Timeshares are good ideas for people who want to vacation in the same spot each year. Instead of renting a hotel room, you can stay in a luxurious condo or townhouse located in a complex loaded with amenities. At some point you will own a share in the property. If you cant use your time, you might be able to rent it, but there are certain things you need to know before renting out your timeshare.
If you are seriously considering letting this unit, you should get in touch with the management. You can also pull out the contract you signed to see if there are any provisions prohibiting you from renting periodically. You need to look for restrictive terms as well. If you find out letting the units is not an option, at least you won't have spent any money advertising and marketing a listing.
Once you have determined that you are allowed to rent the timeshare, you have to decide how much to charge the tenants. You need to charge a price commensurate with what you would have paid. You might contact others in the complex, who rent out their times, and find out what they charge. You can also get in touch with management and ask how they charge non-owner guests.
The next thing you have to determine is when you are going to offer the property. You must make sure you won't want the residence for yourself before you make a commitment to let someone else use it. The management may be planning to have bonus or exchange days throughout the year, and you probably won't be allowed to rent during those times.
If you are only going to offer the unit to friends and family, you won't need to go to the expense of advertising. Otherwise, you will have to spend a little money by placing ads in newspapers, online and print classified, and shopping guides. A lot of owners have had success with offering time on auction websites which allows anyone with access to the internet to bid. You don't want to spend a lot of money on advertising. You will have to be creative.
You will have to develop a comprehensive, and legal, contract for everybody to sign. It has to have all the pertinent information you agree to with the renter. That includes the dates you are letting the unit, any security deposit you want to charge, and the terms necessary for the renter to extend his visit, if appropriate.
Once the renters leave, you have to designate someone to inspect the unit to see if it was damaged or left in an unacceptable condition. You need to hold the security deposit until this has been determined. Once you are satisfied everything is okay, you should refund the deposit.
Timeshares are great for the right people. Before you purchase a share, you should carefully consider your decision. You want to be very sure you will use the unit and are able to rent it out if you don't.
If you are seriously considering letting this unit, you should get in touch with the management. You can also pull out the contract you signed to see if there are any provisions prohibiting you from renting periodically. You need to look for restrictive terms as well. If you find out letting the units is not an option, at least you won't have spent any money advertising and marketing a listing.
Once you have determined that you are allowed to rent the timeshare, you have to decide how much to charge the tenants. You need to charge a price commensurate with what you would have paid. You might contact others in the complex, who rent out their times, and find out what they charge. You can also get in touch with management and ask how they charge non-owner guests.
The next thing you have to determine is when you are going to offer the property. You must make sure you won't want the residence for yourself before you make a commitment to let someone else use it. The management may be planning to have bonus or exchange days throughout the year, and you probably won't be allowed to rent during those times.
If you are only going to offer the unit to friends and family, you won't need to go to the expense of advertising. Otherwise, you will have to spend a little money by placing ads in newspapers, online and print classified, and shopping guides. A lot of owners have had success with offering time on auction websites which allows anyone with access to the internet to bid. You don't want to spend a lot of money on advertising. You will have to be creative.
You will have to develop a comprehensive, and legal, contract for everybody to sign. It has to have all the pertinent information you agree to with the renter. That includes the dates you are letting the unit, any security deposit you want to charge, and the terms necessary for the renter to extend his visit, if appropriate.
Once the renters leave, you have to designate someone to inspect the unit to see if it was damaged or left in an unacceptable condition. You need to hold the security deposit until this has been determined. Once you are satisfied everything is okay, you should refund the deposit.
Timeshares are great for the right people. Before you purchase a share, you should carefully consider your decision. You want to be very sure you will use the unit and are able to rent it out if you don't.
About the Author:
You can get a summary of the things to keep in mind when renting out your timeshare at http://www.dreambuyrent.com/about-us right now.