Tips for renting out a holiday home in Marbella
High net worth investors who are considering whether to rent out their Spanish property to holidaymakers are by no means alone. Indeed, there does seem to be a substantial market for rental properties in this area of south-west Europe, where tourist numbers were almost 75 million in 2016.
That was 10% higher than the year before; however, to avoid blunders, it is important not to rush into renting out your property without adequate preparation.
Where should you buy a property?
If you don't already have a Spanish property to rent out, you will need to look for one to buy. However, in what part of Spain should you look? It might not necessarily be the same place where you ought to look if you were interested in purchasing a property strictly for your own use.
With some properties, you could find that there is only a limited number of weeks each year in which renting out the building to holidaymakers is a practical possibility. You would probably not wish to settle for a property in an area where all of the restaurants close in the winter, thus significantly trimming the number of weeks for which many people could be interested in booking the property.
The Costa del Sol, however, is a highly attractive proposition for those wishing to purchase a holiday home to rent out; it clocks up about 320 sunshine hours each year and also boasts many fine golf courses. Hence, continuing to attract renters from February right through to November is a very real possibility. The appeal of your rental property will be further enhanced if it is in a vibrant, cosmopolitan area where there is no shortage of exciting things to see and do. One good example of such an area is Marbella.
This Andalucían city and resort boasts all manner of attractions, including the Golden Mile, which has prestigious clubs, hotels and restaurants; the lovely, organic setting beneath the shelter of the gorgeous Sierra Blanca mountains; and for history buffs, the "old town" with well-looked-after flower boxes. Here at IQ Marbella, we specialise in assisting high net worth individuals to find a suitable property in Marbella.
Decide what potential tenants you should target
While Marbella is a place with broad appeal, once you have acquired a property there, you should still think carefully about what specific kinds of people would be most attracted to that property. After all, different people can be excited by different attractions in the area. Furthermore, they could be eager to rent very close to the attractions that especially excite them.
To help determine the best audience to target, you could survey people near your Marbella property. What kinds of people are in the local eateries? This could help you to decide whether you should primarily market the property via social media or newspapers. However, you shouldn't underestimate the cost-effectiveness of good, old-fashioned word of mouth and repeat business. These sources do not incur marketing costs, but they can bring trustworthy potential renters.
There are various ways in which you can cultivate these valuable sources. For example, upon being contacted by a potential guest, you should reply quickly and be helpful and communicative with them. You should also make sure that the property is suitably furnished.
You should strike a balance between making your building look like an appealing "home from home" and averting lavish expenditure. To this end, you should check that the property is equipped with a completely fitted kitchen, familiar gadgets and utensils, a dishwasher, Wi-Fi Internet and satellite TV. Families taking infants along will probably want high chairs, too.
The above is an approximate guide to some of the factors that you should consider when you are looking to become a landlord of a luxury holiday home in Marbella. Enquire now to IQ Marbella, and we can help you to locate your ideal property as a high net worth investor.