The capacity of access to housing, as well as the number of owners with more than two residences, will imply an accelerated increase in the rental market in the coming years. We recommend some tips to rent and improve your other home. Housing reform will be one of the most demanded jobs in the coming years in Spain as we are witnessing a “rent revolution”. And, in Spain, second-hand residences are and will be much more sought after than newly built homes, specifically, they were ten times more in 2017, according to data from the Ministry of Development.
The second-hand market, 10 times larger than the new market
The data collected by the government confirms that the general trend of buying and selling in Spain has only increased in recent years, which represents a recovery of the real estate sector but, especially, of second-hand housing compared to those of new work.
The number of real estate transactions of second-hand free housing in 2017 exceeds the figure of 465,000 operations, while the purchase-sale of new free housing, the same year, is around 45,000 transactions in Spain: ten times lower.
On the other hand, the demographic evolution and the capacity of access to housing with the recovery of the sector, as well as the number of owners with more than two homes in our country, will imply an increasingly accelerated increase in the rental market.
How can owners of second homes get the most out of this new boom? Reforming or improving the residences that do not use to rent them at a better price, always depending on the expected income in the area where said housing is located.
The most important thing when it comes to renting
Both the landlord and the tenant have to take into account a number of issues when renting a home:
- Deliver the floor ready to live. And with that we mean to take care of small details, such as cleaning, painting, furniture equipment, household items…
- Contract supplies. It is not obligatory for the landlord to hire electricity, water, internet supplies, but it would be advisable to give all the facilities to the tenant even if he pays these bills later (the landlord has to pay for the expenses of the IBI, the community …)
- Prices that correspond with the market. You have to be well informed of the rental price of similar homes in your area to not ask too much, or too little…
- Take charge of the damage caused by seniority. His would be that, if the house is old, it was reformed. However, if there is any damage of this type must take over the owner.
- Take care of the tenant. Be kind, understanding, flexible. Ultimately, have content to the person living in our home so that there is a good relationship between them.
Tips to make your second home profitable by giving it a new air
Before renting your home we recommend that you reform, paint or renovate the furniture. The competition today in the real estate market is huge and you can get a lot of profit and benefit with less than we think:
- Think of your possible tenant. It is not the same to remodel a flat for students, that for a young couple with children, than for a retired marriage.
- Hire a professional to advise you. Above all, if you want to make a comprehensive reform, a remodeling of an old apartment or a redistribution of the home. Prevention is better than cure.
- Choose materials that are easy to maintain and clean. After all, it’s your home and your investment, and you want to keep it new for as long as possible.
- Less is more. With a simple, bright and pleasant decoration in neutral colors the house can look like another and it will be much easier to rent and to fit in the taste of more people.
- No need to spend a lot of money, today there are furniture, materials and decorative elements very innovative and cheap that give a home a lot of style. Think that it is a long-term investment and it is better to buy things that are beautiful, but easily replaceable if they are damaged or broken.