It was recently revealed that holidaymakers to Spain are increasingly looking to rent properties that are of an exemplary standard, and more often than not, a standard above their own homes. The Campaya Rental Property Market Trends 2011 has found that those visiting Spain are now, more and more, searching for a property with “levels of luxury equal to, if not better than, at home”.
The organisation has therefore suggested that investors who are looking to let their property out to tourists should begin renovating their property, or at the least, should look at areas of their property that need improving and make the necessary amendments. The organisation has commented that Spanish property owners should consider replacing old furnishings and updating the general decor in order for it to appeal more to holidaymakers.
The organisation has, however, warned property owners that spending more money on improvements that could well turn out to be pretty expensive, may not necessarily mean that they will be able to charge higher rents. This is because the supply of holiday homes in Spain currently outstrips the level of demand. This is a result of the economic crisis as less people have decided to take holidays abroad because they are finding that they cannot justify it like they used to.
Furthermore, the report has added that taking the time and effort to improve a rental property is likely to translate into increased interest from tourists. In a difficult market, a few neat touches here and there could set your property apart from the rest, and thus result in attracting a greater number of tourists.
The report stated: “Make it desirable, make it affordable and market it properly, and you have a good chance of making some money out of your holiday home investment.” It will also be very important to make sure you maintain your holiday home appropriately.
Perhaps think about hiring a cleaning agency to come in once a week, particularly if there are tenants living in the property. After all, you wouldn’t want to spend a large amount of money redecorating for the property to then become filthy and untidy. It will also be important to ensure you have Holiday Home Insurance. This will cover you in the event of any damages befalling your property.
Meanwhile, the Sales and Marketing Director at Taylor Wimpey de Espana, Marc Pritchard, has suggested that some property investors may want to take at a look at popular golfing destinations as this section of the tourism market is thought to be “resilient and reliable”.