 200 pts worth of maintenance fees rather than 400 pts worth. That saves me about $1200 for the first two years while I try out DVC.

So I suggest you go small, buy half the pts you need and try it out. I think it will be easier to add more points if you bought too few, then to reduce your points if you bought too many.

[a742246]

You definately sound like a perfect candiate for a DVC. I too would recommend
that you look for something in the 200 point range. Then in your first visit, tour the other resorts, you will have a better understanding if you want to add on or not. You may want to buy into another resort afterward.

I would look for a contract that is loaded (last years points and this years). Make sure you understand use year before buying.

[wallawallakids]

Originally Posted by a742246

You definately sound like a perfect candiate for a DVC. I too would recommend
that you look for something in the 200 point range. Then in your first visit, tour the other resorts, you will have a better understanding if you want to add on or not. You may want to buy into another resort afterward.

Thank you! THis does sound like the best option. If we buy into BLT now with a smaller contract than we can decide if it works well for us. Later maybe we will buy a second contract in a second home resort.

[disneymath]

Originally Posted by wallawallakids

<snip>
I think the 2 bedroom villas would be heaven for us.
<snip>
Our trips are our one splurge.
<snip>
And we are not value folks. Nothing wrong with them, but if I am going on vacation, I want a nice room with all the amenities. It's just the way we are.

Call it my mind working in strange ways, but when I reread this post I got the impression that you've never stayed in a DVC resort. Many on here would recommend you do that first before buying in. (You can rent points from a member, there is a board here on the DIS or you can go through a company like David's Vacation Rentals, he is a board sponsor.)

Also, I just wanted to make sure that you were aware that some traditional hotel room amenities (like daily housekeeping) are not a part of the DVC deal. Generally you get your trash removed and fresh towels on Day 4 and if your stay is long enough, a full cleaning on day 8. Other than that it's all up to you regarding making beds, washing dishes etc. (You can pay for extra towels or extra cleaning.)