How to Sublet a Timeshare
If you own a timeshare, you know how nice it is to travel to your favorite location and stay in a real apartment instead of paying for a hotel with noisy neighbors. When you're not there, you can be earning a return on your investment by leasing your timeshare to others. There are ways to maximize your investment.
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Instructions
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Review your timeshare contract to be sure it allows you to sublet and what regulations you have to follow. While most timeshares allow leasing to others, they often provide specific guidelines to follow. Know these before you start.
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Screen potential candidates carefully before you sublet. Ask them to provide at least 3 references and verify each in depth. Run a credit check, too. Sometimes the timeshare company handles the credit checking process.
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Sign a contract with the persons who will sublet. Every detail must be in writing. The sublet contract must address the terms of the lease, the amount of the rent, provisions for default and what the consequences for defaulting will be.
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Consider hiring a licensed real estate agent to manage the subletting process. If you're not in the position to travel and inspect the property on a regular basis, a real estate agent can manage not only the lease, but also he or she can also act as a property manager. For a percentage of the rent, a real estate agent will be happy to look after it for you.
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