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Letting your Canary Island home

Renting out your property in the Canaries can earn you extra cash. find out how.

Renting out your overseas property can help with the mortgage repayments and give you some extra cash in your pocket. Read on for some tips on how to make it a success.

As a rule, apartments in the Canaries – – tend to rent well throughout the year, due to the all year round sun, with two-bedroom properties being the most sought after. However, if you own a villa in a other European holiday destinations your rental periods are likely to be restricted to the summer season.

Firstly, check out the competition to see what kinds of rates are being charged for properties like yours. Of course you’ll want to cover your costs, so whatever your monthly mortgage payment is, aim to make that your weekly rate. Consider offering a small discount if you feel a potential client is hesitating, especially if you’re struggling to fill a gap, and be open to taking a reduced rate during quiet times. Be sure to budget for vacant periods. For example, a pad in a Canry Island tourist resort may be let 40-plus weeks a year, but in other Spanish destinations, realistically, the rental period is going to be much shorter.

To rent successfully a property needs to be of a certain standard. Keep it simple and uncluttered and stick to a neutral colour scheme. Compile a welcome pack for your guests including local attractions and restaurants as well as practical information like local doctors, dentists and the location of the nearest hospital.
Although you may prefer to receive your rental income in sterling, it can be better to distribute the income in both sterling and the domestic currency because of currency fluctuations. Use a local bank account to pay local staff. And cut down on extra charges by using a currency specialist rather than a high-street bank.

Good marketing is essential. You can transform your rental prospects by using a good agent – try to find one through personal recommendation. Fees vary, but if you own a short-term let in Playa Blanca, for example, 30 per cent of your rental income will be spent on management fees. Check if the fee quoted includes meet-and-greet duties. Andif you’re changing tenants regularly, bear in mind that you will incur extra charges for cleaning the property after each let.

If you want to avoid agent’s fees and manage and market the property yourself, be aware that it is hard work. There are several good holiday letting portals you can advertise your property on but don’t just plump for the cheapest option. Put a note and a link at the bottom of all your e-mails discreetly advertising your property. Use the notice boards of your local shops and free newspapers, and it’s also cheap to set up your own website.

Finally, even if you make a loss on renting your property out, you still need to declare it, both in the UK and in the country where your property is. Find out about the local tax rules, and how your asset will affect your UK tax position. Most EU countries have double taxation agreements set up with the UK already. You can also deduct certain expenses and tax allowances from your rental income. Be sure to take professional advice on your tax position as everyone’s situation is different.

Ask the experts at freedom4sale. Get some Independent advice on any aspect of buying or selling property.

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