Tips For Successfully And Profitably Renting Out Your Timeshare

By Arthur Meyer


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.

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.

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.

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.

Renting on the basis of a handshake is a bad idea. You have to develop a detailed, and legal, contract between you and any renter you accept. Along with other things, the contract must include the agreed upon rental dates, the amount of the security deposit, and the terms regarding vacation extension times.

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.




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