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I am considering buying a resale apartment in Costa del Sol. Have seen a 2 bed I like in what looks like a good complex in Estepona. Similar ones are rented for €900wk in peak times. 700 mid and 600 low. Any advice on the likey rental income I could expect per year? As a “newbie” all help appreciated.
If I were you, I would try and speak personally to several other home owners to ask how many weeks rental per annum they get before even THINKING about going down this route. DO NOT BELIEVE A WORD THE AGENTS TELL YOU !!!!!
Hi McGuinn
Have a look on http://www.ownersdirect.co.uk and http://www.holidayrentals.co.uk
Here you’ll see hundreds of properties available for rent on the Costa del Sol and at what prices per week. Interesting option is also that you can check on availability so you can see which ones appear to rent better than others.Hope this helps.
Sarah
xI agree with Sarah but many owners don’t update their availability calendars, especially when they advertise on several sites so it’s not a perfect guide. Many owners like clients to contact them regardless of whether it’s booked or not so they know how effective their advertising is (by enquiries) or to recommend something else
900 euros for a 2 bed looks very optimistic though
@mcguinnxx wrote:
Any advice on the likey rental income I could expect per year?.
Budget for zero and then anything over and above this is a bonus.
That’s funny (if it wasn’t so depressing.) but you are probably accurate in what you say.
After tax and expenses you will probably net 3% on your investment. Allow 25% for tax and 30% for expenses.
Just a quick note of thanks to all who replied with advice. Obviously I need to investigate further and think carefully before making any decisions.
thanks,
Frank
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