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.
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.
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.
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.
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 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.
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.
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.
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.
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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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