Seven Tips To Make This An Easy Passive Income
With borders beginning to open up and more people wanting to travel post pandemic, it may be a good time to start considering how you can make money off of your timeshare.
For many, timeshares are largely a decision they regret and ultimately a money pit. But it may still be possible to benefit financially from your timeshare by renting it out as a vacation destination for other individuals and families.
If you are one of millions of timeshare owners who do not use their timeshare, renting can be one way to offset maintenance fees and even make a little money.
Confirm That The Resort Allows You To Rent Out Your Timeshare
There are a few ways that you can rent your timeshare out, but you will need to first verify that your resort allows you to rent out your space and time. Some resorts have a limit to the number of guests that can come every year, or simply do not allow owners to rent out their timeshare.
- Is Airbnb The Best Platform To Rent Your Timeshare On ?
The first order of business is to confirm that you are in fact legally able to rent out your timeshare, then you will need to decide the best way for you to do this. Many resorts allow for Airbnb rentals, while others do not.
Airbnb is an easy way to list your rental as it is all set up with calendars and the appropriate features on the platform to make renting your timeshare easy. Unfortunately, not all neighborhoods or regions allow for Airbnb rentals, so verify with your location that this is possible.
- To Work With An Agent Or Not
Depending on your particular circumstances you may prefer to work with an agent to rent out your timeshare property. This will be less labor intensive for you, but you will lose some of the profit. Agents will be responsible for taking pictures, and providing an appealing description of your vacation rental. It may not seem like a lot of work to rent out your property at first, until you realize it is a lot more responsibility, so consider using an agent.
- Confirm Your Timeshare Has All Necessary Amenities For Vacationers
While your timeshare may be comfortable for you and your family, it may not have all of the amenities expected of a vacation rental. Be sure there are plenty of towels, lots of sheets to make the turn over time quick and easy. You will need a coffee maker, and all the bells and whistles to create a vacation haven for your guests.
- The Timeshare Must Be In Good Working Condition, Both Inside and Out
You will need to be sure that all portions of your timeshare unit are in excellent working condition, that your timeshare is in a safe region where people will want to vacation, and that the resort grounds are hospitable to your paying guests.
- All Maintenance Fees Are Paid In Full
The last thing you want is the electricity being cut off while your guests are enjoying their vacation because you are behind on your maintenance fees. Be sure that all fees have been paid in full and that you are in good financial standing with your timeshare organization.
- Confirm The Dates That Are Allotted To You
It will be imperative to confirm that you are renting your timeshare out only for the time slot allocated to you, so be sure to check your dates and then check again!
- Cleaning Your Timeshare Between Guests
You will need to be prepared with professional level cleaning before and after each guest. This can be tricky if there is a quick turn over between clients, so it is usually best to hire a professional cleaner who can get the job done to a very high standard in a short amount of time.
Renting Out Your Timeshare: A Second Job Or Just A Way To Make Some Money
While renting out your timeshare may seem as if it could be passive income, the reality is that there is a lot involved in renting out vacation property. If your resort allows you to rent out your timeshare, consider all of the above mentioned points, and get the help of an agent to alleviate some of the additional responsibilities.
Renting out your timeshare property puts you in the role of part-time landlord, this is not for everyone, so consider whether or not this is for you!