Who is VOASA?
The Vacation Ownership Association of Southern Africa, VOASA or previously known as the Timeshare Institute of Southern Africa, is a self-regulatory member-based Trade Association for the shared vacation ownership industry in Southern Africa. It was established in 1990 with the core objective to
“Create, maintain and develop an environment within which long-term viability and growth of vacation ownership, through shared vacation ownership, can be optimally ensured”
VOASA’s members comprise of developers, vendor companies, marketing organisations, management companies, home owner associations, resale organisations and other professional providers.
Through its ability to self-regulate and control the industry, VOASA has gained the confidence of the Department of Trade and Industry in its ability to instil confidence within all stakeholders and uphold a positive perception by the consumer at large.
A key contributor to VOASA’s existence is the protection of consumer rights and the commitment to the ongoing growth of the industry in a positive and organised manner. Its Code of Conduct was introduced through negotiations with the Department of Trade and Industry’s Business Practices Committee. The Code outlines the intention to govern business practices by protecting the interests of both consumers and the industry, and promoting an equitable, negotiated balance between the two.
How Shared Vacation Ownership Works
Shared vacation ownership takes the hassle out of owning a vacation home and allows you to purchase future vacations at today’s prices, for the period you need.
A one-time purchase is made of a furnished resort accommodation at a fraction of the whole ownership cost. Thereafter, an annual levy is paid to cover the costs of running the resort including the daily management, maintenance and improvements.
Each residential unit is divided into periods (time modules) of usually weeks that are sold separately. Often the amount of time you purchase is expressed in terms of “points” – a popular trend that is aimed at increasing the range of options for the use of your shared vacation interest.
A shared vacation ownership interest is therefore the exclusive use of accommodation in property, for a determined or determinable recurrent period (time modules) annually.
Shared vacation units are priced according to the size of the unit, the amenities provided by the resort, the location of the resort and the season in which the week is sold. For example, in season weeks will cost more than out of season weeks.
Invest In Your Future Holiday Memories
Shared vacation ownership (also known as Timeshare, Points Club, Fractional Ownership, Destination and Private Residence Clubs) is redefining the holiday travel industry by giving holidaymakers better value and more control of their future holidays.
South Africa boasts a mature R3.5 billion per annum shared vacation ownership industry, consisting of over 500 000 shared vacation owners with an 85% occupancy rate of 500 000 shared vacation ownership weeks.
Purchasing a shared vacation ownership product is a chance to lock into a lifestyle for many years to come at today’s prices. If you stay in a hotel, all you are presented with at the end of your stay is the bill, which is likely to be higher with every passing year. But, with shared vacation ownership you are buying today’s prices and the concept of a future lifestyle – not just a break.
Family and friends can also take advantage of your purchase as the product is very flexible. This means you can even leave a legacy of wonderful vacations to your children and your children’s children.
By embracing all the luxuries of a second home, shared vacation ownership offers first-class accommodation that typically includes:
- home-like amenities and spacious floor plans compared to traditional hospitality accommodations
- space and flexibility, from 2 sleeper units to free-standing 8 sleeper units
- a fully equipped kitchen with dining area, washing machine, tumble dryer, hi-fi, television, DVD player and moreShared vacation ownership resorts often include the following amenities:
- children’s activity programmes
- golf, water sports, swimming pools, tennis courts, jacuzzi, spa and fitness facilities
These guidelines have been prepared by VOASA with the view of empowering the consumer with the knowledge needed to ensure a peace of mind purchase.
- Is the developer or marketing agent a member of a regulatory body approved by the Department of Trade and Industry?
- Buy a shared vacation ownership product because you plan on using it in the future. Consider your purchase as an investment in future vacations and not as a property or financial investment.
- Does the sales documentation comply with the National Credit Act, Share Block or Sectional Title Scheme? Has it been fully completed? Are you satisfied that you understand all your obligations? Does the sales contract make provision for a deposit? Is this held in a trust account? Is the building complete? Refer to the provisions of section 7 of the Property Timesharing Control Act and check the date of completion.
- Carefully read all documentation and ensure that you understand exactly what type of product you are being offered. If necessary, ask for a clear explanation of any terminology and terms such as ‘space banking’ or ‘usage rights’.
- Choose a shared vacation ownership option that suits your lifestyle. Consider what you value most in a holiday experience, and then explore the wide variety of options and products that are available. Select the option that will best suit your family’s lifestyle now and in the future.
Resales have become a growing industry in the marketing of shared vacation ownership products, but there are certain factors that are unique to the sale of these products.
Do not necessarily expect to receive the same amount that you originally paid for your vacation ownership product, especially if you have owned for less than 5 years and the interest is not in a well-known resort location. Many factors affect the price including season, location, unit size and age.
- Contact your developer and/or resort management company
Check with your developer if they are still selling, or find out if the resort management company offers a resales programme or are affiliated with a broker to handle resales. If so, ask for the statistics on past resales.
- Verify that the resales agent is an accredited VOASA member
All member companies of VOASA agree to adhere to the VOASA Code of Ethics.
- Check with other owners at your resort
Those who own the weeks before or after you may wish to purchase more time.
- Check for local resale brokers
Check the property sections of the local newspapers for local brokers who handle resales.