Looking for a long-term rental in Spain?
Food for thought for owners and tenants
The dip in the holiday rental market over the summer months meant a subsequent dip in rental income for many Spanish homeowners. As a result, some are now considering letting their properties long-term rather than short-term, to secure themselves regular earnings to offset the costs of owning abroad.
We asked local rental specialists Holiday Rental on theWeb for their views on the market for long-term rentals. Surprisingly, whether you're a prospective tenant or a property owner, the issues relating to long-term rentals in Spain are practically the same.
“All the time that people are moving or planning to move to the Costa del Sol, to live and work here full-time, or to enjoy their retirement, there will always be a steady demand for rental properties of a high quality standard. A growing percentage of today’s tenants are people who sensibly wish to ‘try before they buy’, by renting an apartment or villa in Spain similar to that which they are interested in purchasing, whether it’s a holiday home or a permanent residence” explains Tony Sidebottom, MD of HolidayRentalontheWeb.
But even though demand exists for quality long-term rental accommodation in Spain, some owners are still reticent about renting out their property which, in many cases, represents a considerable personal investment. “There is no doubt there are risks associated with renting a property in Spain, whether you’re a tenant or an owner - we’ve all unfortunately heard the horror stories. But if you use a reputable Spanish rental agency, those risks can be reduced considerably, as the company will have certain safeguards in place to protect the interests of homeowners and rental clients alike,” says Tony.
These safeguards include taking up references on prospective rental clients, and having detailed rental contracts with owners and tenants, clearly outlining who is responsible for what, should any problems occur. Obviously, emergencies arise even with the most well-maintained Spanish properties or the most careful tenants - a sudden plumbing leak, a washing machine breakdown, or a red wine spill on a precious rug. Whatever happens, it’s vital that both owner and tenant know they can rely on the immediate response of a local company to resolve the problem on their behalf, even out of hours if necessary.
Apart from such emergencies, any reputable Spanish estate agent will maintain regular contact with owners and tenants in managing the property for both parties. Tony continues, “Regular visits by one of our HomeCare managers provide rental clients with the opportunity to discuss any issues with their Spanish property and its contents. Owners receive this valuable feedback on the status of their property in Spain, together with any recommended points for action which, once approved, are immediately carried out on their behalf. Owners feel reassured that their investment is being well cared for.”
Knowing someone’s always there taking care of their interests gives both parties peace of mind. However, owners and tenants also like to know that their money is safe. Any reputable rental agency will take a refundable security deposit on behalf of the owner, usually equivalent to two months’ rental, to cover any dilapidations that may occur while the tenant is in residence. The agency is also responsible for ensuring rental income is collected and forwarded, net of any costs, to the owner. Tenants need to know that their rental monies are being forwarded promptly to the owners, and that their deposit is being held safely by the estate agent, ready to be returned to them at the end of the tenancy.
Tony concludes, “A rentals company always wears two hats. Obviously we are responsible to the owners for managing their Spanish property, but our tenants are valued clients too, and we’re there to care for their interests as well. We believe that maintaining a close relationship with the owner and tenant is the best way of serving both parties.”
HolidayRentalontheWeb is a division of the Property Solutions Group, based in Elviria, who also own HomeCareontheWeb Property Management and HomeSalesontheWeb Property Sales. For any information regarding the Property Solutions Group of companies please contact Tony Sidebottom on +34 952 85 95 95 or visit any of the websites.
Website addresses:
www.holidayrentalontheweb.com
www.homecareontheweb.com
www.homesalesontheweb.com
Property World January 2005
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