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- Refund policy?
Refund policy?
cyndya7 wrote:I have a potential renter for my property, but they want to know about the cancellation policy. This is the first time I have ever not used my timeshare, but rented instead. Any insight or ideas about cancellation policy?
Most savvy timeshare owners who rent out their property use Pay Pal. Their policy is, once the week is booked in the renter's name, there's no refund. If the renter is scared that he might have to cancel thereafter, then it's recommended he get cancellation insurance.
Lance C.
cyndya7 wrote:I have a potential renter for my property, but they want to know about the cancellation policy. This is the first time I have ever not used my timeshare, but rented instead. Any insight or ideas about cancellation policy?
Cancellation / refund policy is entirely for YOU as the owner of the week to determine and a renter can either accept or reject it. Some people will offer a partial or full refund if the renter cancels 60 days or more before check-in, but NO refund if the renter cancels 30 or fewer days from check-in date (fair enough, in my opinion, since the owner will still have to pay his / her full resort maintenance fees, but is unlikely to be able to find another renter in just a few weeks from the actual usage date). Renters can (and perhaps should) purchase trip cancellation insurance, rather than just expect a timeshare owner to simply absorb financial loss due to a renter's "late" cancellation.
In my personal opinion, an owner should always use a formal, detailed, written rental agreement and the cancellation / refund policy should be very clearly and precisely defined within that agreement, which is voluntarily signed by both parties before the rental occurs. This formality is a little extra effort, but effectively eliminates ANY possibility of misunderstandings or inaccurate or false renter claims after the fact.
KC
Last edited by ken1193 on Apr 15, 2016 07:02 AM
