Timeshares are good ideas for people who want to vacation in the same spot each year. Instead of renting a hotel room, you can stay in a luxurious condo or townhouse located in a complex loaded with amenities. At some point you will own a share in the property. If you cant use your time, you might be able to rent it, but there are certain things you need to know before renting out your timeshare.
Before you do anything, you must contact the owner or manager of the complex. You can also read over the contract to see if there are any restrictions or rules regarding renting units. You certainly don't want to go to the expense of advertising or take time talking to interested renters if the management restricts owner occupants from renting or subletting.
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.
When you are letting family or friends use the unit, you won't have to worry about advertising. If you want to open your share to the general public, you'll need to advertise in online and print newspapers. Classified line ads are the least expensive way to go there. You might consider listing the unit on an online auction site. You will get maximum exposure that way at an affordable rate.
You will have to develop a comprehensive, and legal, contract for everybody to sign. It has to have all the pertinent information you agree to with the renter. That includes the dates you are letting the unit, any security deposit you want to charge, and the terms necessary for the renter to extend his visit, if appropriate.
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.
Before you do anything, you must contact the owner or manager of the complex. You can also read over the contract to see if there are any restrictions or rules regarding renting units. You certainly don't want to go to the expense of advertising or take time talking to interested renters if the management restricts owner occupants from renting or subletting.
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.
When you are letting family or friends use the unit, you won't have to worry about advertising. If you want to open your share to the general public, you'll need to advertise in online and print newspapers. Classified line ads are the least expensive way to go there. You might consider listing the unit on an online auction site. You will get maximum exposure that way at an affordable rate.
You will have to develop a comprehensive, and legal, contract for everybody to sign. It has to have all the pertinent information you agree to with the renter. That includes the dates you are letting the unit, any security deposit you want to charge, and the terms necessary for the renter to extend his visit, if appropriate.
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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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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