Many people wonder these days how they can improve their income and their lifestyle, especially if they own a home here on the Costa del Sol with a mortgage to repay and regular bills to meet. Tony Sidebottom, founder of the HomeCareontheWeb group has been interviewed about making money from property, and here he explains how you can earn more from your Spanish home – even if you are a resident.
If your property is a holiday home, you may already rent some weeks through friends and family, or even via one of the many owners’ abroad websites where you pay to advertise your property. On the other hand, you may be finding it difficult to make up your mind exactly what to do about renting and are worrying about the risks. It’s often hard to choose between long term or holiday lets, deciding which management company to choose, and knowing how to go about the whole process.
Tony sympathises as he is constantly asked these questions, “Most people need good advice. They want to know how much rent they will receive, how much it will cost to maintain their property, and what happens if things go wrong. They worry about tenants not paying the rent, or if a holiday guest breaks something, or if a pipe bursts under the sink. They need reassurance that someone will be there to help them in these situations. Fortunately, we have the answers for them that will give them some peace of mind.”
Tony has seen many changes in the property market on the Costa del Sol from his vantage point of running a property management company specialising in long term and holiday lets over the past eight years. He says, “The current economic climate has meant that many owners’ personal circumstances have changed. Now people desperately want as much rental income as they can possibly generate, and even better value-for-money on the services they use. ”
HomeCareontheWeb has monitored the rising trend for holiday lettings and, as a result, now works in partnership with Novasol, Europe’s largest private holiday home rental company, to deliver more rental income to homeowners in Spain, whilst HomeCareontheWeb offers to support owners with a tailor-made package of property management options including cleaning, laundry and maintenance.
Novasol promotes 30,000 properties in 24 countries throughout Europe, via their 11 different language websites and millions of printed catalogues distributed to past clients and through a network of 15,000 travel agents. Novasol typically generate well over 20 weeks of holiday rentals a year for the Spanish villas they promote.
But what if you are resident here on the Costa del Sol and living in your villa full-time? How can you take advantage of Novasol’s capability of generating income for you?
Again Tony has the answer. “Over the past two years I have been so impressed with Novasol’s ability to generate rental weeks for our homeowners that I have now put my own villa with them.” Tony has been living with his family here on the Coast for over 12 years, during which time his children have grown up and are now living away from home. “My wife and I and our two dogs were rattling around in a five-bedroom villa with a huge pool and garden to maintain. I had considered selling but didn’t feel the market was right, so we did our sums and decided to register our property with Novasol (it’s free by the way), knowing that with holiday rentals it is still possible to sell if we want to.”
Registering your property with Novasol is obviously a good idea, but if you’re a resident, where are you going to live? Tony replies, “That’s a good question! Actually I chose to rent a smaller unfurnished villa in the area, nowhere near as grand as mine, but certainly nice enough to live in. If I did not have dogs (and so much furniture), then I would have considered renting a furnished apartment, as there are plenty of those to choose from. I can’t pretend it wasn’t hard leaving the home where the family had lived for 12 years, but these days I believe you have to look beyond the past and think about securing your future, and if this means putting your feelings to one side for the time being, then so be it. ”
Tony continues, “As it happens it was the best thing we could have done. We had accumulated enough furniture over the years to furnish both properties with only a minimal investment in new sofas and beds. My wife worked tirelessly to ensure both homes were brought up to a good standard – one for rentals and one as our new home – and we have now settled very happily with our dogs into the new villa. One of the best things about the whole situation is that within two months of registering our property with Novasol we had generated enough holiday rental weeks on our villa to pay for the whole year’s rent on our new home, and now every new rental week we achieve will be going to pay the mortgage!”
So how much can you expect to earn? Tony advises “I expect in my first year with Novasol to achieve around 12 to 16 weeks rental, and after that in excess of 26 weeks. I am well on my way to reaching my financial target for this year, and one of the great things about Novasol is that they pay you in advance of their clients arriving! I know that Novasol will achieve these results as they are achieving it for thousands of owners like me all over Europe.”
Tony goes on, “As I said before, from a sentimental point of view, it has not been an easy move for me, however the turning point was when I realised that my home was an under-utilised asset, and these days I believe you have to capitalise on your assets to secure your future. It’s amazing how many people I have spoken to about our house move who also live in a villa they readily admit is too big for them. They are now looking into how they too can find a suitable smaller home so they can get their property ready to register with Novasol to benefit in the same way that I have.”
So if you are living in a large villa with too much space and are prepared to downsize and turn your investment into a money-making machine, then it sounds like Novasol could be the answer to providing you with some much-needed extra income.
One more question for Tony – what is the risk? Tony responds, “Well, none really. If you have a good quality property, then it can be rented. We all know that people love to go on holiday, it’s an important part of everyone’s life, even in a recession. Nowadays more and more people are looking for self-catering holiday homes so they can save money, enjoy the local lifestyle and have more privacy. The renting of private holiday homes is on the increase and the Costa del Sol is still one of the top holiday destinations in the world!”
To find out more about how HomeCareontheWeb can help you achieve your financial goals, call now on (0034) 962 83 95 95, or visit our website.