A timeshare (sometimes called vacation ownership) is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. The minimum purchase is a one-week ownership, and the high-season weeks demand the higher prices. Units may be sold as a partial ownership, lease, or “right to use”, in which case the latter holds no claim to ownership of the property. The ownership of timeshare programs is varied and has been changing over the decades to accommodate the changing needs of the vacationing public who prefer timeshare ownership to the more conventional forms of accommodations such as resorts, hotels and motels.
Brief History Of Timeshares
Timeshare is an arrangement whether by membership or agreement whereby a purchaser receives a right to use accommodation for a specific period of time every year and which extends for a period of more than three years.
It started as a simple idea based on the assumption that people do not need vacation lodging accept for a week or two per year. Take a room, cabin or villa and divide ownership into 52 weeks (in practical, it is divided into 51 weeks with 1 week for maintenance). It allows you to purchase 1/51 of the ownership of the house. The next logical step in the development of timeshare was to be able to exchange time in these places between different people who wanted a vacation in these areas each year. So, too entitle a customer deals with are time company itself and an exchange company.
Leisure travel has always symbolized luxury, freedom, pleasure and satisfaction. In fact, the word luxury is derived from the Latin word luxu, signifying sensuality, abundance and splendour. The Greeks even believed that leisure was the prerequisite for civilized living. Following the independence, our grandfathers worked for a life of freedom and relaxation. It was, after all, the promise of democracy. Yet for most of them, the good life remained a dream. Years later, technology would leverage their hard work for our benefit and the generation to come.
Timeshare, as a form of, vacationing, began in the early 1960’s in Europe, when various families share in the ownership of vacation homes. Instead one family owning a vacation home and using it for years, it made more sense to share the time with others. This way each family owned, what they used and shared the upkeep cost proportionally. When this hared vacation home concept came to America in the early 70’s, it took the form of furnished condominium and mega resorts. Like any new concept timeshare had their teething problem. Once renowned for high pressure sales, long term promises and short earn delivery, the industry had undergone regulations both inside and out, greatly improving public acceptance and security. Resort developers discover that greater consumer satisfaction leads to greater profits. Recognizable names like Disney, Marriots, Hilton, Hyatt, Four Seasons, Ritz Carlton, Starwood etc now offer timeshare and they have helped to improve its image. Leading timeshare company in India include Club Mahindra, Sterling resorts and holiday pvt ltd, Toshali resort , Kamat Group ,etc. Today, more and more people are discussing the benefits of timeshare. Till date 45 million household worldwide own a Timeshare and over 5000 resorts, in over 30 countries. In fact, Timeshare is the fastest growing segment in the hospitality industry.