Buying to Let in Puerto Pollensa
Buying property to let in Puerto Pollensa and Mallorca north
Buying to let in Puerto Pollensa is an attractive income investment in a climate of low saving rates and a volatile stock market. In Puerto Pollensa it is also feasible, the holiday lettings market is strong. If you tweak your property in Puerto Pollensa just a little, you can be sure to let it profitably. It is a seasonal town however, and so you will be looking at 6 months of weekly holiday lettings on your investment property to let at most.
If you are buying a villa, house or holiday home to let in Puerto Pollensa, it´s important to get it right
Beware of low rates; mortgage rates rise and interest rates will rise again. However, in Puerto Pollensa, lower house prices, rising rents and better mortgage deals make buying to let a viable investment choice.
The booming holiday lettings market in Puerto Pollensa offers the possibility financing your investment and covering ongoing costs so you can buy to let in Puerto Pollensa, own a property you can enjoy part time and not drown in the process.
Buying to let in Puerto Pollensa and enjoying it too!
You want to buy a house in Puerto Pollensa. You have already set your heart on that wonderful private villa in the outskirts of town. Endless sun bleached days stretch ahead of you like a promise. And then reality hits, buying to let in Puerto Pollensa really is too much of an extravagance, a luxury perhaps you can´t afford, especially if you only plan to spend short stints in Mallorca.
But what if you were to make the property pay for itself? What if you could let your home in the summer season and keep your villa with its private pool, shady terraces and mountain views, let it part of the year and turn your frontline villa into an investment property?
Buying to let in Puerto Pollensa is an option and a good one too; buying to let in Puerto Pollensa gives you a holiday home while you let your property as a holiday villa when you are away and keep your new residence while it pays for itself.
We have put together 10 of the most important points to remember when buying to let in Puerto Pollensa:
1- Research the buy to let property market in Puerto Pollensa
A high rate savings account no longer brings the returns it used to and buying property, a villa, house or holiday home to let offers promising rewards. There is a wealth of property to let in Puerto Pollensa scattered all over town and along the coast and the lettings market is booming. There is a risk of buying to let in Puerto Pollensa just anywhere however, in a part of town which is less attractive to the villa rentals market, so research the area well, know where the punters want to spend their holidays and what you can do to make your holiday let more attractive.
2- Buying to let in Puerto Pollensa in a promising area...
A promising area doesn´t necessarily mean buying the most expensive property or getting the best deal. It does mean however, that the villa or property you are thinking of buying to let in Puerto Pollensa holds some kind of appeal to your potential clients.
Is it near the coast? Buying to let in Puerto Pollensa is not a good investment unless your property is in an attractive rental area. Can you walk from your private villa into Puerto Pollensa town? Does the townhouse have heating; will it be a good place to stay out of season? Does your apartment have sea views?
Luckily, by buying to let in Puerto Pollensa you are essentially in the right place already, because in the north of Mallorca the rental market is strong.
3- Will buying to let in Puerto Pollensa pay the costs?
Before you even think about buying to let in Puerto Pollensa, sit down with a pen and paper and write down the cost of the property you are looking at and the rent you are likely to get for it. Keep in mind that the rental market is seasonal in Puerto Pollensa and if you are buying to let all year round make sure it is well insulated for the cold, otherwise you are less likely to rent your villa in the winter.
Once you have the mortgage rate and likely rent sorted, be clinical in deciding if your investment will work out. Buying to let in Puerto Pollensa is now quite popular and property in the area is widely sought after, to make a good investment you will need to check the numbers first.
4- Shop around and get the best mortgage for buying to let in Puerto Pollensa
If you are looking for advice on buying to let in Puerto Pollensa consider using a specialist buy-to-let mortgage broker. Remember that just asking them for information doesn’t mean you are under any obligation to use them.
5- Think about your target market - Buying to let in Puerto Pollensa
Who will rent your property in Puerto Pollensa?
You are buying to let in Puerto Pollensa: Now put yourself in their shoes!
Who are the people that will let your holiday villa in Puerto Pollensa? Property to let in Puerto Pollensa is fairly tightly controlled and holidaymakers have become quite particular about what they are looking for.
If your clients are families for instance, they will want a big property to let in Puerto Pollensa, a villa with a big safe pool, a house with not too many stairs and plenty of space to fit all their stuff in.
If they are professionals, groups of friends or honeymoon couples you will need to think about what each type of client is looking for in a holiday home to let in Puerto Pollensa, the kind of holiday rental they need and then design your house to let in Puerto Pollensa accordingly.
Buying to let in Puerto Pollensa can be anything from a modern apartment to a country villa, a white washed bungalow or a chalets by the sea, a finca in the country or a town house near the square, the list is extensive and the possibilities are endless. Consider taking out insurance too.
6- Do the Maths! - Buying to let in Puerto Pollensa
Buying to let in Puerto Pollensa is a good investment BUT: invest for a letting income, not for short term capital growth.
Before buying to let in Puerto Pollensa, work out your mortgage costs and the agent´s fees to calculate your returns. Once mortgage costs and taxes are taken into account, the returns on your house to let in Puerto Pollensa can build up over time, and you can potentially have an income from rent, pay off the mortgage and own the holiday home of your dreams in Puerto Pollensa!
7- Think about renovating your home or buying to let in Puerto Pollensa
Employ an agent to keep an eye on things while you are away and consider looking at up and coming areas around Puerto Pollensa and further away from the coast. After all, nothing is really that far away in Puerto Pollensa and costs are markedly lower when you move away from the sea. It is also a good idea to consider real estate that needs improving and factor the refurb into the cost. If you get a house for a much lower price there is far more potential for a swift capital return on your investment.
8- Haggle - Buying to let in Puerto Pollensa at a bargain
If you are not reliant on selling one property to buy another, then as a buying-to-let investor you have the same advantage when it comes to negotiating a discount. Make low offers and don´t get talked into overpaying! Buying to let in Puerto Pollensa, Mallorca, means you are a prime client and can therefore expect top deals.
9- The rental season- Buying to let in Puerto Pollensa is seasonal
Though growing yearly, the holiday rental season is short and the costs of weekly cleaning, laundry and gardening as well as general upkeep, repairs and breakages can spiral out of control. If you are keen on buying to let in Puerto Pollensa, calculate the costs of maintenance against the returns you can expect for letting your property as a summer rental holiday villa on a weekly basis for a maximum of 6 months. Alternatively prepare your property to let for the winter season and tap into the out of season holiday market.
10- Do you want to do the maintenance too? - Buying to let in Puerto Pollensa
Buying to let in Puerto Pollensa is the first step. Will you manage the rentals yourself or contract the help of an agent to do so? Agents will charge you a management fee buy will take care of the garden, pool, laundry, cleaning, repairs and ongoing maintenance of the property. They will also have a good network of plumbers, electricians and other workers for when things go wrong and spare you the stress and time consuming job of finding clients, looking after them and the property and making sure it is always ready for the next clients.