Unlike short-term or vacation rentals, long-term rentals are those that last a year or more. Tenants pay the landlord every month, and cover the costs such as water, electricity, gas, and the internet as well as provide an income.
Both types of rental have their positives and negatives, but our clients tell us that these are the principal reasons for renting an apartment long-term.
POINTS IN FAVOUR OF LONG-TERM RENTAL
- REGULARITY
The biggest advantage of all is that at the beginning of each month you can count on receiving an agreed fixed income
- HIGH DEMAND
If the monthly rental price is set correctly, there will already be a list of interested clients waiting to visit the property
- CHOICE OF THE TENANT
As demand is currently very high, you will have the opportunity to choose the perfect tenant, someone who pays on time, who takes care of the property and who does not make extra work.
- NOTHING TO DO
Unlike vacation rentals, with long term rentals, tenants treat the property as their own home, so they take care of it, clean it, live in it and it is in their own interest that it is maintained in good condition. For this reason, it does not need constant maintenance as do holiday rental homes
- ONLY THE BASIC FURNITURE
Normally, supplying basic furniture items is enough, as the tenants usually bring their own personal things such as sheets, towels, small furniture, etc.
If, on the contrary, you have the house fully furnished, you will not have to remove any furniture if you do not have an alternative place to store them, since tenants usually accept the conditions established by the owner in this regard
POINTS AGAINST VACATION RENTALS
- MORE MAINTENANCE
Apart from regular cleaning, new coats of paint or unclogging of drains, you have to always be attentive to small details, such as if the towels are in good condition and look new, if the bedding sets are matching etc . Vacation renters often treat the property as a hotel, so everything is expected to work perfectly, and they won't hesitate to complain about the minor blemishes.
In addition, they do not always treat the property with care and respect, making it more likely that new damage will appear on an ongoing basis.
- INCOME IS NOT FIXED
One of the biggest frustrations that vacation rental owners have to face is the effect of different seasons. While your apartment may be oversubscribed during peak seasons, it can be completely empty in low seasons that would cause a loss of income. Although rates can be adjusted to these seasonal changes (with offers or discounts), reservations and their income are not always guaranteed
- COMPETITION IN THE AREA
In our area there is greater availability of vacation rental properties than customer demand for them. You have to have the property very up-to-date to attract the attention of potential clients, which means more expenses such as additional payments to appear in the highest positions in the web portals, or for professional photography, etc
- NECESSARY DOCUMENTATION
Just as with long-term rental we produce a contract for the entire rental period, but with holiday rental properties, it is additionally necessary to have a license from the Valencian Community to legally rent the property for holidays. In addition, you must report the identity of all travelers, with copies of their identity documents, to the local authorities, notifying all arrivals and departures. It can be very onerous.
- EXPENSES
Contrary to long-term rental, it is the owner who covers all the costs such as electricity, water, gas, internet, cleaning, etc. For this reason, it is not uncommon for tenants to abuse these expenses, often leading to an unpleasant surprise when the utility bills arrive.
For those clients who would like to "long term rent” their properties, Hamiltons will be happy to help you. We offer two types of service:
- RENTAL WITHOUT MAINTENANCE
We take care of finding the perfect tenant, making sure he/she has sufficient income to comfortably pay the monthly rent, we then prepare the contract between you and the tenant. If the tenant needs any assistance in the future, he/she will contact you directly.
Tariffs: 1/2 month commission (1 single payment)
- RENTAL WITH MAINTENANCE
We take care of finding the perfect tenant, making sure he/she has sufficient income to pay the rent, and we prepare the contract between you and the tenant. We also make the change of name for utility supplies (water, electricity etc), and we take responsibility for contact with the tenant (if the tap does not work - we call the technician, we monitor payments and transfers, we liaise with insurance companies where necessary, we organize repairs, and much, much more.). You receive your money at the beginning of the month.
Tariffs: 1/2 month commission (1 single payment) plus 10% of the monthly rent
If you wish to receive more information, do not hesitate to contact us.
Phone: +34 966 397 944
Email: admin@calpe-hamiltons.net
