12:19 AM
Timeshares can be great ideas for vacationers who love to travel to the same spot. Purchasing part of a unit in a luxury complex makes sense if you don't like hotels and want the money you spend to go toward something you will eventually own a piece of. When you can't use your allotted time however, you either forfeit something you've already paid for or decide that renting out your timeshare is better than the unit sitting empty.
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 letting is an option, the next thing you have to do is decide what to charge. You certainly need to charge at least as much as you would be paying if you were staying there. If you know other owners in the complex who rent, you could contact them to see how they handle it. You might also call the manager and ask what they charge guests who aren't owners.
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.
As soon as the guests have left the unit, someone has to go in and assess the condition. You shouldn't return any security deposit until you have determined that the guests left everything in good order. The inspection needs to take place in a timely manner so you can refund the deposit promptly.
If you have a timeshare, you want to get your money out of it. When you can't use scheduled dates yourself, it just makes sense to rent it to someone else. This way the investment won't be wasted and the renters can take advantage of an empty unit.
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 letting is an option, the next thing you have to do is decide what to charge. You certainly need to charge at least as much as you would be paying if you were staying there. If you know other owners in the complex who rent, you could contact them to see how they handle it. You might also call the manager and ask what they charge guests who aren't owners.
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.
As soon as the guests have left the unit, someone has to go in and assess the condition. You shouldn't return any security deposit until you have determined that the guests left everything in good order. The inspection needs to take place in a timely manner so you can refund the deposit promptly.
If you have a timeshare, you want to get your money out of it. When you can't use scheduled dates yourself, it just makes sense to rent it to someone else. This way the investment won't be wasted and the renters can take advantage of an empty unit.
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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