How it Works
The cost of buying a holiday home and funding its upkeep gave rise to timeshare more than 50 years ago as a cheaper way of having your own holiday spot.
By paying for a number of years holidays upfront at today’s prices, you are safeguarding your holiday costs against inflation and peak season rates. 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.
The wide range of timeshare products available are designed to suit many lifestyles. Owners make a one-time purchase of furnished resort accommodations at a fraction of whole ownership costs and pay an annual maintenance fee. The accommodations are priced according to a variety of factors, including size of the unit, resort amenities, location and season of use.
The traditional interval week programme offers owners the use of their resort for one week, either for a specific period or season. With a points-based program, you may purchase points that can be redeemed for all kinds of accommodations, resort locations, amenities, number of days used, and other travel services. Family and friends can also take advantage of your purchase as the product is very flexible.
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.
74.2% of shared vacation owners in Southern Africa say that vacation ownership has increased the degree to which they look forward to holidays. 64% feel it has increased the amount of time they spend on holiday and 62.4% believe it has increased their health and happiness.
Through their homeowner’s association or club management, owners help maintain the quality and future value of the property. This pays for onsite management, unit upkeep and refurbishing, and utilities and maintenance of the resort’s common areas and amenities. The amount typically depends on the size, location, and amenities of the resort and is paid by each owner in proportion to the amount of time and/or unit owned.
You can trade your interval or week for new and different vacation experiences at comparable resorts across the country and around the world. Many resorts offer owners the opportunity to exchange their timeshare to another resort within the home resort’s own portfolio of properties. Most resorts are also affiliated with an independent exchange company, such as RCI or Interval International, that orchestrates exchanges to other resorts on behalf of members. To exchange, the owner places his or her interval into the exchange company’s pool of available resort weeks and chooses an available resort and week from that pool. The exchange companies charge an exchange fee plus an annual membership fee.