It has been a long time since I took the DVC tour or did any research on becoming a DVC member so I need some help. We are looking into DVC resale… my first question is what is the best most reliable site to purchase from? I understand the maintenance fee part of it but how do I figure our how much I would pay a month on my contract? So if the resale we buy is $10,000 and the main fees are roughly $900 how do I know what I will be paying a month? Does that make sense? TIA!!
Are you asking what the monthly loan payment on $10,000 would be? Or are you asking what the monthly maintenance fee would be?
If you are asking about the maintenance fees, I thought they were an annual fee payable at the beginning of the year.
I already know how to calculate the maint. fees. It was the monthly fee on the entire purchase price I was inquiring about. I did some research and it looks like I need to talk to the financing companies to figure all that out. Thanks.
Monthly cost really depends on your interest rate. Be careful when calculating the “savings” of buying when financing. Interest can really eat up any gain. You may want to run the numbers against renting points.
But, say you financed $10k+900 in closing costs at 10% for 10 years, you’d pay $144 a month plus your annual dues. Without knowing how many points you are getting but for sake of calculating, 100pts at $100/pt at bay lake@ $5.04 a point, annual dues of $505/12 months (although paid at 1 time, this is for budgeting)=$42. Add that to your loan, and it is $186/month. Annually that is $2232.
If you were to spend $2232 at the dvcrentalstore. Com, where they charge $16/pt, you could get 139 points, which could be an extra few nights above what your 100 pts would get you. Just food for thought.
Of course you can’t really put a price on that magical feeling of knowing you are an owner! I haven’t heard of anyone not liking a particular resale broker; we used Shontell at http://www.dvcbyresale.com with zero complaints. But she had a contract at the right size and price, so that’s why we picked her (with the comfort of seeing recommendations)