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LONG TERM RENTAL
LONG TERM RENTAL
by Tootandploot » Fri Sep 23, 2016 7:20 pm
What do people consider long term rental? I am considering buying a property to rent out (probably not an apartment) but don't particularly want "short term" renters ie 6 to 12 months. Want to be in it for the long haul and would prefer "long" long term. Thoughts please? Was also considering unfurnished as perhaps people of a certain age have their own bits that they might like to use without worrying about storage or disposal? Advice thoughts and positive opinions greatly appreciated.
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Re: LONG TERM RENTAL
by Dinkelharper » Sat Sep 24, 2016 10:33 am
Hi there, I have found that here in Spain it varies very much on what is considered long term. I personally consider long term to be at least a 12 month contract and anything less than that short term. Renting out long term one usually signs a lease for 12 months and then the renter have the right to renew every year for at least 4 years unless the owner him/herself need to use the property and in that case need to notify the tenant at least 2 months prior to the 12 month lease ending. My suggestion for renting out long term is to furnish the house with the basic stuff (sofas, beds, table and chairs and minor decorations) including appliances and then the tenants themselves will add tidbits. If you happen to find a tenant that have all this stuff themselves it is very inexpensive to store your stuff and have this in mind when setting the rental fee. One option is to offer one price furnished and one price unfurnished. Don't forget wear and tear on your furniture and also have that in mind. Always good to have a separate insurance for this. Also keep in mind that a lot of people that rent houses are not Spanish and therefor don't bring a lot of stuff with them when they move to Spain. Moving large furniture pieces from out of the country is very expensive. I hope my thoughts helps
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Re: LONG TERM RENTAL
by Shiva » Sat Sep 24, 2016 1:51 pm
Just curious, Tootandploot, assuming you are thinking of this as an investment, are you really likely to get a good enough return from an ordinary ( i.e not holiday) rental in this area for what is likely to be a fairly illiquid investment? Obviously depends on your personal residencial etc circumstances and requirements but it could be worth thinking about buying and renting out somewhere in the UK as an investment instead. If you pick a reasonably priced area with good rental demand you could get a gross return of c. 7% eg in many parts of Fife a two bedroom with garden ( eg typical Scottish 'four in a block' ) in a reasonable area can be had for c.£70k or less and typically rents for between £400 - £450 per month ( unfurnished). Also while still illiquid, such a property may continue to resell quicker than a Spanish property, should you need access to your investment. And the plus point of having a foothold in the UK ( who knows what the future may bring, esp post Brexit). Of course these sorts of properties don't appreciate much in terms of capital value, but they tend to hold their value . Just a thought to add to your consideration pile .
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Re: LONG TERM RENTAL
by Tootandploot » Sat Sep 24, 2016 9:42 pm
Thank you both responders. Food for thought.
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Re: LONG TERM RENTAL
by Dino » Wed Oct 12, 2016 9:09 pm
Have you considered a commercial property ,tenants tend to prefer longer term let 3 -5 years quite normal
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Re: LONG TERM RENTAL
by crispin8 » Tue Sep 05, 2017 8:15 pm
I was very interested to read your post. I am very interested in long long furnished rental. Min 2 bed and set friendly (cats) only other consideration is locatio.
Perhaps you could keep me in mind depending of course on what you decide.
Many thanks
Perhaps you could keep me in mind depending of course on what you decide.
Many thanks
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Re: LONG TERM RENTAL
by Angelica » Tue Mar 27, 2018 6:00 pm
Please send me information on long term rental must be ground floor
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