Owning a timeshare property gives you the chance of relaxing each year in an exotic paradise. Timeshares are single properties that are co-owned by multiple groups or individuals. Each owner has control of the property for a set period of time each year(usually a week, at the same time each year).
If you don’t want to use the property for your allocated period of time, then you have the option of renting it out to someone else, which would allow you to earn money for that week off the property.
The following few bits of advice will give you an idea of how to go about renting your timeshare:
1. Contact the owner of the property. Some managers have limitations on subletting timeshare properties, and it may not be possible for you to do so. Check it out first.
2. Decide how much the property is costing you for that period of time in which you would be using it yourself if you stayed there. Or if you wanted, you could just set a rate that you want or would be happy to receive for it. It would be a good idea to check out the rates of similar rental properties in the area for comparison. Make sure to call the property manager in order to see how much a nonowner would be charged to rent a weeks worth of time from them.
3. Determine the weeks that are available for you to rent the property. You can’t rent it during a period of time in which you weren’t meant to have it in the first place obviously. There may be limitations in which time of the year that you can rent the timeshare.
4. Put your timeshare rental in local newspapers, online classifieds and other potential news sources. Avoid channels that require you to pay a fee upfront.
5. Create a contract for you and the renter to agree on and sign. Detail the specific dates of rental, the cost and whether a deposit is required. Use an escrow service if the renter doesn’t live nearby.
6. Fully inspect the timeshare property or get the local manager to give it a going over once the rental period is up. Find out if any damage is done or if additional repairs are needed as a result of the rental. If there are no issues then quickly return any deposit money to the renter.
If you own a timeshare property and you would like to see if you can cut down on any maintenance fees that you may feel are not necessary then check out Resort Management Association