8 Ways to Make Money from Your Timeshare
It can be difficult to think that you won't want to utilize your timeshare every year when you first get one. Maybe your family won't want to travel the same vacation they had for the past five years the following summer? So, don't let your timeshare expire; instead, use these 8 strategies to recoup some of your investment.
1. Make Your Timeshare Available to Family and Friends
You can bet that if you can't use your timeshare this year, you'll know a lot of people who will. Talk to your close family and friends, or post something on Facebook. There's a good chance that someone you know would adore a getaway.
Your friends may even be able to pay you some rent, which will help you pay for any timeshare maintenance costs or fees and may even leave you with enough money to turn a profit. Why not travel somewhere else instead with the money?
2. Online Timeshare Rental Advertising
You can determine the rental rate for your timeshare. This is a terrific method to generate some revenue, and you can accomplish it via internet markets. If your timeshare is in peak season (known as a red week timeshare), there are plenty of vacationers looking to get away, and you shouldn't have any trouble finding tenants.
The timeshare can frequently be rented out for more money than it is actually worth. There are certain websites that will promote your timeshare but charge you to sign up. Before making this payment, be sure they have customers because prices might start at $29.99. As an alternative, you can freely advertise your timeshare on websites like Gumtree or Craigslist.
3. Let Your Resort Know You're Planning To Rent It
You must inform the resort that you plan to rent your timeshare. If you don't have a fixed-time share and want to rent a week during the busiest times of the year, talk to management. A rental program that currently exists at some resorts will also pay you cash for your timeshare.
4. Examine Costs Against Local Hotels
Get online and look up local hotels and villas to find out how much they charge for a week-long stay. You can do this to undercut your immediate competitors while still deciding on a pricing that will profit you. You can even call hotels to request estimates and learn about any current discounts. With this information, you may set your price appropriately.
5. Employ a Broker to Assist You in Renting
You might wish to enlist the aid of a broker if this is your first time renting out your timeshare. Your hotel might be able to recommend a suitable individual. You should be able to get assistance from a broker with contract drafting and deal closure. They may also have connections with possible tenants that you can use.
6. Use The Newspaper To Market And Rent Your Timeshare
You can go the more conventional way and place a classified ad in your neighborhood newspaper to promote your timeshare rental. You'll probably still reach a sizable audience even if you avoid accruing charges from numerous websites. Even better if you can find a publication that doesn't charge for advertisements.
Additionally, posting in travel forums would be a less expensive kind of advertising. Potential tenants will be all around you, and you might even get some helpful advise. Try to advertise as far as you can because it's an important element of renting out your timeshare.
7. Swap Timeshares With Other Owners
Swapping with another timeshare owner is an additional method to use your timeshare. Some of your friends could have timeshares, so try to haggle with them and see if you can exchange. If not, you might search online for "timeshare exchange networks." This is a terrific idea even though you might have to pay a price to swap because you might obtain an inexpensive trip to a part of the world you've never been.
8. Sell Your Timeshare Directly
There are several options if you wish to completely get rid of your timeshare. The first thing you can do is try publishing it on social media; you never know who might be interested. Many people looking to purchase a timeshare look for pre-owned units in order to save money compared to purchasing from a resort.
Second, you may promote your timeshare online. Once more, it is available on various websites, but there are high upfront payments. Know that anyone proposing to buy it for the price you did is typically too good to be true. Be very vigilant to prevent scammers. If you're hurrying to avoid paying maintenance fees, another alternative is to purchase a timeshare from one of the eBay vendors who put their units for sale to the highest bidder.
