Those who bought off plan a couple of years ago with the intention of renting out their property as a holiday let are now considering the long term rental market. It offers more peace of mind knowing that there are less people in and out of your apartment and a guaranteed rental income for a long period of time
Generally, finding a holiday apartment in Spain is very easy especially since nearly everyone has a friend or relative with one to let. On the other hand, knowing how to go about finding a long term rental can be a challenge. So where do you look? The truth is there are lots of owners desperate to rent out their properties but they are having difficulty being put in contact with those searching.
We have a service where you can list your long term rental for free http://www.eyeonspain.com/Holiday-Rentals-Spain.aspx. This would also be the first port of call for anyone looking for a long term rental online. Such people could range from those who have bought off plan and their property is under construction to those who want to come out to Spain for while to test the water.
Once you start researching the market, you may soon be overwhelmed by the choice. You need to think about what you really need and want. Remember, you are likely to be living there for a minimum of six months and as delays on new developments in Spain are commonplace, if you are buying off plan, you will probably be renting for longer than anticipated. Have a look at the following points to help you narrow your search.
- Do you want to live in a predominantly Spanish or an English/international area?
- Do you want to live in a community where your neighbours are holiday lets or fellow long term tenants?
- Would you like sea view?
- When do you get the sun on the property?
- What is the noise level?
- Is there construction nearby?
- Is it close to work? .Is it close to shops?
- Can you walk to facilities?
- Is it close to your children’s schools?
- Do you have friends living nearby?
- How close is it to the airport for visitors or flying back and forth?
- Are there leisure facilities nearby?
- Are there parks and play areas nearby for children?
- What type of property are you looking for a villa, townhouse, or apartment?
- Do you need outdoor space?
- How many bedrooms?
- Can you keep pets?
- Is there satellite television installed?
- Would it be possible to work from home?
- Is there storage space?
- Do you want a private or communal pool?
- Is there a phone line? (Big problem on the Costa del Sol)
- Where can you park?
- Is the terrace safe for your children?
- Is there heating? (It is very cold indoors during the winter)
- Is there air conditioning?
- Where can you park?
- Is security a concern for you?
- Is there an alarm system or 24 hour security?
The maximum length of a rental contract is usually eleven months with a renewal clause in the contract. Those with rare rental contracts over this time period have greater rights under Spanish law. During the winter low season; you will find those landlords are quite eager to rent out their property. Therefore, they will be more flexible about the length of rental contracts.
However, once the temperatures rise around Easter, they may begin to rub their hands together at the thought of a much more profitable holiday income over the summer months. Likewise, at the onset of the summer months they will rarely agree to contracts less than eleven months as they do not want an empty property over winter.
Using an agent
Finding a long term let via an agent has its advantages. They usually employ at least one bilingual member of staff which is essential as many landlords are Spanish. They can assist you with maintenance problems and put you in contact with local services such as cleaners, gardeners etc. Some will ensure that your utilities are connected to save you the headache of costly phone calls and wasted days. Always ask about their commission policy.
Agent’s usually charge a finder’s fee, usually equal to one month’s rent. On top of this, the owner will be charged for their services. The tenancy agreement is usually in Spanish. Make sure that you get it translated so that you understand all the terms before signing. Do not accept a translation from the agent or owner.