If a resort has an expiration date of 1/31/2042, will the owners have to pay dues in 2042?
Also, if the use year is August (example), I’m assuming the last points you get will be assigned in August 2041 and have to be used by the expiration date of 1/31/2042. Is that correct?
I was just thinking about this, sense I decided to jump down the rabbit hole. I am going to say no sense you technically would not have access to those points. However, what happens if you borrow the points…?..Now I am seconded guessing my self. @PrincipalTinker what do you think?
I know there has been a lot of guessing about this but I don’t know if my understanding is correct. I am going to tag @Nicky_S for another opinion.
My understanding, as you said @Julianne_fki, contracts expire January 31st of their expiration year. There is no January UY, so the last year members could get points is December of the previous year. You get full use of those points by contract.
You pay dues for the upcoming year, so you would not pay a bill due that January?
@ICONTROLWDW, you lurking on the dvc thread while you wait ROFR? Welcome!
I’m not sure what will happen. It will be interesting to see as we approach 2040 onwards. I doubt I’ll still be owning by then, and probably won’t still be alive when Bay Lake expires!
My gut says dues in the final year of a resort might be pro-rated according to your use year.
There are some who think there will be some kind of embargo on resorts expiring, whereby no one else will be able to book there in the 7 month window, thereby making it a home resort only for the final couple of years.
The dues we just paid, are they for this calendar year of last calendar year? I thought the bills come out in December for the points you are getting December-December? If no one has January UY, and no one will get points in the expiring year, why would there be dues?
But the resort still has running costs …
The points you got in 2041 will still expire at the normal time I think, but maintenance fees are for the running costs of the resort. I would think you will still have to pay dues up to the expiration of your points in 2042, hence them being pro-rated.
I don’t know if you’d be allowed to bank them to use during the remaining months of 2042. That would create a glut of points with no leeway for people with later use years.
Wouldn’t DVC be responsible to pre-plan and have reserve to cover costs?
I forgot that question but if you are awarded August 2041 points (I have a BW contract with that UY) I expect to at least be able to use them through July 31, 2042.
Yes. But @Julianne_fki thought you’d have to 12/31/2042 to use them. I was saying I don’t think you’ll be allowed to bank them to use beyond 07/31/2042.
Why? You would still own a share of the resort until your use year is up.
I actually thought we’d have to use by the expiration date of 1/31/2042.
I have been searching MouseOwners and although there is some “discussion”, I think they are saying that dues are for the points you get that calendar year? I think I would have an issue paying dues for a year I don’t get dues? Lol- most likely I will belong gone by then! I will be 81 in 2042.
I think I just purchased an OKW contract! I will be 76 in 2041 so feels like a good timing.
Yay! Congrats!
I thought all resorts expired on the 31st December of the year in question, which is what my answers are based on. If the expire in January then that changes things.
But @PrincipalTinker, as far as your dues are concerned, they cover the running costs of the resort. You can see the proposed budget online. I assumed that we pay them each year to do just that, run the resort that we are teeny, tiny part owners of.
Ok, I have fallen down the rabbit hole…could this be true?
OK so if the resort expires at the end of January, that changes things. Not sure what would happen. In theory I would get points on Dec 1st to use in 2 months. In which case I would borrow those and use them earlier if I couldn’t go in their lifetime.
Either way I still think everyone will pay dues for 2041, possibly pro-rated. I doubt DVC knows yet what they will do about banking and borrowing in the last 2-3 years.
Congrats!!
So you don’t think we’d pay dues for 2042 if the contract expires 1/31/2042? I would think not but I couldn’t find that info anywhere.