What is timeshare?
Timeshare is a form of property ownership where you buy luxury holiday accommodation for exactly the time you need it. Timeshare works in week increments and the week you purchase is set aside for you on an annual basis.
What types of timeshare ownership are there?
Fixed timeshare ownership : Fixed ownership refers to the traditional timeshare ownership whereby an owner purchases a specific week and a specific unit number at a specific resort.
Flexi – Flexi timeshare ownership refers to the ownership type where a person owns a specific week at a specific resort however the unit number may vary from year to year.
Floating – Floating ownership is a more recent development whereby the owner purchases a unit size and a season. When they wish to make use of their timeshare they need to contact their resort and book a week, the only restrictions that they have is that they must stick to “their” unit size and season.
Points – Points ownership is defined by the person owning points instead of the actual week. This allows more flexibility provided that the space is available.
How many timeshare resorts are there in South Africa?
According to the Timeshare Institute of South Africa (TISA) there are over 200 resorts in South Africa operating on a timeshare basis. Over 260 000 South African families own a timeshare product and worldwide the top 5 reasons for timeshare purchase are as follows:
- Quality Accommodation
- Exchange options
- Good value
- Resort, Amenities, Unit
- Company credibility
Can I rent out my timeshare?
Yes you may, the week you purchase is your week and you may do with it whatever you choose. There are many ways to advertise your weeks for rental, such as through your resort or in the classifieds or through a timeshare rental company.
What if I am unable to use my week?
There are various options available to you if you find that you are for whatever reason unable to use your week. The three basic options are:
- Trading
- Renting
- Giving it away.
Trading: swap your timeshare week with another persons timeshare week.
Renting : rent out your unit and cover your levy costs for the year.
Another option is for you to offer your week to family and friends as a gift.
Do I pay to trade my week?
Yes you do, each company who helps you with the trading of your timeshare charges a fee for doing so. This fee includes all administration costs as well as the handling of the relevant documentation.
Who is TISA?
The Timeshare Institute of South Africa. Visit http://www.tisa.co.za
“TISA is a cape town based Trade Association representing the Timeshare and resort development industries of Southern African and is registered as a Section 21 Company
(an organization incorporated not for gain)” – taken from http://www.tisa.co.za
Must I holiday every year?
No you do not have to make use of your unit every year; you can rent your timeshare out or trade it for another time that suits you.
Do I have to pay levies?
Yes you do. The levy is used by the resort to maintain your unit. Levies are due every year and must be paid before you are allowed to trade your unit out.
How far in advance should I advertise my units for trade or rent?
The longer you advertise your unit, the more likely you are to rent or trade it out. Understandably in some instances it is not possible to advertise your unit early but if you can help it, advertising should be done at least 3 months in advance.
Do I pay to be a member of Trade My Holiday?
No you do not, Trade My Holiday does not charge membership fees or registration fees.
Am I guaranteed to get an exchange every time I request one?
Trade My Holiday’s ability to confirm a trade depends upon the availability of deposited holiday time in the Holiday Warehouse or 1-0n-1 Trade facilities. It is not guaranteed that you will get a successful trade however with Trade My Holiday you will not lose a holiday as it is not compulsory for you to give up ownership of your unit when utilizing the 1-0n-1 Trade facility until a successful match is made.
Are pets allowed at the timeshare resorts?
Pets are not allowed at the majority of resorts; however there are one or two resorts who welcome pets. Check with the resorts prior to check-in.
Can I sell my timeshare or bequeath it in my will?
Yes, you may sell your timeshare at any time or bequeath it in your will to a family member or friend.
What is Timeshare? Click
here to read more.
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