Timeshares are great for people who want to spend their vacations at a nice place without spending too much. Even though timeshares have their own risks and cons, they are still pretty popular.
Some timeshares are more flexible than others, and depending on yours, you can rent it out to make some extra cash. If you’re unable to use your timeshares and don’t want them to be an extra financial burden, you can generate passive income by renting them out. Here are some tips for you before you get started.
Choosing the Right Property
If you haven’t already bought the timeshare, you’re at an advantage. Go for a popular location and choose a desirable vacation home or property. To make the most out of your timeshare rental, you can choose a property near a tourist attraction or a relaxing area.
The quality of the property you choose is also essential. You don’t want to pay huge fees for an outdated vacation property or resort that has a bad reputation. However, not everyone can afford super upscale properties. So, find out what prospective guests want and always ensure your property fits their needs.
Picking the Right Time
Timeshare properties can be used by their owners for one week in a year. Some other properties have the option of floating weeks where if the property is vacant or available, you can book it.
Go with a property that offers flexibility. Do proper research and choose the right time where you can get a good deal out of your guests who will be renting your timeshare. Look for nearby areas that are pricier and rent out for lower prices, so people choose your timeshare property.
Buying from Timeshare Reseller
Many people timeshare properties directly from their owners or timeshare companies. This means you have to pay the retail price in full. If you find a timeshare reseller, which is probably someone who doesn’t want to deal with their timeshare anymore, you can buy the timeshare from them and transfer the deed at a lower price.
Go for a Property You Will Use
You can’t just buy a timeshare property because it’s an attractive tourist destination or spot. Pick a property you will be able to use as well when you want to go on a vacation. Of course, you’re looking for rental potential, but you should also be able to use the timeshare property yourself.
Canceling Your Timeshare
Timeshares aren’t the best investment options. If, at any point, you feel like the financial or management burden for your timeshare is too much for you to handle, you can try to cancel your timeshare.
You can hire a timeshare cancellation attorney instead of missing out on any timeshare payments, which can impact your credit score. At the Law Offices of Mitchell Reed Sussman & Associates, we can provide you with timeshare attorneys who specialize in timeshare cancellation.