Why You Should Invest in Spanish Property, How to Go About Letting Your Holiday Home, Plus More

Welcome to the February edition of the Marena Murray Newsletter.

In this month's edition, we discuss reasons why UK buyers should consider diversifying their portfolio by investing in Spanish property, we tell you what to consider before buying a second home, we share some top tips on what to do when buying a fixer-upper and we share a guide on how to go about letting your holiday home.

Why UK Buyers Should Invest in Spanish Property

The UK and Spanish property markets currently seem to be going in different directions to each other. Whilst the UK property market experiences a lack of supply and stunted growth, the Spanish market continues to grow stronger thanks to the high value of the Euro and the desirability of Spanish property.

Find out more about why UK property investors who are looking for their next opportunity should consider investing in Spain

The Spanish Property Market is Getting Stronger
Now is the perfect time to invest in Spain. Following on from the property market crash in 2007, the prices have continued to develop and the market has become stronger. That means property is currently good value, but prices are rising quickly. A savvy investor could see big returns in the coming years - if they act fast.

Dodge the Brexit Uncertainty
Uncertainty surrounding Brexit influences every decision an investor makes. With Spain now on a surer footing and with many UK buyers now looking to secure Spanish property before the UK leaves the European block, an investor can find a more secure area to buy property in.

Allows UK Investors to Diversify Their Portfolio
The UK property market has experienced some slow down in growth since the referendum. Rather than buy more property in the UK during these uncertain times, investors would be well advised to cover themselves for the future and invest in property in other areas.

Own a Holiday Home and a Holiday Rental
Spanish property has one other big advantage over property in the UK. An appealing property in a desirable tourist location is not only a good rental opportunity but can also act as a holiday home for you and your family.

If your reason for buying the property is to generate income, you should consider the aspects of the property that will most appeal to tenants, but there’s nothing wrong with searching for a property that also fits everything you would like from a holiday home.

What to Consider When Buying a Second Home

Whether it’s a little house in the Spanish hills or a place by the beach, who wouldn’t love a holiday home away from home?

Whilst this may be a lovely daydream, the reality of owning more than one property can be complicated, with several extra factors to consider before making your dream a reality. We’ve put together some facts you should consider before taking the leap into second home ownership.

Why do I need this property?

You will need to have a serious heart-to-heart with yourself and your other half about the purpose of buying your second property.

It is important to bear in mind that you whilst you go through the process of buying a home abroad, the property is not in your local area and you will need to arrange furnishing and decorating. You will need to ask yourself if the trade-off of a little stress for a relaxing holiday home is something you are happy to take on.

There are other options available to you depending on what your needs are, for example, if you are only looking to visit once or twice a year you could rent a holiday home.

Location, location, location

The location of your property will affect every aspect of your ownership. Whilst it is lovely to have a Spanish holiday home that’s 1300 miles away from day to day life, that’s a 2600-mile round trip every time you’re looking to visit.

If you are considering a holiday home and would like to act as a landlord when you aren’t occupying the property, then you will need to consider how you will keep tabs on the property when you are so far away. Little details like finding trustworthy tradesman become more complicated when you don’t know the area. You can consider using the services of a property management team such as Marena Murray to take care of your property whilst you aren’t in the country.

The cost of running your second home

You will also need to consider the cost of running your second home. You will need home insurance, broadband, telephone, electricity, water and heating as well as paying the various taxes that come with owning property.

Whilst you won’t be paying the same rates (because you won’t be there all the time) however, certain bills (like the internet) will stay at the same rate no matter the amount of usage you get from the service.

For any help or advice when it comes to property, speak to us at Marena Murray. Our team would be more than happy to help you with the right information to get you started and can help you find a home to suit your needs.

How Do I Go About Letting my Holiday Home?

Thanks to its wonderful climate, rich culture and low-cost travel and accommodation, Spain has long been a firm favourite of UK holidaymakers.

Towards the end of 2017, Spain overtook the US as the world’s number one favourite tourist destination – with the number of tourists visiting Spain each year now reaching 75 million.

As more tourists seek to make their holiday cost effective in these uncertain times, many tourists are turning to renting holiday homes with their friends or extended family.

This offers a unique opportunity for those who own a holiday home in Spain to earn some extra income by renting their holiday home out.

Firstly your holiday home will need to be up to standard

If your property is classified as a holiday home (must be an isolated property that you intend to rent for holiday or tourist purposes) then it will need to meet the following basic requirements:

• Permanently running hot and cold water
• Electricity and light
• Cleaning before check-in
• Fresh bedding at least once a week
• TV
• Disposal point

If you do not reside in Spain, you will need to consider making use of a property management company like Marena Murray to ensure these requirements are met.

You will also be required to:

• Maintain the condition of the property – in and out
• Provide your guests with a manager or personal contact number
• Provide a full breakdown of available services, house rules and emergency contact numbers
• You will also be required to keep a register of every guest that stays in your property.

Make Sure You Follow the Law

In Murcia, you will need to fill in a “Declaración responsible”, informing the Spanish government of your intention to let a holiday home. Once you have submitted the form to the Registro de Empresas y Actividades Turísticas de la Región de Murcia, along with the following information about your property.

• Category and classification (tourist apartments)
• The number of properties that you are submitted
• The dates when your property is going to be available to be rented
• Description of your property
• A plan of your property

As soon as you have submitted all the above, you will be able to start marketing your property.

The process varies from region to region. In some cases, you will be required to own a property that is licensed to be let.

Find the right tenants

It can take years of studying the tourist property market to understand how to advertise a holiday home. Marena Murray has years of experience managing properties at the world famous La Manga Club. We can assist you in getting your holiday home ready for the lettings market and we will be there every step of the way to ensure that your property is secure and well looked after.

For more information about how Marena Murray can help you with letting your holiday home, visit our website at marenamurrayvillaholidays.com.

The True Essence of Luxury Living

Overlooking the 6th Green of the Championship South Course and just a minute's walk to the first Tee, this property is quite simply incomparable to anything else on La Manga Club.

Click here to read The True Essence of Luxury Living.

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