Transform Your Property into a Timeshare

Howayda AlameStarred Page By Howayda Alame, 22nd Apr 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/2kv3_q88/
Posted in Wikinut>Money>Property

After going through all the details provided in the article, converting a property into a profitable timeshare would be a cinch.

Timeshare

Timeshare is also known as partial property having more than one tenant with each holding a stay permit for at least one week in a year. The trend may vary according to a country or city but is best for individual lodger who can enjoy company of another paying guest. Lest you own multiple properties, turning one into a timeshare is the best way to provide someone with shelter while earning additional residual income. Legal and current market aspects must be considered before making a move. Here’s how to start effectively.

Clearing & Maintenance

Begin by visiting the property which you wish to turn into a timeshare and have it cleared from all the unnecessary items. There’re a few valuable things which you don’t wish to leave on the mercy of would-be occupants hence keeping them someplace safe is must.
Move onwards with overall maintenance and refurbishing to make the property more aesthetically sound and less prone to fatal hazards. Besides, while marketing the place, you certainly don’t want potential visitors to think of the place as flimsy and inappropriate.

Pictures & Listing Websites

Latest Qatar property trends call for taking pictures of your home which you want to turn into a timeshare and share them over the internet via emails, social media or use e-marketing websites. Secondly, get in touch with a real estate agent who specifically deals with timeshare for a more accurate advice and profitable result as there’s nothing better than an expert’s opinion. You can also view property relevant websites, magazines and newspaper to check the listing.

Price Determination

When setting a particular price for your timeshare, be sure to ask nearby locales along with estate agent for latest rates to avoid hassle. After that, decide whether you’ll charge a specific deposit or a pet fee. Don’t forget to include previous maintenance record and relevant quotes which is essential to set maintenance cost.

Effective Advertising

There are so many options available today for marketing like websites, social media, television, radio and newspaper. Publications and magazines is another alternative specifically reserved for timeshare properties. It’s vital to attend seminars, conferences and public events where you can distribute fliers or brochures. With so many choices, you can choose any as per convenience.

The Rental Draft

Approach a property lawyer to prepare a basic rental contract and draft it. Be sure to highlight all the relevant points like maintenance, subleasing, parking, nearby facilities and in-house amenities. Apart from all of this, also mention key points as what to do in case of emergencies, unauthorized guests any natural calamity like earthquake or flood.

Significant Factors Worth Considering

Before transforming your property into a timeshare, be sure to consider following aspects.

- Mortgaged property usually requires legal permission from the lender before conversion. Few mortgage loan contracts stipulate this rule clearly hence be sure to check it prior making any move.

- Customary length of a timeshare is approximately one week but you may alter it as per season or personal requirements. However, this’ll also result in alteration of income tax laid out by Internal Revenue Service.

- Establish a board to counter all the possible issues like maintenance, number of subplots for timeshare and many others.

Tags

Property, Qatar, Real Estate

Meet the author

author avatar Howayda Alame
By profession I am a content writer and have 6 years of experience in writing industry.

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