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resort rent buying best

buying to rent
#1
hi everyone 
we plan on retiring to fuerteventura in a few years time , but for now we are looking to buy a small rental property we can rent out and also holiday in until we move over for good. we will continue to rent it once we move over full time . we have always stayed in corralejo but visited all the main resorts on the island. i wanted to ask you all where on the island is the best resort to buy a rental property to max its booking potential ... thank you x
[+] 1 user says Thank You to jojochef for this post
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#2
Either Corralejo or Caleta I would think. Of those probably Caleta as it is virtually a pure holiday town. IMHO
Just tell me when I can retire   Cool
[+] 1 user says Thank You to Spitfire58 for this post
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#3
Thats what i was thinking tbh its just not my favourite resort, but i thought it would be better for rental...

thank you  Smile Thumbs Up
[+] 2 users say Thank You to jojochef for this post
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#4
Welcome to the forum!

It's a lovely idea to 'buy to rent' but please be aware that to do so legally can be an absolute minefield. Rather than me try to summarise the minefield please see this link:

https://www.janetanscombe.com/letting-a-...n-tenerife

Although the website is aimed at Tenerife the same regs apply here. Janet's website is an absolute goldmine of factual info and she is available to answer queries or point you to the right person to do so. Please don't listen to 'a bloke in a bar' who tells you that you can do what you like with your own property - you can't! You also need to be very careful of Estate Agents here - they have been known to tell potential purchasers that they can rent out their property for holiday lets because they (estate agents) don't understand all the rules either and are only interested in getting their commission on the sale.

Don't forget there will be tax to pay here on the earnings as well. And Council Tax (IBI) and Garbage Tax. And if on a complex, there will be Community charges. And you'll need Buildings & Contents Ins, and Public Liability Ins. Water, Electric, Phone line for Internet/wifi/TV all need paying for if you're doing holiday lets. If not on a complex and you have a private pool, the costs can be never ending: weekly cleaning & chemicals, ongoing maintenance, extra electric and water usage.

Paying for cleaning in between guests can also eat into the earnings. Key holder? Emergency maintenance?

Lots to think about - don't rush into it - I've seen several people just walk away from their property because they can't cover the bills with their rental earnings. That doesn't actually solve anything - they still have the debts.


I really didn't mean to sound quite so negative - I just hate the thought of well-intentioned people biting off more than they can chew!
If you do go ahead - good luck and I hope it works for you.  Fingers Crossed
Living my dream
[+] 9 users say Thank You to TamaraEnLaPlaya for this post
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#5
Excellent and informative post Tamara, anyone thinking of buying would be well advised to take heed.
If have used Janetteanscombe site many times...it is a great resource.
[+] 2 users say Thank You to Decho for this post
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#6
Well said Tamara great advice.


As some one with a hospitality background the way you put it reminds me of what I used to say about people who retired after their 25 to 35 years and with the pension nest egg thought they could run a pub or small hotel / B&B just because they used to be customers of them and thought they knew it all, they invariably didn't have a clue.
John T - Dreaming of A Hole In One  Smile
[+] 3 users say Thank You to windermeregolfer for this post
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#7
Thank you very much for the information , that's very informative .  after reading all the information its definitely a mine field . we have bought buy to let in other countries and not had this problem before so thank you for the information . 
Do you know if the 3-6 months contract is just yearly or can it be renewed again after it runs out , and have you any idea of cost of the contract please.
[+] 1 user says Thank You to jojochef for this post
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#8
(27-05-2019, 07:56 PM)jojochef Wrote: hi everyone 
we plan on retiring to fuerteventura in a few years time , but for now we are looking to buy a small rental property we can rent out and also holiday in until we move over for good. we will continue to rent it once we move over full time . we have always stayed in corralejo but visited all the main resorts on the island. i wanted to ask you all where on the island is the best resort to buy a rental property to max its booking potential ... thank you x

I am a tad confused, buy to rent in The UK entails paying a high rent while living in the property and some of the rent is apportioned to paying off the capital sum, you say you will " continue to rent it when you move  full time " so is it your intention then to buy another property and live in that or rent out part of the existing property? or are you actually talking about a buy to rent scheme as described above? I could be totally wrong, but I have never heard of buy to rent here, as I said I could be totally wrong.
Do not confuse my personality with my attitude my personality is down to me, but my attitude depends on you!
[+] 1 user says Thank You to Johnrgby for this post
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#9
I was confused at first as well but think initially they intend to buy small property to rent and holiday in, but then when they move permanently buy another (larger?) property to live in whilst keeping the rental property going.
However the latest post suggests a longer term rent for which the rules are different and I don’t think you need a license. If talking about long term rent then I would say Corralejo would be equally as good to buy a place as Caleta.
[+] 1 user says Thank You to Decho for this post
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#10
(28-05-2019, 11:39 AM)Decho Wrote: I was confused at first as well but think initially they intend to buy small property to rent and holiday in, but then when they move permanently buy another (larger?) property to live in whilst keeping the rental property going.
However the latest post suggests a longer term rent for which the rules are different and I don’t think you need a license. If talking about long term rent then I would say Corralejo would be equally as good to buy a place as Caleta.

As was I but think Decho has it right. In the longer term rental probably Corralejo as more locals living in the town 🙂🙂
Just tell me when I can retire   Cool
[+] 2 users say Thank You to Spitfire58 for this post
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