Are you looking to buy a holiday home in Mallorca and rent it out? If yes, then there are many things to think about. First, you will have to be familiar with the laws governing acquisition of property on the island. Second, know the implications of tax as well as holiday insurance. Last but not least, consider the following pro tips:
1. Consider Doing Your Homework
Whether they are shared holiday homes Mallorca or full ownership of properties on the island, it will help a lot to understand the market and look at the competition. If it is your first time, start with basic fact-finding. Research online to see what is available in the local rental market. The research will not just help you to provide your clients with something better. It will also help you price them competitively.
2. Remodel the Property
Holiday homes are different from regular residences. As a property owner, you would want to give all your guests a good vacation vibe, which calls for preparation. From the basic necessities, such as cooking appliances and toiletries to the color of the furnishings and walls, you need to rent out a home, which exudes a holiday vibe and atmosphere.
3. Go for the Right Mortgage
Heads up – use the normal mortgage instead of a second residential or buy-to-let mortgage. Do you know why? Second residential mortgages often limit borrowers from renting their properties as holiday homes. Talk to your financial advisor or mortgage broker to help you find a good mortgage option that can suit your needs.
4. Take Professional Pictures
Professional pictures can easily change the perception of holiday rental properties. They can also help the properties to stand out and increase their overall appeal to the target guests. Besides, they are the first glimpse that potential guests often have of the properties and when they want to envisage themselves relaxing there. Not so many individuals will be ready to spend more to stay at holiday properties, which are listed with low-quality pictures on mobile phones. This is why it is crucial to enlist the services of a professional property photographer to take quality photos.
5. Write a Very Good Description
In your description, ensure you present your property the best way you can, without exaggerating anything. Honest representations of quality property properties are important. Remember to include details about the type/number of rooms and the living room. Mention your garden if it is available and briefly give an overview of your kitchen’s equipment.
6. Build a Good Reputation through Reviews
Effectively dealing with guest concerns or complaints as well as giving them an amazing experience is a perfect way of generating more income and minimizing the costs of settling any disputes. It takes time to build a good reputation. But if you are very consistent with this approach, then a good reputation for your holiday home will spread.
The bottom line is that renting out your holiday home is a very attractive option for owning properties somewhere popular and scenic, like Mallorca. But like other investments, it comes with challenges. This is why you need to consider these tips to help you successfully rent out your holiday property.