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Your Spanish holiday home is probably one of the best investments you can make. If you don’t stay there long term, an excellent way to cover the cost of the property is to let the property under short term rentals. The income can be substantial, and it can be very satisfying. You should however be aware that there are some pitfalls that you could avoid if you go about the process in a professional manner.

Based on experience this guide will help you to make the maximum rental income from your holiday home, with the minimum of problems.

Preparation

1. Deciding on your financial objectives
2. Furnishing and equipping your home
3. Furniture check list
4. Guest manual, house rules
5. Insurance
6. Legal and financial implications

Deciding on your financial objectives

There are some fundamental questions you need to ask yourself before you go ahead with letting your home:

• Do you want to maximise the income or just cover costs?
• How often do you want to be there yourself?
• Do you want to be there on certain dates or can you be flexible and go on weeks when there are no bookings?
• What type of people do you want to stay in your home?
• Are you happy to have children, or a group of golfers to stay?
• Have you an idea of expected rental fees?

Furnishing and equipping your home

Furnish your home bearing in mind that it will be rented out. Use good quality, robust furniture and equipment that can be easily cleaned, washable covers etc.

The rental rates you can charge will reflect the standard of your furnishing and equipment for example:

• Kitchens
• Kitchens should always be fully equipped, with ample cutlery, glasses (beer, wine etc) china sets -large plates, side plates, bowls, tea & coffee cups, egg cups, (at least two sets times maximum staying) tea & coffee pots, kitchen utensils, pots & pans of various sizes, microwave, iron & board, dust pan & brush, mop & bucket. Washing machine and dishwasher may also be deemed as essential by some.
• Bedrooms
• Beds and sofa beds must be of good quality and comfortable. There should be ample hanging and storage space, and don’t forget the hangers.
• Linens
• Make sure you have at least three sets of linen to allow for same day change over; bed linen, duvets, blankets, bathroom towels, table cloths, tea towels etc.
• Furniture and flooring
• This should be hard wearing, low maintenance, not easily damaged and easy to clean. Washable throws are a good idea for soft furnishing.
• Other equipment
• You need to have enough little personal things like books, vases and ornaments to make the place homely. Stereo system, CD player, video. Satellite TV will also appeal.
• Your personal items
• Allocate a storage area or cupboard where you can store your own personal items, and keep it locked when you are away.

Furniture check list

This gives you an idea of the amount of equipment you will need to furnish your holiday home.

• Living Room
• Settees, cushions, throw over, chairs and arm chairs, coffee tables, lamps, book shelves and books, stereo system, CD player, radio, speakers, TV, video, Sky satellite TV, rugs, pictures, ornaments, vases and waste baskets.
• Dining Area
• Table and chairs, rugs, pictures, table mats, ornaments etc
• Cleaning cupboard
• Vacuum cleaner, mop & bucket, dust pan & brush, cleaning materials.
• Kitchen
• Oven with grill, hob, extractor fan, washing machine, dishwasher, fridge freezer, microwave, kettle, coffee maker, toaster, blender, kitchen utensils, knives, forks, spoons, teaspoons, serving spoons, salad server, carving knives, good kitchen scissors, tea towels, serviettes, tin foil, clothes pegs, storage jars, china sets, coffee cups and saucers, tea cups and saucers, tea and coffee mugs ,large plates, side plates, small and large bowls, egg cups, beer, wine and water glasses, water jug, milk jug, casserole dishes, kitchen roll holder, chopping board, saucepans and frying pans of various sizes, grater, sieve, potato masher, kitchen stools, waste bins, trays, apron and oven gloves.
• Bathrooms
• Waste bins, toilet brush, shower mats and curtain, towels, toothbrush holder and linen basket.
• Bedrooms
• Beds, mattresses, pillows, duvets, bedspreads, sheets, rugs, bedside lamps, chest of drawers, dressing table, wardrobe, clothes hangers and hair dryer.
• Garden and terrace areas
• Table and chairs, sun beds and mattresses
• Private pools
• Your private pool will need cleaning twice weekly in high season and once a week in low season.

Guest manual and house rules

We supply the “Guest manual” in your property; it will contain lots of relevant information such as, places of interest, restaurants, and local contact numbers as well as emergency numbers. There will also be a sheet of house rules that will be left in a prominent spot, with important instructions like rubbish disposal, noise rules, etc.

Insurance

Make sure your property is fully insured, and inform your insurance company that you will be renting out. If need be we can recommend some insurance companies to you.

Legal and financial implications

When buying and selling Spanish property and generating rental income, you should understand the ongoing costs and taxes you will be expected to pay as well as whether to create a Spanish will covering the property. We’ve asked lawyers the Perez Group to create a guide about Spanish property and the relevant legal and financial information for you to download. Click here to download it.

Where next?

• Please take a look at our renting in Spain FAQ.