Ready to buy a rental investment? Maybe you’ll use the property yourself during the Winter months, and rent it out during the summer.
If you’re on the hunt for a holiday home, here are 5 important things to consider if you’re wanting to earn a rental income.
1. Bedrooms – To maximize the renting potential, you need have a clear vision on how many people you'll want to cater for. If you were to purchase a two bedroomed property, you can accommodate up to 6 people simply by putting a sofa bed in the lounge.
2. Swimming Pool – To maximize your rental potential, you’ll need to have access to a communal swimming pool. This is usually high on the list of “must have’s” for any family holiday.
3. Location - When deciding on an area, you need to consider these two points. A) Being closer to the beach means amenities, like bars, restaurants, supermarkets, etc. will not be open in the Winter months. B) Being in a residential area, means you’ll always have amenities open throughout the year. You could then take advantage of potential Winter rental opportunities too.
4. Amenities – If you want the ability to be within walking distance of a local supermarket, bars and restaurants, you need to choose your area accordingly. But remember, what’s a “mile away” to you, could be a “stones throw” to someone else!
5. Licenses - Be sure to find out if the area you’re searching in, caters for short term rentals. This means you need to check you’ll be granted a “Tourist License” to legally rent out your property. Beware, as there are some Town Halls that will not grant licenses for short term rentals.
Make sure you bring up these five points with your Real Estate Agent, as they will be able to offer you suggestions or alternatives for your needs.
If you’re currently on the hunt to buy your rental investment in Spain, head to www.QuesadaDeals.com for a list of the best area deals!