Around the country, Americans purchase time shares in hopes of ensuring a lifetime of vacations to places they love. In fact, today more than 9.9 million families own timeshares. It’s a great lifestyle choice for many families.
There are many benefits to purchasing a time share, but one of the biggest is that when you don’t have the budget or time to visit your time share in any given year, you can rent it out to help cover the annual dues. Many time shares resort companies will help you with this process via an in-house program that refers time shares out to potential renters.
To make your time share attractive to potential renters, however, you need to make sure it’s up to date. There are several key upgrades and changes you can make to ensure your time share is always as modern as it can be.
Perform regular maintenance.
Like with your primary home, your time share will require periodic maintenance. Your air conditioner or furnace may need to be replaced. In fact, furnaces are designed to last about 15 to 20 years. You may also need to replace or update different appliances such as your refrigerator or dishwasher.
Upgrade How You Collect Payments.
Today’s renters won’t want to send checks or pay for renting your time share in cash. Instead, they’ll expect to pay online or via a payment app on their phone. To make sure that is possible, you should ensure you have a secure process in place for collecting payments. Secure data transmission is imperative in any sort of business transaction these days.
Update The Design
The interior design of any space can easily become outdated over the years. This includes time shares. Every few years, it’s worth ensuring that your time share space has been refreshed. Any old furniture, any outdated colors, and any trends that are now considered over should be updated or replaced. This may mean painting some interior walls, refinishing furniture, and refinishing floors. This could also mean updating some finishing such as sink faucets and even cabinet pulls.
Upgrade The Technology
If you won a time share for several decades, you will undoubtedly notice that many of the electronics of the space — especially the televisions and even the WIFI — will become outdated. Renters, however, will expect the latest and greatest. You will need to make sure that your time share always has the latest and greatest tech pieces to make it an attractive place to stay.
Check The Amenities
The great thing about time shares is that most come with several amenities as part of the resort, including pools, gyms, and spas. As a time share owner, you will probably be responsible for paying an annual or periodic fee for performing maintenance on these common spaces. When you visit, you should take the time to make sure the common spaces are working well, clean, and well maintained. If you have concerns about any of these spaces, you should address them with the resort owner and team. When they don’t work, not only does the time share become less attractive to you and your family, it becomes less attractive to your potential renters.
Making these changes to any time share may be difficult because you are not the primary owner of the time share. Instead, you will have to work with the resort owner to get many of these changes made. That will take some time for you, but it will be worth the effort at the end of the day because it will help make sure that you can make some extra money by renting the time share out if you so choose.