One of the good tips for potential buyers is to rent a house or apartment in the region of interest for a few weeks or for the whole season. This way it will be possible to get to know the country "from the inside" and calculate possible risks on the spot. In addition, future owners who are going to rent out the property will thus be able to assess what it is like to be a tenant.
Selection criteria
There is nothing new in renting foreign housing: Europeans have been traveling for many centuries, and during this time a system of both short-term and long-term rentals has developed well. But as the tourism industry developed, organized holidays with a full range of services gained momentum and more and more home owners abroad became available, the rental market gradually lost its position. It seems that now we can talk about the opposite process: more and more people are planning holidays on their own, wanting to get the most for their money, and potential buyers are becoming more attentive to choosing the country and area of their future purchase. In connection with all this, short-term and long-term rental of real estate is once again on the wave of popularity.
In many ways (and for obvious reasons), the criteria used by tenants and future landlords are the same. The location of the house is traditionally the main one – but not the only one.
"For both vacationers who rent a house for a short period, and for investors who purchase real estate for rent, four things are of primary importance: price, housing area, area and view from the window," says Greg Grant, managing director of the British company Holiday Rentals. budget, with a price adequate to the market, suitable area, in a good area and preferably with a good view. No one would want to spend a vacation in a house whose windows overlook a concrete wall or a parking lot. In addition, as a rule, vacationers expect that such housing will be better than their own house... For long-term rentals, it is important whether the house has the necessary equipment. A dishwasher, a washing machine, a place to dry clothes and kitchen appliances are all very important for tenants living in a rented house for a long time. Also, do not forget about the parking place for the car."
Lease terms
According to Kate Stinchcomb of Holiday Lettings, location can be even more important for long–term rentals than for short-term rentals: "The main thing when choosing a home for a long time is that shops, hairdressers, rental points in the city or resort operate all year round and are within walking distance. The proximity of train stations and airports should also be taken into account," the expert says. – Long-term rentals are usually much cheaper than short-term rentals, and this is a great way to get a feel for the country, its culture and atmosphere. Also, renting a home is a good alternative for those who cannot take out a loan to buy, or for those who are waiting for the market to recover."
As with buying a house, the agent or the employer himself should make inquiries about the chosen area – how safe it is and whether there is everything necessary for life near the house. Kate Stinchcomb believes that the longer the rental period, the more important it is for future tenants to be fully confident in the place where they will live. "Potential buyers and long-term tenants just need to spend some time, one or several days, in the chosen area. Perhaps, when choosing a place to live, they will have to visit different parts of the city or country – and only after that they will finally be able to determine which place is more suitable for their lifestyle."
If we are talking about short-term rentals, customers make a decision faster: they compare ads for vacation rentals with a detailed description of the area, and ask all questions directly to the owners, with whom they then negotiate. In addition, there are always Google satellite maps, which can be used to determine which infrastructure facilities are available in a particular place.
Everything is learned in comparison
What price should I set, and will clients agree to rent a house for that kind of money? Rental rates are of concern to both parties – both homeowners and tenants.
However, in the rental segment, much less information is available to both than in the purchase and sale market. Experts call for active action and independent search for optimal options.
"In this case, the main thing is to study the proposals," says Greg Grant. – As everywhere, the only sure way to find out how good a particular option is is to search, look and compare prices for housing of the same type and the same area in the area. It is better for tenants to consider several areas at once, and homeowners can also focus on average prices, which are easy to find out via the Internet – on the websites of private agencies or, for example, on The Move Channel website. If we are talking about average house prices in Spain, then an Internet resource will be an excellent source. Kyero.com ".
In the pursuit of cheapness, tenants should not forget about the quality of housing: it will be difficult to spend even a couple of weeks in a house with poor sound insulation. Therefore, it is advisable to personally inspect the apartment before concluding the transaction. However, this is not always possible, and now more and more often houses are booked online. In this case, there is a high probability of taking a pig in a poke and getting not the most pleasant memories. The solution is to choose a reliable agency that strictly controls the objects entering the database.
Registration of documents for rental housing is not as long and complicated as when buying. As a rule, when concluding a lease contract, the parties rarely resort to the services of a lawyer, nevertheless, all formalities must be observed. "A written contract is never superfluous," warns Kate Stinchcomb.
"For tenants renting housing for a short time, we recommend signing a private contract with the owners. And if you, as a vacationer, have not been provided with a contract, then you need to demand it, because it will be beneficial for both sides. The contract sets out the terms, cost and duration of stay, it will remove ambiguities in case of default," says Kate Stinchcomb. "Our company provides a sample contract, but in special cases advises both owners and tenants to contact a lawyer."