View Full Version : Letting property overseas
28-10-2005, 15:56 PM
Just back from a wonderfully warm and pleasant week's holiday in a rented villa in the south of Spain, which got me thinking a bit... and now thinking a bit more - in writing this time! - can anyone tell me, is it (in general terms) a viable proposition to consider buying an overseas property for the holiday-let market; I mean as a business venture rather than just letting out as a way of offsetting the costs of owning your own holiday villa? Obviously it depends as much as anything on the number of fallow weeks you have... But in general is it something UK landlords get involved with expecting to make money, once the full overseas management costs have been deducted?
Just wondering really - but any pointers to useful web resources would be appreciated.
28-10-2005, 17:39 PM
I have zero experience in this area, but after thinking about it, here are the four main concerns I would have personally:
- I would expect the market to be highly seasonal, and so more of a risk as to whether you get a guaranteed rent year round.
- Not really having any kind of detailed knowledge of an area etc would worry me....I would not even buy a property in the UK without knowing the area in depth(although maybe this is just me!) and this will obviously be more difficult when the area is abroad!
- It would be very difficult to keep a close personal eye on the property, and could lead to being taken advantage of.
- Finally, but probably the biggest issue in my mind, is the laws over in Spain. I do not know about rental, but I would imagine the laws are different there too. However, the law on ownership of property in Spain is a joke, as highlighted a lot in the media recently. For example, the planning rules are ridiculous. Also, there is the law in place which allows developers to take great swathes of your property and/or land with minimal compensation, without you even being able to protest against it.
All that said, if you really do your research, it COULD work. Would make a nice little holiday home too! Let us know what you find out.
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