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 make any arrangements to rent the unit, you need to get in touch with the complex manager or reread your contract. Some complexes have rules that prohibit owners from letting their units. Others place restrictions on the times letting is allowed. If you don't do this first, you will end up wasting money on advertising something you can't do.
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.
Before you do any advertising, you will have to sit down and decide what dates you might rent out. You certainly don't want to mistakenly rent the unit and then decide you want that time for yourself. You should contact the manager to discuss the proposed dates and make sure it doesn't conflict with their previously scheduled bonus or exchange days.
When you are letting family or friends use the unit, you won't have to worry about advertising. If you want to open your share to the general public, you'll need to advertise in online and print newspapers. Classified line ads are the least expensive way to go there. You might consider listing the unit on an online auction site. You will get maximum exposure that way at an affordable rate.
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 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 make any arrangements to rent the unit, you need to get in touch with the complex manager or reread your contract. Some complexes have rules that prohibit owners from letting their units. Others place restrictions on the times letting is allowed. If you don't do this first, you will end up wasting money on advertising something you can't do.
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.
Before you do any advertising, you will have to sit down and decide what dates you might rent out. You certainly don't want to mistakenly rent the unit and then decide you want that time for yourself. You should contact the manager to discuss the proposed dates and make sure it doesn't conflict with their previously scheduled bonus or exchange days.
When you are letting family or friends use the unit, you won't have to worry about advertising. If you want to open your share to the general public, you'll need to advertise in online and print newspapers. Classified line ads are the least expensive way to go there. You might consider listing the unit on an online auction site. You will get maximum exposure that way at an affordable rate.
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 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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