- This topic has 19 replies, 9 voices, and was last updated 18 years ago by
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Property is fairly high priced around the marina. Most sellers aren’t open to large offers (despite what is said on some of the forums!) It is quiet, but not too quiet. Most of the restaurants are open year round so always people around. We had lunch there 1st Jan and it was busy everywhere. Don’t know about the state of rentals there but it seems a bit flat at the moment on the coast.
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So much building going on on Costas that I think it unwise to buy in the expectation the rentals will cover the mortgage disregarding any +’s.
Of course some people will always fall on their feet and I hope you do if you decide to buy with this is mind.
Perhaps you could suss out how many of your relatives and friends would rent from you before you make the final decision. -
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THERE ARE TWO KINDS OF BUY TO LET IN SPAIN,
1) HOLIDAY LETS WHICH ALLOW PRIVATE USAGE. BUDGET ONLY FOR JULY AUGUST. IF YOU GIVE TO A SPANISH AGENT HE WILL RENT IT OUT POCKET THE MONEY AND GIVE YOU ALL THE REASONS IN THE WORLD THAT THE SEASON WAS BAD ETC? ( I AM NOT SUGGESTING ALL SPANISH AGENTS ARE DISHONEST HOWEVER IF YOU CAN FIND AN HONEST ONE PLEASE P.MAIL)
IF YOU ADVERTISE ON WEBSITE, PEOPLE WILL BARGAIN, SAY THEY WILL CALL YOU BACK WILL NOT, BOOK FOR TWO PEOPLE E.G FOUR WILL BE THERE PLUS THE YOBBISH BEHAVIOUR OF THROWING CHAIR/PLANTS IN THE POOL ETC RESULTING IN ANNOYED NEIGHBOURS AND DAMAGE TO THE PROPERTY.
2) NORMAL ROUND THE YEAR LETTING, THE TENENTS HAVE A LOT OF RIGHTS. DONT FALL FOR THE 11 MONTHS CONTRACT AND IF YOU CAN GET THE TENENTS TO COURT IT COULD TAKES MONTHS/YEARS BEFORE THEY LEAVE AND WHEN THEY LEAVE THE PROPRTY WILL BE A LIKE BAGHDAD ON A GOOD DAY.
I WOULD NOT GO DOWN THIS ROAD. ENJOY THE PLACE WITH FAMILY AND FRIENDS AND DARE I SAY THE MOTHER IN LAW
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@Barry79 wrote:
THANKS FOR INFO KATY. “FLAT” RENTAL? INTERESTING. IF I PURCHASE I NEED TO BE ABLE TO RENT SAY: 90% OF TIME JULY/AUG, 60 % JUNE/SEPT, 25% OCT/MAY, SOME BUSINESS XMAS & NEW YEAR. I DON’T KNOW IF THAT IS REMOTELY REALISTIC. ANY IDEAS ANY ONE?
how large is the property (m2) and what would your monthly mortgage repayments be?
If your looking at a property where you MUST rent it out for X amount of time every year I would not recommend a rental.
If you WANT to rent it out for a couple of weeks/months a year to help with repayments, then it should be possible.If you must rent to cover the repayments, I’d recommend looking either in a cheaper area for the same sort of home or stick with the area but look for cheaper property
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VERY SENSIBLE ADVICE. I’M CONSIDERING WHETHER THE MONEY INVOLVED IN A POTENTIAL PURCHASE COULD GET A BETTER RETURN IN OTHER WAYS.
I’D BE INTERESTED TO KNOW PEOPLE’S OPINIONS ON THE PROJECTED GROWTH IN PROPERTY VALUES IN A LOCATION SUCH AS CABO PINO.
I APPRECIATE THAT THERE ARE A LOT OF VERY NEW APPARTMENTS IN MORE DISTANT SPOTS. CABO PINO IS A VERY UNUSUAL SPOT RIGHT ON THE COAST WITH ACCESS TO BARS/RESTAURANTS.
I’VE READ VARYING REPORTS THAT NATIONAL GROWTH IN PROPERTY VALUES WAS APPROX 10% LAST YEAR BUT OTHER SOURCES SUGGEST THAT GROWTH IS STAGNANT.
I’M PREPARED TO CARRY THE COST OF THE FLAT AND DO SOME RENTAL IF , IN THE LONGER TERM, THE FLAT REPRESENTS A GOOD INVESTMENT…NOT AN EASY ONE!
ANY SUGGESTIONS? CHEERS
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It all comes down to exposure Barry, the more people who see your property and know its for rent the better your occupancy levels, a client of ours can produce documented evidence that since May of this year they have grossed 30k euros rental income, (admitted for a 4 bed villa) their success has been because they advertise locally, have their own web site, use several other specialist rental sites, and have a flexible arrangement with a good local rental agent to fill any gaps. This is agaist a background of most people saying rentals are down this year.
Obviously it depends on location, property type, local competion etc, but they work hard at it and seem to do well.
Jim
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Hi Barry,
you need to know that the best units in the world won´t rent without the right marketing whereas there are some shiteholes which are constantly booked, again all down to marketing. I know I´m repeating what has been said here, but trying to put it in a nutshell.
Growth wise you probably wont get a lot for a while unless you buy very cheap, i.e. get a BIG bargain. If you are wanting a quick return you could try the emerging markets, more risk, but also more gain if it works out well
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AGAIN GREAT ADVICE AND I CAN CERTAINLY RELATE TO WHAT YOU’RE SAYING. SO, SINCE THIS IS ALL NEW TO ME…WHAT ARE THE BEST MEANS OF MARKETING A RENTAL PROPERTY?
1. AGENTS TAKE AROUND 25% OF RENTAL PAYMENTS I BELIEVE
2. I’VE BEEN ADVISE TO GO WITH AS MANY AGENTS AS POSSIBLE SO I STAND MORE CHANCE OF GETTING RENTAL CLIENTS3. I KNOW OF AT LEAST ONE SITE WHERE PROSPECTIVE CLIENTS CONTACT OWNERS DIRECT CUTTING OUT THE AGENTS FEE BUT STILL I WOULD HAVE TO PAY FOR A CLEANER TO SERVICE THE APPARTMENT – THAT CAN’T BE THAT EXPENSIVE SURELY?
4. I KNOW OF SOMEONE WHO BOUGHT A WEB DOMAIN NAME AND THEY ADVERTISE DIRECTLY LIKE THAT
5. THE LOCATION OF CABO PINO FAVOURS COUPLES WITH YOUNG CHILDREN AND COUPLES OVER 50.
6. I AM AWARE OF WHAT PEOPLE CHARGE FOR APPARTMENTS THERE AND AM HAPPY TO COME IN A T A LESSER PRICE IF IT MEANS REGULAR CLIENTS – THOUGH I DON’T WAN TO ATTRACT PEOPLE WHO “DISRESPECT” THE APPARTMENT – I KNOW THERE ARE NO GUARANTEES.
ANY ADVICE OUT THERE RE: EFFECTIVE MARKETING OF AN APPARTMENT MUCH APPRECIATED.
CHEERS BARRY
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Barry, I wouldn’t consider it just now, maybe some bargains later next year. Most rental property is EMPTY in the winter (despite what the agents may say on this site) I live here so I know. According to my Aunt the Costa Blanca is the same, so many people have bought to let. OK if you can attract golfers, but, the competition is high. They mainly want to stay within walking distance of Puerto Banus and staying on an isolated golf course doesn’t interest them. Majority of people I know think they are doing well if they get around 12 weeks. If you want to use it yourself and just get enough income to cover your overheads fine, but community fees can be high too. Capital growth, IMHO in the next few years will be nil.
Before you decide I would recommend that you come over, say end of Nov or Dec and see for yourself. The agents will give you fantastic predictions and how much rental you can ask…believe me, take it with a pinch of salt. Also look at http://www.surinenglish.com there are usually pages and pages of property for rent, will give you an idea, look also at some of the other rental websites and check their availability.
Just my opinion, one of he agents will be along soon to tell you I’m wrong but I have lived here 11 years and I have seen it all
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katy is right there, there are some people who do very well out of rentals, and cover their whole years costs in a few months, unbelievably in units that you normally would never rent as well, i know people who do this so its not impossible, but they do live here and do the cleaning etc themselves so no overheads.
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Example…Friends have a 2/2 apartment, good design (before they started with the boxes) and is like a bungalow with small garden. It has been their holiday home for about 20 years. They say they have rented this year for 13 weeks (many come each year), rental is 350 pounds per week (the apartment is a little “tired”) BUT they only paid 25000 pounds for the place (probably worth around 200,000) so all in all they are very happy.
Long term prospects are I think good but if looking for a quick buck beware. 🙂
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Evenin’ Barry
Local Marbella agent “Marbella Options” has successfully rented out my own property each Summer for the last 2 years managing to achieve an excellent price. They charge a hefty fee but vet the tenants before the rental and so far no damage to my home. They are easy to find on the web – talk to them for REAL independent advice (ask for Victoria) about different urbanisations and their popularity + likely net income.
If any agent is trying to kid you that La Reserva de Marbella is Cabopino then don’t believe them! It is a long long way to walk and anyone with small children/elderly parents just won’t do it. If the property you’re looking at is in Cabopino port itself then ask to see a print out of the actual running costs/community fees as some have been known to be quite high due to the age of the complexes.
As for a location, Cabopino ticks a lot of boxes for a holiday home/rental. It doesn’t die a death in the Winter as many of the port restaurants stay open throughout the year. There are many amenities within walking distance so it has the “cup of coffee factor” that people generally look for when booking rental accommodation.
Good luck in your search and have a lovely weekend.
Sarah Dodgson
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