Renting Out Timeshare

[kofori]

How easy or difficult is it to rent out a timeshare? Am interested in buying one on the resale market - Silver Lake Resort in Kissimmee (if you have any information about this resort, kindly let me know). I have read many reviews about the resort and so far, so good. But l noticed that some of them rented their unit through Expedia, Travelocity, sites for military discounts, etc.
My question is, as an owner how realistic are my chances of renting in the year that l don't plan to use it, seeing renters can use many more established entities like those listed above.
The annual maintenance fee is $1008 for a 3 bedroom 3 bathroom floating week unit. I don't want to spend that money if l can't rent it in years that l might not want to go anywhere. It's exchange company is RCI and you get 79,500 points (don't know what you can get with those)
Counting on your insights, knowledge and experience. Any thoughts or suggestions will be deeply appreciated.

 

[LannyPC]

Keep om mind that there is a flood of TSs in the Orlando area and a corresponding number of rentals available. That makes it a weak renter.

Take a look at TUG's Last Minute Rental section and see the number of rentals that are being offered (or have been offered) for $700 or less per week. You might also want to check out TUG's Marketplace or Red Week's rentals for similar intervals to see what they are renting for.

In all honesty, relatively few are fetching $1000 per week although you might be able to get close to that for a 3BR. However, I would not count on it.

 

[tschwa2]

If it looks off into a 2 bedroom and 1 bedroom and/or you can reserve a holiday week you may be able to recoup MF and make a few dollars more. Remember Silver Lake is not considered top tier and most weeks of the year have more inventory than takers in Orlando. If you lock off that means you need to find 2 sets of people to rent out to though.

The rentals you see on mainstream commercial sites (expedia,etc) are not from individuals. They are from HOA's and excess RCI inventory. You would be much more limited on your ability to advertise to the masses.

If you plan on using RCI and renting most years and plan on staying less often than eoy, you can find stronger exchagers/renters. If you like the resort and plan on staying their at least half of the time and need a larger unit your family then you might want to consider it but the answer is it is not going to be easy to rent to cover MF (doable but not easy).

 

[TUGBrian]

in nearly all cases, the concensus is that it would be a terrible idea to purchase a timeshare in orlando (even resale) on the hope you can rent it out to cover your annual maint fees.

you could also rent a timeshare yourself in orlando at pretty much any time, at any resort...without having to buy a thing!

 

[DeniseM]

You can rent nice timeshares in Orlando for $700 per week. So, I would not buy there.

In fact, I recently gave away a 2 Bdm. at Sheraton Vistana Resort for free, and paid for the transfer. I gave it away because we were not using it, and I couldn't even break even on the maintenance fee by renting it.

If you want to go to Orlando on a regular basis, just rent for less money, and no commitment.

If you want to own a timeshare to visit other places, then investigate your other primary destination(s.)

I recommend that you answer these questions to narrow down your wants and needs: http://www.tugbbs.com/forums/showthread.php?t=208742

 

[kofori]

Thanks for Your Responses

Thanks for your useful responses. Very much appreciated. After reading your insightful advices, l have decided not to buy. Thanks again.
I wish l had found this site earlier before paying almost $6000 to join a useless Vacation Club. One of my worst financial decisions. But we learn from our mistakes.