I would not want to manage18 weeks, so now 1 week doesn't seem like that much to do. I got my money about a month before they were supposed to check in. Thanks for sharing the info.
Redweek is a great resource for sales and rentals, although I don't really use the Full Service option much. I do trust Redweek management tries to do the right thing, although obviously COV-19 in 2020 upended the travel world everywhere and created problems for owners and renters.
Why not also consider listing it through KOALA? You can price it there with the 8% fee taken into consideration. It doesn't cost you anything to list it and you only pay the fee if they rent. I would consider this similar to Redweeks full service listings except that you don't have to pay to list up front. KOALA doesn't have the name recognition yet, but you really can't lose except the time you spend to list.
Doesn't Vacation Candy charge the $500 to the renter, not the owner?
I have only rented my places twice, I used Redweek full service each time, and had the same experience described here. Granted if a COVID once-in-a-lifetime event happens it may turn out badly... but if COVID happened before you rented you’d never have gotten it rented anyway. And as owners, our ability to use Redweek to rent our places was preserved by them refunding renters... had they not done that renters may well have refused to rent through Redweek ever again.
Thanks, I have read all of the posts, I am sure everything changed with 2020 and COVID. I am leaning toward full service because I believe HHI will be open this summer, they were open last year. This would be the easiest for me. Will respond once I fully decide what to do.Quite
Lots of issues with Covid, but this might give you a feel...
Thank you for sharing your approach. How do you factor in views when you you determine what to reserve with points with the intention to rent? Assuming an owner’s weeks are enrolled do you favor renting weeks reserved with points rather an owners week almost exclusivel?
Views are dependent on availability when looking to reserve a week to rent. I normally stay away from Island / Mountain Views for rentals.
Thank you. This is thirst time I have rented. Have you used them? Their contract has a few provisions that concern me. One is that it is my responsibility to report the rental income on a 1099. Is that normal? I mean I paid the maintenance fees and don’t get to deduct t them right? I also don’t like that in case of a pandemic I have to give them a banked week, next years week or a refund. That puts Al the risk on me. Also this is a Hilton head property. I saw some posts about some new fee. Got to figure that out. Thanks for your help
There is a new IRS law on reporting more than $600 in payments. It is a pain, but IRS wants records of all receipts above $600.
You can deduct all costs related to renting your week from the gross rental proceeds. This should include your maintenance fee for the year and any listing costs you paid to Redweek.
It sounds like if they are required to provide a 1099 on the rental proceeds they pay to you and you will be responsible for claiming that on your taxes. Even if they don't remit a 1099 to you, you are responsible for including that income on your tax return.
Right but that only works if your taxes are complicated enough that you don't just take the standard deduction right?
Rental expenses as it relates to a rental property (or timeshare in this case) are not a Schedule A item so it does not impact whether you itemize or take the standard deduction.
Be aware that VacationCandy adds $ to the asking price ($500 in my experiences with them). So Redweek rentals are potentially cheaper, though those renting out units there often have an inflated view of their what their units are worth.
Thank yiou. And do you know anything about some new fee or tax I have to pay to rent a property in HIlton Head? I thought I saw a post on this but can't find it
