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.
If you are seriously considering letting this unit, you should get in touch with the management. You can also pull out the contract you signed to see if there are any provisions prohibiting you from renting periodically. You need to look for restrictive terms as well. If you find out letting the units is not an option, at least you won't have spent any money advertising and marketing a listing.
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.
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.
Unless you are offering the unit to friends and family you will have to advertise to get the attention of potential renters. You can put ads in newspaper classifieds, both print and online, and in weekly fliers. There are a lot of online auction websites where you can list your unit and let people bid on the right to rent it. The more creative with the advertising you are, the more likely you are to be contacted by an interested vacationer.
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 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.
Timeshares are great for the right people. Before you purchase a share, you should carefully consider your decision. You want to be very sure you will use the unit and are able to rent it out if you don't.
If you are seriously considering letting this unit, you should get in touch with the management. You can also pull out the contract you signed to see if there are any provisions prohibiting you from renting periodically. You need to look for restrictive terms as well. If you find out letting the units is not an option, at least you won't have spent any money advertising and marketing a listing.
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.
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.
Unless you are offering the unit to friends and family you will have to advertise to get the attention of potential renters. You can put ads in newspaper classifieds, both print and online, and in weekly fliers. There are a lot of online auction websites where you can list your unit and let people bid on the right to rent it. The more creative with the advertising you are, the more likely you are to be contacted by an interested vacationer.
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 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.
Timeshares are great for the right people. Before you purchase a share, you should carefully consider your decision. You want to be very sure you will use the unit and are able to rent it out if you don't.
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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