What to do if low rental income gets you in hot water this year

With Spain on the UK’s quarantine list, and other countries that are big sources of tourists like Germany advising against travel to Spain, the chances of making any decent rental income from a holiday home in Spain this year are not very good, with potential implications for your finances as an owner of property in Spain.

The summer holiday season of July and August was basically a disaster for the most popular costas like the Costa Blanca and the Costa del Sol, plus the Balearic and Canary islands. Foreign tourists stayed away en masse, and although local tourism was still in the game, locals tend to be more price sensitive, and many of them have their own second homes to use anyway. Holiday-home rental income will be significantly down for most owners this year.

If you are reliant on rental income to support:

  • Your mortgage payments,
  • IBI taxes, and
  • Community Fees on your Spanish Second Home –

The above will see you face increasing pressure to top-up payments from your home income.

Speaking with a local Costa Del Sol Agent:

  • It was confirmed that many Second Home Owners will take on long term rentals but given supply, these rental agreements will be very low in income.

Furthermore, many will be left without employment, and may fall behind on their rent.

Second-home headaches are stressful enough in more positive times, but in these trying circumstances, they can be a real burden.

EU Property Solutions can end this burden in an effective manner without the need to travel to Spain.

We can help you avoid constantly asking yourself if you will be wiped out by no rental income in 2020.

Especially if your mortgage is greater than the true market price, and the associated selling costs…which can be as much as 12%.

EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions, and other assets – from any potential or ensuing legal threat.

WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES.

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