A timeshare can be very beneficial when it comes to travelling. If you own a timeshare and are not currently using it, you may want to consider renting it out instead of letting the weeks you own pass by. One of the benefits of renting a timeshare is that you can benefit a lot from it, especially if the week you own it has a high demand. If you want to rent a timeshare, some information may come in handy.
The first thing you need to do when renting out your timeshare is to contact the owner or manager of the property. This is especially true if you and the rest of the shareholders with whom you share the property rights do not own the property outright. Some owners and managers place limitations on rental and sublets of timeshares, and may not allow you to rent it out.
The next thing you need to figure out is the amount of fee you are going to charge for the timeshare. Some of the factors to consider here are the amount you pay for the time you are holding the timeshare and the amount you are looking to gain from the timeshare. The neighbors living around can be a valuable source of information for the current rates of similar structured buildings. The owner could also supply you with information on the amount you can charge to a non-owner.
Before advertising your timeshare, review your schedule to determine which weeks are available to you to rent out. If your timeshare group does not own the property, there could be limitations from the owners on which weeks to rent to someone else. While some may consider the option, other management companies do not allow exchanges, renting on bonus or last call days.
In order to attract potential renters, advertise your timeshare. Some of the ways you could do this include posting it on the internet in online classifieds, newspapers, and any other source of potential interest. Some people even benefit from posting the timeshare in auction websites where a potential renter can bid on the amount they wish to pay for the week. However, be prepared to part with some cash for standard newspaper fees and upfront website charges, mostly nonrefundable.
Remember to write a contract to be signed by the renter. Some of the details you should include in the contract are the fees the renter is going to be paying on a weekly basis for the timeshare, the length of time they are going to be staying, and if a deposit is required. In case it is possible for the renter to overstay for additional weeks, make it clear in the contract.
When the rental period expires, make sure you inspect the timeshare or have the owners inspect it for any damages before giving out the deposit. Assess whether there is any additional clean up required as well. Be punctual to return the deposit if there are no damages.
While renting out a timeshare can be hectic and time consuming, you can take advantage of the weeks you are not using it to get back some of your investment. Make sure that the purpose for which you sought to purchase your timeshare does not conflict with the purpose for renting. This may attract undesirable heavy fines and taxes.