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THE THINGS YOU HAVE TO CONSIDER WHEN RENTING OUT YOUR HOLIDAY HOME


T


he holiday rentals sector continues to grow with the leading portals reporting that the year-on-year rise in inventory levels continues, in stark


contrast to the drop in volume in holiday property sales in the same destinations. There are plenty of instances of owners


turning to rentals returns in the face of failing to sell their property in a slow market. With more home owners eager to cover the costs of running their overseas property, there’s growing competition and making your villa stand out from others in the area is key. So don’t assume that just by taking a few photos and uploading them on a holiday rentals website that the bookings will come flooding in. You will need to consider its presentation,


the services you provide (free Wifi is becoming a must), as well as spending time and money marketing your property. Your home might not tick every single box of the perfect rental property in your location (eg being within an hour of an airport, private outside space and use of a pool) but you can still maximise a property’s plus points. Of course if you buy your property to rent out from the word go, you will carefully consider all the factors that might maximise its appeal


30 AIPP CONSUMER GUIDE


when you buy it but there are general points to consider.


Most fundamentally, are you permitted to rent out your property for short term (holiday) lets? In Florida, housing developments in some areas have historically been classified as “residential” or “short-term rental” – with holiday lets not allowed because they are more geared to permanent residents. You’ll find that “tourist” areas close to the beaches or theme parks are often zoned short- term rentals. In contrast, in Spain, there’s been a very recent move by the regional governments to clamp down on private owners renting out their properties short-term (especially in the Canaries) so research and take advice on this and don’t just rely on a single source. Long-term lets however are usually subject to


fewer restrictions so you must consider whether you plan to target long- or short-term letting (or both).


In winter-sun locations such as the Canaries and Florida, three-month lets to “snowbirds” are quite common; the lower weekly income offered by long-term lets can be balanced out by lower management and marketing costs and also the security of a season-long booking. Some owners find that a mixture of short term


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