Renting out your property on the Costa del Sol either for long term or holiday lets can be a great way to contribute towards some of the costs associated with owning it – and if you’re really lucky, it might even provide a welcome source of extra income too. But before you rub your hands with glee and rush off to buy a ‘For Rent’ sign to put up outside your property, there are a few points you should carefully consider before taking what is, essentially, a giant leap into the unknown…
Well, almost the entire Costa del Sol woke up this morning to a dense mist drifting in off the Med – a sure sign that the pre-summer heat is rising. That means the peak season for summer rentals is just weeks away. The perfect time to take a look at what it really takes to rent out your Costa del Sol property either for holiday or long-term lets.
There’s no doubt renting out your Costa property can be a great way to contribute towards some of the costs associated with owning it – and if you’re really lucky, it might even provide a welcome source of extra income too.
But before you rub your hands with glee and rush off to buy a ‘For Rent’ sign to put up outside your property, there are a few points you should carefully consider before taking what is, essentially, a giant leap into the unknown.
Firstly, there’s the question of who’s going to handle the business of renting it out.
Of course, it’s only natural you might think first about the cheapest way to do it, and that could mean either doing it yourself, or asking neighbours or friends who perhaps do a bit of property rentals ‘on the side’ to take care of things for you.
Fine, except that anyone who has renting out their property in Spain this way will tell you, it can be a complicated affair for even the most experienced owners and agencies, let alone the uninitiated.
There are pitfalls aplenty and cutting corners and doing it on the cheap by can and usually does lead to big problems.
So, what are your options?
How about using a rentals agency? Great idea. But with so many out there, which one do you choose?
Well, a word of advice – those agencies or individuals that charge a low fee will almost certainly not be capable of dealing with any big emergencies, or have the resources and expertise necessary to fully help you realise the rental potential of your property over the long haul.
Likewise, they almost certainly won’t have comprehensive liability insurance or even the most basic legal protections in place should anything go wrong or someone is injured while a client is renting your property.
You should also ask yourself the question whether or not you feel you could trust them implicitly to collect the rent on your behalf, or are certain they’ll not rent out your property without telling you and pocketing the cash?
If the answer is “Hmm, not sure,” you may be well advised to look for a reputable local rentals agency instead.
Taking a business-like approach to the rental of your property by finding yourself a dedicated, professional rentals management company to take all the potentially ruinous risks away from you is essential.
The easiest way to find companies offering professional property management services is to go online and search in Google or one of the other major search engines.
You could also check the local area around your property to see if there are any companies offering the kind of services you need. Asking friends and neighbours if they can recommend any good companies is another an excellent approach.
You’ll soon draw up a shortlist of potential candidates, but then the next question is, which one of them should you choose?
We’d recommend you opt for one with an excellent reputation, full insurance cover and all the resources necessary to handle the entire rentals process for you – from giving rental clients initial advice and taking bookings, then caring for them throughout their stay, and finally paying your rental fees directly into your bank account.
In the ideal scenario, the rentals company should insist on providing comprehensive property management services for you too, so your property is cared for year round by their team of professionals. This will ensure your property is always maintained in the best possible condition and therefore be more attractive to those looking for rental accommodation.
At the end of the day an expert rentals management company will provide you with complete peace of mind, by saving you time and money and freeing you from all the hassle associated with renting out your property.
And you’d better believe that price is well worth paying!
We hope that info helps and hasta luego!