The idea behind timeshares is that you can vacation at a favorite spot without spending money on a hotel. Instead you share space over the years with others, making monthly payments until you own the place outright. If you can't use your allotted time, or want to earn some extra money, you could considering renting out your timeshare. If this is something that interests you, there are some steps you should take to ensure success.
Before you do anything, you must contact the owner or manager of the complex. You can also read over the contract to see if there are any restrictions or rules regarding renting units. You certainly don't want to go to the expense of advertising or take time talking to interested renters if the management restricts owner occupants from renting or subletting.
If management will allow you to rent, the next thing you have to do is set a price for the week or weekend. You should charge the tenants as much or more than it would have cost you to stay. There may be other owners who have had the same idea. If so, you can discuss how they arrived at their fee. The manager may be willing to tell you what the complex charges non-owners who visit.
Next you will have to see which times are available for you to rent the property. You will have to check carefully in order to avoid leasing the unit on a time when you want to be there. It's a good idea to call the management to make sure the times you are considering are not going to conflict with exchange or bonus days they already have scheduled.
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.
Don't be fooled into thinking a contract between you and the renter is unnecessary. In order to avoid a lot of headaches, you have to create a binding, legal document that details everything the two of you agree to. That includes the dates the unit will be occupied, the cost of the security deposit, and how extending days will be handled.
As soon as the renters have vacated the property, you should have someone go in and inspect it. You don't want to return a security deposit before you know whether or not the renters left the unit in good condition. If everything is in order, you need to return the deposit promptly.
Timeshares can be good ideas especially if you love to vacation in the same spot all the time. They are expensive if you don't use them however. Renting your share out is a good way to recoup some of this investment.
Before you do anything, you must contact the owner or manager of the complex. You can also read over the contract to see if there are any restrictions or rules regarding renting units. You certainly don't want to go to the expense of advertising or take time talking to interested renters if the management restricts owner occupants from renting or subletting.
If management will allow you to rent, the next thing you have to do is set a price for the week or weekend. You should charge the tenants as much or more than it would have cost you to stay. There may be other owners who have had the same idea. If so, you can discuss how they arrived at their fee. The manager may be willing to tell you what the complex charges non-owners who visit.
Next you will have to see which times are available for you to rent the property. You will have to check carefully in order to avoid leasing the unit on a time when you want to be there. It's a good idea to call the management to make sure the times you are considering are not going to conflict with exchange or bonus days they already have scheduled.
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.
Don't be fooled into thinking a contract between you and the renter is unnecessary. In order to avoid a lot of headaches, you have to create a binding, legal document that details everything the two of you agree to. That includes the dates the unit will be occupied, the cost of the security deposit, and how extending days will be handled.
As soon as the renters have vacated the property, you should have someone go in and inspect it. You don't want to return a security deposit before you know whether or not the renters left the unit in good condition. If everything is in order, you need to return the deposit promptly.
Timeshares can be good ideas especially if you love to vacation in the same spot all the time. They are expensive if you don't use them however. Renting your share out is a good way to recoup some of this investment.
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.
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