Here’s an interesting question – what should you do if you’re thinking about renting out your Costa del Sol property long-term but are worried about the problems you might face, like the tenants stopping paying the rent or not vacating at the end of the tenancy?
Well, in our experience, problems such as tenants not paying or vacating at the end of their tenancy rarely, if ever, happen.
However, we have heard bad stories, so here are some guidelines to help safeguard you when renting long-term.
If you live abroad, it’s advisable first to find yourself a reputable local specialist who will both manage your property and your rentals for you while you’re not around.
Management of your property is essential for two reasons.
Firstly, it helps ensure your tenants are happy with their tenancy and, secondly, it alerts you to any property maintenance problems so they can be dealt with swiftly.
This relationship with the tenants is enhanced if the management company visits tenants regularly to check the property on their behalf.
Before the tenancy begins, any management company worth its salt will take up references on your tenants, together with a two-month’ security deposit, refundable when tenants vacate the property at the correct time, and leave it in the condition in which it was found.
Tenants should sign a comprehensive legal rental contract, clearly stating what happens if they fail to vacate at the end of the stipulated period.
Penalties may include forfeiting the security deposit, or paying a punitive increase in the rental fee.
If the worst came to the worst, and depending on the local court’s caseload, our lawyers say it could take 2-4 months to evict tenants, but you could claim the penalty rental for the extra stay.
Obviously, if the management company has a good relationship with the tenants, they would have ascertained the tenants’ intentions at the end of the tenancy, and either agreed an extension of the rental period with you, subject to a new contract, or helped them find another property to rent or buy.
We hope that information helps you and remember, if you want any more detailed advice about renting your Costa del Sol property out long term, you can always phone us on 00 34 952 83 95 95, or send us an email to email@example.com