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Renting out property

Renting out property

Old Jul 22nd 2006, 5:11 am
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Default Renting out property

Hi to all,

I am trying to ascertain the possible rental income of a town house i am reforming in Blanca Murcia.

Firstly on a short term let basis perhaps weekly for vacations, house hunters (cheaper than hotel for a week) etc. I know there would be a premium for fiesta week/ running the bulls etc, but would be glad of any input for summer and winter.

Secondly as a short term let but up to twelve months, this would be by standard spanish contract, and not a long term let which would give tennants the right to stay for five years.

The house is a town house and will be fully restored with all furniture and utensils, small lounge, downstairs bedroom with bunkbeds and single bed, upstairs large double bedroom, large shower and WC, kitchen leading to utilty room and stairs to roof terrace with views of lake and mountains. Situated in antigue quarter, walking distance to tappas bars pool etc.

Thanks in advance Paul
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Old Jul 23rd 2006, 11:19 pm
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Well that was interesting
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Old Jul 23rd 2006, 11:34 pm
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Default Re: Renting out property

Got no idea about prices in that area, but be careful about the one year contract. I think the tenant has rights way before that time period as long as they have paid the rent etc.
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Old Jul 24th 2006, 1:40 am
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Default Re: Renting out property

Originally Posted by jdr
Got no idea about prices in that area, but be careful about the one year contract. I think the tenant has rights way before that time period as long as they have paid the rent etc.

Thanks for that, got the official write up on renting, you can have a holiday let up to 1 year, its a totally different contract to a long term rent contract which allows the tennant to stay for up to five years, and which you are only allowed to increase the rent or decrease the rent in line with inflation. you can set any start rent you want, you also have to give 1 months notice at the end of the five years to end the contract, failing this the tennant can stay for another 5 years. The old ruling was even worse, you could'nt raise the rent above the original value and tennants could pass on the property to their desendants. Some property still rented in Madrid under the existing rentals which cannot be changed under ther new ruling are only paying 50euros per month whilst neighbours are paying 2000 euros.

The old ruling favourung the tennant was changed to favour the landlord as no one would rent out their property, then amended again to give more equal rights to both parties, ill try and post link or paper which is in the public domain for other interested parties.

Cheers Paul
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Old Jul 24th 2006, 1:58 am
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Default Re: Renting out property

Article about renting out property in Spain

article
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Old Jul 24th 2006, 4:04 am
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Default Re: Renting out property

Originally Posted by PaulLes
Thanks for that, got the official write up on renting, you can have a holiday let up to 1 year, its a totally different contract to a long term rent contract which allows the tennant to stay for up to five years, and which you are only allowed to increase the rent or decrease the rent in line with inflation. you can set any start rent you want, you also have to give 1 months notice at the end of the five years to end the contract, failing this the tennant can stay for another 5 years. The old ruling was even worse, you could'nt raise the rent above the original value and tennants could pass on the property to their desendants. Some property still rented in Madrid under the existing rentals which cannot be changed under ther new ruling are only paying 50euros per month whilst neighbours are paying 2000 euros.

The old ruling favourung the tennant was changed to favour the landlord as no one would rent out their property, then amended again to give more equal rights to both parties, ill try and post link or paper which is in the public domain for other interested parties.

Cheers Paul
Well it was exactly the same in England....don't know about the rest of Britain. People on fixed rents in places like Soho and most parts of central London where the values of properties for rental and purchase have skyrocketed. Most ended up being bought out..ie offered large sums to move, which they did and climbed on the property ladder by purchasing using their windfalls.
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Old Jul 24th 2006, 4:57 am
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Originally Posted by poollounger
Well it was exactly the same in England....don't know about the rest of Britain. People on fixed rents in places like Soho and most parts of central London where the values of properties for rental and purchase have skyrocketed. Most ended up being bought out..ie offered large sums to move, which they did and climbed on the property ladder by purchasing using their windfalls.

Well you live and learn, there are a lot of paralels between the two countries, probably why us brits feel so at home there. Don't know whats with the weather here, talk of hitting 40 degrees next week, hotest on record.
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Old Jul 24th 2006, 5:03 am
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Default Re: Renting out property

Another interesting article regarding renting out property


Renting Property link
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