Timeshares Rentals
Rentals - more in this category > Rental Considerations > Rental TipsTimeshare rentals are a good way for vacation owners to offset the costs of annual maintenance fees. They are also an excellent way for potential buyers to assess resorts and locations that interest them. Rentals can be found through resorts, real estate brokers, on the Internet and in newspapers. Many vacation owners opt to rent out their timeshares while they are trying to sell them as this means they can cover maintenance fees while show-casing their property to potential buyers. Like resales, however, timeshare rentals rarely provide the opportunity for making a profit.
There are many different types of timeshares such as fixed or floating weeks, vacation points, exchange weeks and club memberships, so it is important to know what you can and cannot rent. The first step is to find out what the "true season" is. The true season is the season in which your timeshare was originally purchased and excludes bonus weeks, up-grades or rolled-over time (weeks or points accumulated from the previous year). Fixed weeks, floating weeks, points, club membership vacations and exchange weeks are all rentable. Always check with the resort to find out what their rental policies are as some may have certain restrictions on what can and cannot be rented.
One such restriction involves bonus weeks. A bonus week is additional time that vacation owners can use at the resort for a lower rate subject to space availability. Usually these bonus weeks are in low season and are often not very economical to rent as the proceeds are normally lower than the cost of the week. Most resorts do not allow the rental of bonus weeks. Exchange weeks can also be difficult to rent as you must have a reservation before you can rent it out. Exchange companies that do allow exchange weeks to be rented will require a paid guest certificate to ensure the resort knows who is checking in.
Before any timeshare rentals can be made the owner needs to have confirmation of a reservation. The maintenance fees need to be paid and the reservation will be made in the owner's name. This is then changed later and the guest's name will be recorded. Always record the exact date of the reservation as well as the reservation number. Be sure you are familiar with the cancellation and rebooking policies and fees. Once you have confirmation of you reservation you can forward it to your broker in writing.
Timeshare rentals can vary in price from $300 to $1000 per week. Prices depend on the season, resort and location desirability along with the size of the condo. The typical cost of a two bedroom unit can range from $600 to $900 while cheaper studio units can be between $300 and $600. If you decide to hire a broker you should realize that his or her services could cost anywhere from 20 to 40 percent of rental prices above $800. Below this amount broker fees could be higher but should never exceed 50 percent.
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Timeshares
