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 step in renting a timeline is contacting the owner of the timeshare. Of course, this is only if you and the group of individuals you share the property with do not hold the full rights to the building. In some cases, the owners have set limitations when it comes to renting out the timeshare, meaning that you may not be able to rent it to a third party.
If you find that it is possible to rent out the timeshare, determine the amount you are going to charge for the timeshare. This will be dictated by the current amount you pay for the time you are holding the timeshare and how much you need to gain from the rental. You can get some valuable information on the current rates from the neighbors living around. You could also find out from the owner how much it would cost to rent out the timeshare to a non-owner on a weekly basis.
Review your schedule before advertising to find out which weeks are available to you, and which ones you can rent out. One particular disadvantage of owning a timeshare without full possession is that the rightful owner may have limitation on renting out the property to an outside party. Some owners may be considerate about this option, but others are quite firm on the matter and will not accept exchanges, last call days or renting on bonus.
When you have determined that the timeshare is free to be rented out, the next step is to advertise it. You could do this by either posting the advert in online classifieds or newspapers, or any other source of potential interest. Auction websites have been known to attract potential clients where an interested party bids on the amount they wish to pay for the week. The demerit is that you may be charged an upfront charge, which is normally nonrefundable even if you do not get a tenant.
The most crucial part in renting out a timeshare is designing a contract. Among some of the things you should include in the contract are the fees for the timeshare, the date for checking in and checking out, as well as the deposit required, if there is. If there is a possibility of extension into additional weeks, let this be included in the contract too.
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.
It is not a walk in the park to rent out a timeshare; it is both time and resource consuming, considering the effort taken to find a tenant. On a positive, it can be a great way to get back some of your initial investment in the timeshare by making some extra cash, especially during high demand weeks. Make sure that by renting out the timeshare, you are not diverting from the original purpose for your purchase, otherwise you may find yourself paying huge fines and taxes unnecessarily.
Author: Ashis JainThis author has published 2 articles so far.