While several owners nowadays are making ways to get out of their timeshares due to the hefty fees associated with it, what they haven’t realized is that there are some ways to make use of it that will eventually helped them pay those financial responsibilities. When you’re not using your unit, you can lease it to others. But you have to be aware of some things if you plan to lease your unit.
First, review your timeshare contract to make sure it allows you to sublet and know what regulations you have to follow. As most timeshares allow leasing to others, they often provide specific guidelines to follow. Screening carefully the potential candidates who will lease your unit is also important. You can ask them to provide at least 3 references and verify each in depth. Try to run a credit check, too.
Then, sign a contract with the persons who will sublet. Every detail of the agreement must be in writing. The sublet contract must address the terms of the lease, the amount of the rent, provisions for default and what are the consequences for defaults if ever that might happen.
Nowadays, there are several owners who are having difficulties paying their timeshares. As a result, most of them want to get rid of such property while others even hire a timeshare transfer company such as the Transfer Smart. With the economic crisis that we are having these days, we have to look for ways that will help us lessen our expenses. With regards to timesharing, subletting such property can be a good to make use of it as it will have some financial returns.