Timeshare - it's all in the timing

When it comes to timeshare ownership, time really is of the essence.

As many timeshare owners now know, getting the most from their ownership requires effort, persistance and time. Whether you are exchanging, renting or even requesting an annual floating time allocation, owners need to plan in advance and take the time to look in to all the options. Holidays are important and timeshare owners have paid considerable sums of money to enjoy quality holidays every year. Yet without committing some time to make it work, timeshare holidays are not going to provide owners with what they are looking for.

Remember, just because it is about holidays doesn't mean you don't have to work at getting it right for you.

Exchanging your timeshare

When it comes to getting the best exchange for your week, there is one simple rule to follow. You need to deposit it early. RCI recommends, for example, that whenever possible you bank your week with them two years in advance. This might mean having to pay the management fee in advance, or maybe a contribution to it, but at least you will enjoy the maximum trading power for your ownership. The longer you leave it to bank your week, the lower the trading power allocated to it and the harder it will be to get the exchanges you want.

Simply explained, if you leave it to six months before the start date of your week to deposit, you are only gettting a fraction of the trading power possible. This means that when you want to take a week out of the system, you are only offered accommodation that is of a similar trading value - which is why you may have to choose a lower standard resort or even take a smaller unit. You might even hear the dreaded phrase "sorry, it's not available". That doesn't mean that it is not in the system, it might just not be available to you because your trading power is not high enough to book it.

When it comes to making your exchange, again timing is important. Wherever possible go online for the latest information and do this well in advance. If you leave until three months before you want to holiday, you are going to have a much harder time finding what you want. Another tip is to make time to call your exchange company directly. If you can't find what you are looking for, then call them. You might need to spennd some time waiting on the phone, but nothing beats speaking with the agents directly.

So time is definitely important when it comes to getting the very best exchange. Plan in advance, know what you are going to do and bank the week/s as early as possible. This will give you the best chance to get the accommodation you want.

Renting out your timeshare

If you are not planning on using your timeshare week or are simply looking for a contribution to the management fee, then renting your timeshare out could be the best option. While there are many companies that offer this service, Holiday Letting Shop (HLS) is the only company that specialises in timeshare rental using weeks provided by timeshare owners. They do not offer a re-sale service or exchange - they just help timeshare owners rent out their weeks.

One of their best tips for successful timeshare rental is registering the week as early as possible. "By giving us your week at least nine months before the start date of the week, you will be given a fixed valuation which we will honour whatever our final rental price. This valuation is based on your resort, the week number, unit size and demand for the area. We call this valuation band A and it acknowledges and rewards timeshare owners who give us their accommodation in plenty of time for us to rent it out" explained director Sharon Jackson. For owners who cannot give HLS their week so early there is a sliding scale of rental valuations. Further details can be found here.

Yet again, time has proved to be important in ensuring the very best valuation for your timeshare when you choose to rent it out.

Floating time allocations

The rules relating to floating time allocations are different from resort to resort. But the tip remains the same. Check your constitution and make sure you are aware exactly when you can request your annual allocation, check if and when you have to pay the management fee and make sure that you are on the phone or online as soon as you possibly can. Leave it too late and all your fellow owners will have got the best weeks.

There is much more to timeshare than simply sharing your accommodation. Getting the timing right and spending time making sure you get the very best exchange, rental valuation or allocation means you will have plenty of time to lie back, relax and enjoy your purchase.