Owners rental advice
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How can I avoid any problems?
How can I avoid any problems?
Owning a buy to let holiday home, especially one in a foreign country, is a huge commitment and should not be entered into lightly.
Potential problems can easily be avoided if you do your homework beforehand.
You can find a list of things below which you should keep in mind when buying a holiday home in Spain, and although this is not an
exhaustive list, it should give you some food for thought ....
| Research |
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Before you decide to buy a holiday home in Spain we would always recommend that you research,
research and research again.
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Don't take an
agent's word for it - check things out for yourself.
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Visit the area you intend to buy in.
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Holiday there - twice if necessary.
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Read reviews in internet forums and ask questions.
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Get a feel for what your guests will be experiencing.
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Only once you're happy with the area should you look at properties.
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Make sure you have a structural survey done. A few euros now could save thousands later.
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Research the local planning laws if you intend to make alterations.
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Don't overstretch yourself financially and rely on rentals to cover the bills.
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| Legal Advice |
Good, independent legal advice is worth its weight in gold. Choose the DIY legal route at your peril as this may
lead to unforeseen problems which could have been easily avoided.
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Get your legal advice in place BEFORE making any decisions and certainly before signing
anything.
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Find your own lawyer - one recommended by an agent could potentially be paying them a finders
fee, which makes the 'recommendation' questionable.
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Make sure you employ a bi-lingual lawyer, i.e. one who speaks both Spanish and your own
language. The local tourist office should be able to help you here.
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| Language |
When buying property in Spain you may find that there are few people in your chosen area who speak your Mother
tongue, especially in the more remote areas.
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If language is an issue, then the services of a translator can often pay off when viewing
properties so that you can ask all the questions you would normally ask in your own country.
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Remember, if the discussions are in Spanish and you can't understand, ask for a written
transcript from your translator so you can recap later.
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| Crime and Safety |
If you buy a property in Spain with the intention of letting it out,
then unless you have it fully occupied all
year, there are going to be times when it is sitting empty.
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Find out about crime in the area you are interested in.
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If you are buying in a community, is there a crime prevention scheme in place.
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Does your new property have a burglar alarm fitted - does it need one?
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| Buy with your guests in mind |
Buying to let in Spain means that you will be having holidaymakers staying in your holiday home. You need to
consider how you will make their holidays happy ones.
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Consider the letting seasons and your target market.
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If you intend letting to families - two bedrooms or more would be best.
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Villas with private pools are nice, but pools need to be maintained and cleaned out regularly.
This may be a running cost you can avoid if there is a communal pool nearby.
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Consider what holidaymakers need. A cottage in the middle of nowhere may be what you want, but
many potential renters want to spend their holidays near the beach, for example.
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Resist the temptation to 'do up' a wreck unless you plan to live nearby. You could end up flying
backwards and forwards from your home country for years.
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| Licences |
Renting out a property in Spain is no different to renting in other EU countries. If you buy to let you should:
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Ensure that you can legally rent out your holiday home on a short term basis.
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Research the tax situation when letting your property.
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Ask the community president (if applicable) for details of the community rules and regulations.
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Rules vary from community to community so make sure you understand the ones of the community you are buying in to.
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