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What You Need To Know Before Renting Out Your Timeshare

By Arthur Meyer

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 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.

Before you do any advertising, you will have to sit down and decide what dates you might rent out. You certainly don't want to mistakenly rent the unit and then decide you want that time for yourself. You should contact the manager to discuss the proposed dates and make sure it doesn't conflict with their previously scheduled bonus or exchange days.

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.

Don't be fooled into thinking a contract between you and the renter is unnecessary. In order to avoid a lot of headaches, you have to create a binding, legal document that details everything the two of you agree to. That includes the dates the unit will be occupied, the cost of the security deposit, and how extending days will be handled.

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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This post first appeared on Travel Planet, please read the originial post: here

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What You Need To Know Before Renting Out Your Timeshare


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