Once again we would like to highlight a timeshare company that is getting it right. Hapimag was established in 1963 with headquarters in Switzerland. Originally the business model was based on the following idea: Hapimag shareholders jointly invest in vacation properties and use them on an individual basis. Instead of a dividend to shareholders, points are allocatedwhich entitles the shareholders to exchange them for holidays in one or more of the company resorts. Currently Hapimag have 58 resorts spread across 16 countries. According to company statistics they have approximately 125,000 active members. In recent years Hapimag seem to have moved away from timeshares sales preferring a points based system which is both clear and very simple to understand.
The Residence Points System
The Hapimag points system is very easy to understand. The base cost for buying points is 3,630chf (Approx. £3,041). The annual charge (maintenance fee) is just 338chf (Approx. £283). If 60 points are not enough to suffice ones holiday requirements then they can buy more points in units of 60. According to the website; with 60 residence points you can take a short or long holiday in Europe, depending on the season and the category of apartment. The comparison that the site offers states; 28 days in Majorca in March or 5 days of skiing in Flims, Switzerland may be purchased with 60 points. Furthermore if an owner has enough accumulated points to cover a three week stay then the fourth week is free!
Residence points are valid for 5 years. This means that a shareholder has the opportunity to use the points at a later stage. They can also use the Points Platform to sell residence points that they cannot or do not wish to use themselves.
There is also a variable charge for local services which will be invoiced at the end of your holiday. You will be invoiced the local charges for your stay in a Hapimag resort. These charges cover operating costs and specific services provided by the resort plus the appropriate value-added tax.
Try before you buy
Another interesting idea from Hapimag is a scheme; for for a small fee, one can have a one year membership. Again retailed as a unit of 60 points the cost is just 495chf (Approx.£414). Standing alone from a full ownership, this makes for a potentially cheap holiday.
Cancelling your membership
Prospective customers can get to know Hapimag for 12 months, as described above, and then decide whether or not they wish to enter into a longer-term membership. The contract for long-term membership has an initial duration of three years. The duration of the latest product “Hapimag Classic” begins on 1st January of the year following signature of the contract. With this level of membership one must pay the annual charge for four years (for the year of signature of the contract and the three years thereafter). After that, cancellation of the right of residence is flexible. As a result cancelling, the annual fee will be waived and the outgoing shareholder will no longer have residence points credited to them. One can transfer the right of residence at any time.So basically there is a tie in period of 4 years, after that one is free to exit as and when desired.
Conclusion
We can honestly say that our enquiry team have never had a single complaint about Hapimag. It would appear that owners (shareholders) are very happy with both the company and the concept which seems to be extremely customer friendly and fair. If all timeshare was retailed this way then the product would once again become something seriously worthy of consideration, rather than the stress, anguish and general dissatisfaction felt by many traditional timeshare owners.
As a point of interest Hapimag are not a member of the Resort Development Organisation (RDO) which is the self appointed governing body of European Timeshare Resorts, perhaps this is because they have broken the mould of traditional timeshare that the RDO and its members hold so close to their hearts.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk