Everything you ever wanted to know about timeshare, but didn’t
know whom to ask. Well, AIRDA has the answers. In fact, we have
the questions too!
We have put down an exhaustive list of questions that might be
on your mind and have provided the answers to them. The objective
of this is to ensure that you make fully informed decisions and
are not misled by anyone resorting to unfair business practices.
If you have any queries that are not answered here, please write
to us at our address given in the ‘Contact Us’ section
or mail to us at airda@vsnl.net. We will be glad to provide the
answers and feature them in this section.
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What is vacation ownership (timeshare)?
A vacation ownership is a product sold by vacation ownership/holiday
companies in which a buyer acquires the right to use a unit of a
resort for a specific period of time in a year for a specified number
of years.
With vacation ownership, you won't need to own a vacation home
right through the year or rent lodgings by the day when you travel.
You can purchase a resort unit only for the time you need at a location
you desire. Simply put, timesharing means owning a week annually
at a resort. For instance, you can choose to own the 2nd week of
December, every year, at a resort in Goa.
But you don’t have to spend your holidays at one location
year after year! Through a vacation ownership exchange system facilitated
by RCI, you can take a holiday in India as well as in 86 other countries.
Which means Goa today, Venice tomorrow!
Is there any difference between vacation ownership (timeshare) and holiday
ownership?
No difference whatsoever. Holiday ownership is simply a more correct
name for vacation ownership because it better describes what the
product means. However, most owners still prefer to call their ownership
weeks as vacation ownership.
What is the best price
for a vacation ownership (timeshare)?
There are many factors that affect price - the week, the location
of the resort, the size of the accommodation, the season it belongs
to, the promoters behind the resort etc.
Does it make sense to buy
vacation ownership (timeshare)?
Definitely. Once you take a decision keeping in mind the above points
and buy timeshare, it is a great way to ensure that you have quality
holiday accommodation at an affordable price. A carefully researched
vacation ownership (timeshare) purchase gives you the benefit of
long-term savings compared to the cost of staying in hotels while
holidaying.
Are there any benefits?
Choice of location: Vacation ownership (timeshare) resorts are located
at many desirable locations around India and the world.
Home away from home: Your vacation ownership is truly a home away
from home. Most resort units are equipped with an independent kitchen
that provides privacy and independence. With Indian food habits,
this is an attractive option specially when traveling abroad.
More fun at a lesser cost: You can buy a vacation ownership for
a fraction of the cost of owning a vacation home. It is yours to
enjoy for a fixed period of time, for as long as 25-33 years! Thus,
it's a hedge against inflation as your future vacation costs are
locked in at today's prices.
Repeat vacations: Vacation ownership resorts offer quality accommodation
and associated amenities ideal for repeat vacations. It also offers
a better price/value than a hotel room for extended stays.
Action-packed holidays: Vacation ownership resorts offer a wide
range of recreational activities aimed at the family - swimming,
table tennis, badminton, tennis courts and horse riding.
Flexibility: Vacation ownership offers flexibility of use and a
variety of experiences through exchange options and peripheral benefits
offered through an exchange company.
In short, vacation ownership offers a better price and greater
value than a conventional hotel room - an apartment that can accommodate
more people, with a kitchen that provides privacy and independence.
What is AIRDA ?
Today there are a variety of resorts available in India, each of
which uses different marketing techniques to sell vacation ownership
(timeshare) holidays to the customer. Being a new industry in the
market, the awareness of this product is quite low. This has led
to developers and marketers using unfair means of selling vacation
ownership holidays.
The All India Resort Development Association (AIRDA) is an organization
comprising genuine vacation ownership members, dedicated to setting
the standards of operation and ensuring customer protection. The
association is a self-regulatory body with a core committee that
oversees the functioning of the association.
What does AIRDA
seek to do?
- AIRDA’s objectives:
To ensure that all activities of the vacation ownership (timeshare)
industry are honest, fair and conducted with total transparency.
- To safeguard the interests of all vacation ownership customers,
existing and prospective, against all misleading vacation ownership
selling practices.
- To ensure the highest ethical standards amongst those engaged
in the vacation ownership industry and holiday ownership in India.
- To check the activities of unscrupulous developers/marketers of
vacation ownership holidays, to the extent of taking legal punitive
action against them.
- Redressal of complaints against defaulting vacation ownership
(timeshare) sellers/ marketers.
Having recognized that a majority of the customer complaints were
actually arising from customers being forced to buy the same day
they visit the sales centre, AIRDA has made the following mandatory:
- Every prospective customer must be given a 10-day cooling off
period to give him/her sufficient time for a change of mind.
- Every member must be given his deposit or membership fee if he
asks for a refund within "10 days of purchase". The amount
that has to be refunded is the total amount given by the customer
without any deduction for administration. However, the customer
must clarify this with the marketer to his complete satisfaction.
- On no account is a telemarketer to announce a prospective customer
as a " lucky winner of a prize." The telemarketer can
invite the customer to attend a presentation for which a gift can
be given. A distinct demarcation between a "prize" and
a "gift" has to be made during transactions with the buyer.
What are the different types of vacation ownership (timeshare) purchase options?
Today's vacation ownership industry offers numerous purchase options
to meet the customer’s desire for vacation variety and flexibility.
Although the availability of these purchase options varies from
resort to resort, here are the most common options for the customer
to choose from:
Fixed week: The oldest and most familiar is the fixed week type.
Here, weeks of the year are numbered 1 - 52 and the resort offers
you the option to purchase one or more weeks to be used at the same
time each year, in a fixed unit.
Floating week: This can be any week reserved for the vacation ownership
owner during a certain season. (A season he wants to enjoy but is
not assigned a week number for.) The unit can be of any size here.
What is a maintenance
fee?
The maintenance fee is an annual charge, on top of your initial
purchase cost, that goes towards the upkeep of your vacation ownership
(timeshare). Your maintenance fee usually covers management fees,
maintenance, insurance, utilities, telephone and all property upkeep
such as furniture, carpets and other facilities that the resort
offers.
Regular payment of this maintenance fee will ensure that all amenities
are provided in the best possible manner to all the owners of the
resort.
What sizes of
accommodation is available?
Sizes of accommodation vary from resort to resort, but as a rough
guideline, the accommodation is broken down by bedroom number and
how many adults it can accommodate. Here is the breakdown:
Studio: Accommodates a minimum of 2-4 people. Privacy cannot be
assured in this type of accommodation.
One Bedroom: Accommodates a minimum of 4 people.
Two Bedrooms: Accommodates a minimum of 6-8 people
What happens after
my membership term week expires?
In some instances you will be offered an opportunity to extend your
membership for a price, but this will vary from resort to resort.
Otherwise, the membership will be placed back on the market by the
resort owner.
Can I ever sell
my vacation ownership (timeshare)?
Yes. Once you are the legal owner of a vacation ownership (timeshare)
week, you may sell it at any given time.
How soon may I
use my timeshare after purchasing it?
As soon as the ownership has been transferred into your name, you
may contact the resort and exchange company to start enjoying your
vacation ownership (timeshare) purchase. Check for more information
with the marketer selling the vacation ownership (timeshare) to
you.
What if I change
my mind?
With all purchases, a cooling off period of 10 days is allowed to
the buyer. Should you change your mind within 10 days of signing
the purchase order, the licensed marketer who will handle your purchase
and sale will refund you in full, any money that you have paid to
them.
What if I want
to see the resort before I purchase?
Please check with the marketer/resort on this issue. Generally,
you will have to make the travel and other arrangements yourself.
At the resort, you will be provided an opportunity to inspect the
place and have your questions answered and all help provided. |
