Renting Out Your Spanish Holiday Home - A Guide.
Many British and other N. European people offer holiday lets in Spain. Generally, these persons fall into two groups - those still living in their home countries and visiting Spain several times a year to stay at their holiday home and people who are residing in Spain full-time and running holiday rental homes as a business. In this guide - we aim to provide advice for those of you renting out (or thinking of renting out) your second home - your holiday home.
No doubt you put considerable effort into locating and purchasing your dream home. It was fun wasn't it? Then came that thrilling moment when you finally had a Spanish home to call your own. If you are like most owners you probably splashed out on the décor and furniture too to make the place truly your slice of sunny Mediterranean paradise. For a few weeks or months each year you might escape there to holiday with family and friends. However, the rest of the year it's probably just empty, yet you still have to cover the costs. So why not rent it out to other holidaymakers to make some extra income?
Here is some advice to help you rent out your Spanish holiday home successfully
1. Firstly inform yourself about all legal and financial implications, relevant taxes, permissions, insurance and other such issues. There are 17 autonomous regions in Spain and some laws can differ from region to region so it's best to consult a local gestor ( a sort of a cross between a financial advisor and a lawyer). He /she will best be able to advise you about requirements in your locality and in general. They can also do filings for you and help get any permissions, if necessary . It's advisable to have civil liability insurance if you are renting out your home.You should also consult an accountant in your home country.
2.Now, the next question is do you want a local rental management agency to run everything for you? Or do you want to manage certain aspects yourself- such as screening renters and taking bookings ?
The pros and cons of this are that letting a management company run things means you don't have to do anything at all (in theory)-just receive income. However, management companies typically charge commissions of 20% -40% so this will really eat into your income. Plus you can't screen your guests or control the expenses and costs of repairs etc. If you are really busy and can't give the renting out of your holiday home any time at all , this may be the best solution for you.
However, if you can at least manage the admin of your own bookings by listing on sites such as www.gostayspain.com and have reliable maintenance and housekeeping staff locally in Spain this can be another solution. The advantages of running your own admin are that you get to know your own guests personally and can screen out potential problem guests if you don't feel happy about them. After all, this is still your holiday home and it’s a personal thing for you that people respect and enjoy your place. Obviously , there are big savings on the commission you'd pay to a management company too . You can use this money to jazz up your place with a new jacuzzi or whatever is your fancy, so that when you next holiday there - it's even more wonderful for you. And of course, the more extras you provide the higher the rental rate you can charge. Lastly , you control the availability so your holiday home will always be free for you when you want to enjoy it and rented when you choose. There's a lot more freedom and gain for you in a combination management method where you manage your own bookings and local staff in Spain do the on the ground stuff.
3. Research your target market and consider who you are going to be renting to. How many bedrooms does your place have ? Will you be renting to couples , families or groups?
It's your holiday home, but it's sensible to store items of value that could be broken or misplaced. Also do charge a security deposit that is refunded to the guests when they leave.
On the whole you need to make the place a bit minimalist-declutter so the incoming renters have space to put their things. It's OK to lock a wardrobe here and there with your own things inside, so long as you provide ample space for your guests.
If you are renting to families can you provide a cot and a high chair? All of these extras help in securing a booking. Make sure all safety issues are covered too , particularly when renting to families with small children.
Aim to upgrade your place with certain amenities to attract your target market when you can.
Wi-fi is really appreciated these days . Welcome hampers too.
In short, aim to provide the amenities that your target market require. Touches like games for the kids, local guide book info , or a bottle of champagne for the newly-weds on their honeymoon are greatly appreciated, and really can make the difference that leads to repeat bookings.
4. Regarding marketing your place. Correct pricing is vital . So check out similar holiday rental homes in your area and price accordingly.
Next you need to take fabulous photos of all the rooms, gardens and pool. Make the spaces look good prior to taking the photos, tidy and attractive. Take the photos in optimal light to get the best shots. Great photos really help to sell your place.
You'll need to write a good description too. Then you are ready to market your holiday rental on sites such as www.gostayspain.com which offers free listing for your holiday rental, great booking management tools and secure online payment. Guests will message you through the site and you just accept (or decline) the availability request and receive payment when the guest books and stays at your holiday let.
By now you are probably ready to take the plunge and offer your holiday home for rent. There, can be hassles ofcourse, items that need urgent repair during someone's holiday or the guests lose their key- but that’s where reliable housekeepers and maintenance people in Spain are invaluable.They are on hand to handle these issues for you.
Most holiday home owners find renting out their place a very rewarding experience. It's wonderful to get great feedback and reviews from like-minded people who have really appreciated the labour of love that went into creating this dream holiday home for them. Best of all, you'll enjoy it even more, whenever you get away there yourself!