Renting timeshare is one of vacation ownership’s best but least-known features. While most people know timeshare can be bought for vacationing, they don’t realize that timeshares can also be rented directly from their current owners. Timeshare rental is a win-win opportunity in which both the timeshare owner and the vacationer who rents the unit benefit from the transaction.
Why do timeshare owners choose to rent their timeshares?
Many timeshare rentals are offered by owners who typically use and enjoy their timeshare but find that this year, their schedules, health, budgets, or other routine issues of life are getting in the way of the timeshare vacation they had planned. Other timeshare rentals are offered by owners would like to sell their timeshare because they no longer use it, but have not yet found a buyer. For owners in either of these situations, using their timeshare as a rental is a good option. Whatever amount they receive in rental fees is money that offsets the annual fees and taxes they are responsible to pay as timeshare owners.
Are only timeshares owned as deeded property available as timeshare rentals?
No, as a timeshare owner you can rent any type of timeshare, whether you have deeded ownership, right-to-use timeshare, vacation club membership, or timeshare points, as long as there are no specific restrictions in your ownership/membership contract that prohibit you for using your timeshare as a rental. If the idea of renting your timeshare points to someone else seems confusing, think of it as if you are actually selling the right to use your timeshare points for one interval of use.
What are the benefits of renting timeshare?
Renting timeshare means you can vacation in spacious accommodations for far less than the cost of a hotel room. While you are renting timeshare, you have the same privileges to enjoy all of a resort’s amenities as does the owner from whom you rented. You could easily find yourself staying in luxurious resorts for less money than you would expect to pay for an economy hotel or motel room. Besides taking advantage of the excellent pricing on a timeshare rental, renting timeshare is a popular way to try a resort before you buy timeshare there or to learn more about timesharing in general.
Is a timeshare rental restricted to one- or two-week intervals?
No. You may be surprised to learn that you can often rent timeshare for only a few nights and sometimes even for a single night’s stay. How many nights an owner chooses to offer for rent is solely his or her decision. While most timeshare owners who want to rent their unit or interval would prefer to rent the full number of nights owned, owners typically recognize the value in renting at least a portion of their time and often will become highly negotiable both about the rental stay and even the price as their scheduled use date approaches.
Is there such a thing as a last-minute timeshare rental?
Yes! Plans can change for anyone. Owners who thought they were using their own timeshare learn at the last minute that their plans have changed just as travelers and vacationers find out they have unexpected reasons or opportunities to travel. At Lake Placid Accommodations we’ll do everything we can to help you rent out your timeshare. Our rental services department is highly successful at matching renters with rentals, even on short notice.
How are timeshare owners assured that a renter will pay the rental fee? How do renters know there will actually be a timeshare available for them when they arrive at the resort?
The terms of your timeshare rental will be defined in your rental agreement, a document that both the owner renting out the timeshare and the renter will review and sign in advance of the timeshare rental period agreed upon. The timeshare rental agreement protects both parties. As a timeshare renter, you will pay in full for your rental as part of the terms of your agreement. This enables us to contact the timeshare resort, have your named placed on the timeshare contract for the specified rental period, and return a copy of that contract to you, the renter. Executing the timeshare rental agreement ensures that the timeshare owner receives payment for the use of the timeshare and that the renter is guaranteed that a timeshare is reserved in his or her name.