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Renting long-term to families

Renting long-term to families

The long-term rental market is booming here on the Costa del Sol, with demand outpacing supply. If you’re looking to rent out your property long-term, the family market is a very good one to target.

This is because they tend to stay for a predictable amount of time, as they are bound by school years, and if they are happy and comfortable, they can be tenants for the whole of their kids’ school careers. Although it’s true that having kids around can cause some wear and tear on the property in terms of marks on the walls and furniture, our experience is that because they want a nice home for their family, they tend to generally be careful with the property and often make improvements which will appeal to future family renters.

They also have an excellent network, so when they choose to leave, they often recommend the tenant after them if they are happy with the property and your treatment of them. This minimises the time your property is empty, and makes it easy for you to get your next rental, as the people already know and like the property.

Your property will particularly appeal to families if –

  1. You are near a good school
  2. The property has good public transport links
  3. The property has access to a secure pool
  4. The property has a garden
  5. The kitchen, living and dining space is generous and open plan

Steps you can take to attract family tenants

  1. Get and install a stairgate
  2. Make one of the bedrooms child friendly, by putting in bunkbeds or a desk
  3. If there is space which could be used as a playroom, illustrate this by putting in some toys and a play mat for example
  4. Brighten up the kitchen with a lick of paint or some new doors, as this is probably the biggest selling room in a family home

If you want to find out more about renting long-term, or would like advice on appealing to a particular market please contact us. We have a dedicated long-term rental website HomeRentalontheWeb, a lot of clients looking for long-term rentals and over a decade of experience managing long-term tenants. We can handle everything for you from inventory, to contracts, inspections and rent collection to ensure your tenants are happy and your property is being well looked after. Please contact us for more information.

Great start to 2018 for tourism

Great start to 2018 for tourism

There was a big jump in visitors to Spain in the first two months of the year, with a 5.9% increase on the passengers arriving by plane in 2017. Overall, there were nearly 10 million passengers coming from international destinations in just two months and there was a big increase in passengers arriving via low cost airlines. Most passengers came from the UK, followed by Germany. On the Costa del Sol, there was a 7.8% increase in passenger numbers in January compared to the same month last year and a 5.4% increase in February.

If you are renting out your property, this increase in visitors in the quieter months is great news. The ideal situation is try to stretch out the rental period and have more consistent bookings throughout the year. It’s better for the property to not sit empty and of course it is better for your bank balance too.

However, off peak visitors want and need different things than the traditional holiday maker, so if you want to appeal to them, you need to prepare your property a little differently and also market it in a different way.

The key things to think about are –

  • Is your property warm enough or can you make it more comfortable for them in some way?
  • Is your area good for off peak activities such as golf, hiking and cycling? Is it within easy access of the Sierra Nevada ski resort for a day’s skiing?
  • How does your development feel in the winter? If there are plenty of year round residents that’s perfect, but if it turns into a ghost town over the winter, then this won’t be good for visitors.
  • Do you have any facilities on your development which work well in the cooler months e.g. a heated pool, sauna, gym or tennis courts?

If you have answered all these questions and think your property could be good for an off peak rental then please get in touch with us and find out how we can market your property to extend your rental season. Read our five tips for making your property appeal to off peak visitors on our blog which will help you to cater to them better.

What makes a good off peak rental, is also a good long term rental, so if you want steady year round income, this is something you should consider. The long term rental market is much less competitive than the holiday rental market and we have more demand than supply of good long term rentals. Our dedicated long term rental division can take care of everything for you and make sure the tenants are paying their rent and looking after the property well. It’s an excellent option if you don’t use your property much.

We hope that 2018 is a great year for you and that your property generates a good income for you and is the perfect home from home. Our property management and maintenance experts can help you make renting out your property easy. Contact us today for a quote.

Renting your property – The costs

Earn moreMany people are choosing to rent property in Spain these days, and it can be a great source of income for the owner. However, where there is income, there will be tax. It’s important not to solely rely on the income from letting your property to pay the mortgage and maintenance costs, as you may find it hard to get it covered all year round. Here is some brief information on what costs and taxes you may be subject to if you decide to let your property.

Income tax, how much to pay and when (Non-residents)

When your property is being rented out, the amount of income tax payable is usually a flat rate of around 25% of the gross income earnt from letting the property. This would be paid quarterly for the previous 3 months. When filling out your tax return, don’t forget to offset any expenses you pay on behalf of your tenant such as the water or electricity. Be aware though, the tax authorities work closely with the electric and water companies, and will know if the bills are being taken from your bank account or your tenants so you must only offset the expenses paid for by you. Continue reading “Renting your property – The costs”

Marbella Town Hall launch Think Tank

Councilor for Tourism, José Luis Hernandez

Marbella’s Tourism and Foreigner’s department are continuing with their efforts to integrate the foreign residents into the community and help them contribute to its growth and prosperity.

The next step in this scheme is the launch of the Think Tank Advisory Group, a team of foreigners of different nationalities who will be responsible for voicing the needs of the foreign community and working with the Town Hall to find solutions to any problems which might exist.

They will start by looking at issues such as the new General Urban Plan, setting up a Tourism Consortium and organising a trade show for foreign entrepreneurs.

The group also has a number of plans to assist the integration of the Spanish and Foreign communities, such as a Buddy Program that will look for companies with a complementary profile to develop joint business projects. They will also be developing networking initiatives, specialized language classes and an advisory service on public grants.

This is great news for property owners on the Costa del Sol, as it will develop Marbella and the region as a whole as a great place to do business. The hope is that it will increase demand from business people who want to have both the fantastic lifestyle available here and the opportunity to run a profitable business. This will drive demand for long-term rental properties as homes and offices and also increase investment in the area.

If you own a property in this area and would like to find out more about the Marbella Town Hall and their services for foreigners, you can visit the foreigners’ section of their website.

If you want to take advantage of the business people coming to the Costa del Sol by renting your property long-term, then we can help. We have a dedicated long-term rental department and we can help you find tenants, get their references checked, sort out legal contracts in English and Spanish and even collect the rent and visit them each month to make sure your property is being well looked after and your tenants are happy. If you’re interested in our Costa del Sol rental management services, please visit our website or email info@homecareontheweb.com

Why do you need a management company if you have a long-term tenant in your Costa del Sol property?

You desperately need help covering the running costs of your vacant property on the Costa del Sol.
The rental agent you contacted last month called a few days ago to say they’ve found you a long-term tenant. You and your new tenant have signed the rental contract the agency organised, you’ve paid the one-off fee upfront fee the agent asked for. The tenant has paid a deposit and they seem nice and trustworthy. What could possibly go wrong now…?

KeysOkay, just imagine this…

  • You desperately need help covering the running costs of your vacant property on the Costa del Sol
  • The  rental agent you contacted last month called a few days ago to say they’ve found you a long-term tenant (Yesss!!!)
  • You and your new tenant have signed the rental contract the agency organised, you’ve paid the one-off fee upfront fee the agent asked for
  • The tenant has paid a deposit and they seem nice and trustworthy

You can’t believe your luck. Everything is sorted. From now on, there’ll be no more overheads to worry about. All the money your tenant pays you in rent each month is yours to help pay for the property you thought you could no longer afford.

Yeah, you can finally relax…what could possibly go wrong?

Now it’s time to wake up and smell the coffee!

The above might seem like a dream scenario on the surface, but there are a number of issues you might not have considered which could and probably will come back to haunt you, especially if you’re renting your Costa property out  while actually living in another country.

For instance, who’s going to provide a spare set of keys at 3am if your tenant phones to say they’ve lost their set?

Who’s going to find a plumber if there’s a water leak in your apartment on a Sunday?

Who’ll inspect your property on a regular basis to make sure your tenants are treating it properly?

Who’s collecting the rent?

Who’s going to have to deal with everything if the tenant (God forbid!) just stops paying the rent?

And who’s going to get sued if there are any serious personal injuries or death caused by faulty fixtures or fittings in your property?

The answer, if you don’t have a property management company in place, is you.

A professional management company might cost you money you’d rather not spend, but in return they’ll relieve you of all these worries and more, which in turn will save you both time and money in the long-term, and help you and your tenant to enjoy a mutually rewarding tenancy with fewer risks.

It’s not only worth thinking about, it’s a ‘no-brainer’.

So if you’d like more free advice about how our property management services can help you rent out your Costa del Sol property long term with fewer risks, please just pick up the phone and call us on 0034 952 83 95 95 or email us at info@HomeCareontheWeb.com and we’ll be glad to help you out.

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