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PROPERTIES
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INFORMATION Testemonials |
A PROPERTY FOR RENTAL?
Are you looking for financial gain? To make a return on your investment? The majority of property purchasers are looking for a return on their investment, for it to effectively pay for itself, cover maintenance costs, cover a mortgage and make a profit, and in the long term, capital appreciation.
OR, are you looking for a second home to be used by yourself, friends and family. A survey has shown that 1 in 6 Brits plan to buy overseas, the main reason being the warmer climate and more relaxed way of life either now or in the future.
To make the most of a property that has been purchased as a buy to rent property whilst at the same time offering a holiday home to yourselves, family and friends means, most importantly, means choosing the right location and type of property in which you would enjoy stays yourself but be aware of all contributing factors to rentals.
Buy to let has appeared due to the demand. Why? One of the main reasons is that many existing home owners who have been able to raise equity release or re-mortgage their own property are buying overseas, with property prices remaining high in Europe buying abroad means getting more for your money. Property has doubled between 1996 and 2006 and these owners are now able to rent successfully because of changes over this time that affect peoples holiday choices.
Flights are now available for travellers to book themselves through the internet at a reasonable price, people will now rent a car for travel to their rental home or be able to arrange local transfers which a few years ago was out of the question. This has created a soaring rental market with owners renting their property to those independent travellers.
There will also be from time to time breakages, damage that you hadn’t anticipated, be prepared for it and don’t get upset. Remember your reason for purchasing was rental and these things will happen.
Before you buy you need to assess what you want from the property and that buy to let does suit you. You need to be flexible to make renting out work to your advantage. If you decide to buy to let there IS money to be made. Property prices almost always rise over the long term and a home abroad can be sold at a profit or handed down in the family whilst being used as a holiday home giving pleasure to friends and family and pay for itself at the same time! A good decision.
Contributing factors to successful rentals
With the increasing availability of internet flight bookings which offer flexibility and are often more economical, many people are rejecting traditional package holidays and putting together packages to suit their individual needs.
Make your home ready for rental
Firstly, try to look at your property from the outside, as a prospective holidaymaker. It will be useful if you actually stay in the property yourself before you rent it out. In this way you can review it critically, work at it and decide what, if anything has been overlooked and if any essentials are missing, need attention. Make an inventory of contents, and think about any future changes – improvements for the short and long term. Guests who choose self catering will expect a well-equipped kitchen, comfortable beds, storage space for clothes and air conditioning that works and if they are happy they are the ones who will make repeat bookings..
If you have a new home possibly bought off-plan then your home will be suitable for rentals very quickly. The décor and style of the property should be neutral to suit a wide range of holidaymakers whatever their age and lifestyle, should have the widest appeal and therefore encourage most enquiries. Personal touches can be added with areas of colour in the form of rugs, paintings, ornaments but keep personal things hidden away or people will feel as if they are entering into your private home and feel uncomfortable. Remember that renters are often choosing a holiday home over a hotel because of the home comforts provided by an apartment or villa. Add extras that will make life easy for people.
Buy the best you can – go for the best quality practical and durable items of furniture and utensils. You need items that will stand the wear and tear of holidaymakers but don’t overspend! Especially on high fashion/stylish items that could look great in your own home but are not suitable for a rented home. Durable items create a better impression and holiday makers will tend to treat them with more care and respect therefore you won’t have to replace them as frequently. Cheap furniture or cast offs don’t create a good impression and won’t bring repeat bookings. Remember, first impressions count!
1. Outdoors – Balconies and pool area. Provide sufficient and good quality furniture, sun chairs/lounges/side tables. Be sure that renters know which months the pool will be operational. They will be disappointed if they arrive to find it non-operational.
2. Entrance – does the entrance intercom/camera system work – they will expect it to if it is fitted.
3. Hallway – Fit non smoking signs if you don’t want smoking in the apartment. Is there somewhere for guests to put their shoes/beach essentials.? Fit energy saving bulbs throughout the property as renters will often leave lights on. Think about fitting energy saving key systems like that at hotels so that it cuts out when renters go out. This will reduce overheads.
4. Lounge – Don’t choose light colour sofas if you don’t want to see them marked. Go for neutral or darker colours and put throws or covers on them that can be washed frequently. Coasters for glasses and mugs will avoid ring marks on tables. Provide a TV and be sure it has access to suitable channels – if not, then fit a DVD/VCD machine with a selection of ‘family/suitable’ films/discs. A selection of games for kids, games, magazines will make anyone happier on a rainy day.
5. Kitchen – People who have chosen to stay in a villa/apartment will often want to cook, so make sure they have everything that they need to cook. Buy good quality utensils and buy more than necessary to save washing up. People expect to find a toaster, kettle and iron, but not necessarily a microwave/dishwasher and washing machine. If not included be clear to explain this on the property details to avoid disappointment. Leave basic essentials in the cupboard for late arrivals – tea coffee powder milk etc.
6. Bathrooms – Towels should be provided and plenty of them!! In neutral colours – named and marked. Think about children/old people getting in and out of the shower/bath, use non-slip mats. People expect to find a hairdryer and suitable mirrors. Also provide soap and toilet rolls.
7. Bedrooms – Make sure there is ample storage space – both hanging, with hangers and drawer space. No one likes living out of a suitcase. Buy good quality beds/cots – a sleepless night will not bring a repeat booking. There should be at least 2 sets of linen for changeover days and each piece should be name tagged or marked for convenience.
8. Family/Children suitability – If your property is advertised for rental by families be sure the property is suitable. Are any doors fitted with shatter-proof glass – child safety, socket covers, safety catches on cupboards, non-slip mats, position of appliances.? Do they have access to high chairs and cots, if not in the property, is it possible for them to rent locally?
9. Prepare a users manual. This should explain how everything works in the property – how to turn on the gas bottle/the shower/where to take the rubbish and any idiosyncrasies – e.g.. The tap marked red is actually cold water!! It should also include local area information – how to get to the beach, the nearest shops and local transport, maybe details of restaurant, shops you can recommend.
10. Provide a guest book in which everyone can write about their experiences whilst staying there. This may be useful to show you anything missing from your home and useful comments to improve the rental potential.
11. Leave a list of contact numbers for guests and maintenance firm.
12. Holiday home insurance In the event of something happening firstly be sure that your insurance is valid. Some policies will not cover you if your property stands empty for more than 90 days – they may quote a maximum vacancy period. A buildings and contents insurance will protect your belongings and the building itself against any damage. Your buildings insurance should be for the cost of rebuilding the property, the contents insurance is for everything you would take with you if you moved house. Liability insurance will cover you against any claims holidaymakers can make against you if they injure themselves whilst staying in your property. The contents insurance policy such as that offered by AVIVA (issued by ourselves) means that you and your property are covered against any breakages, damage that is unforeseen, e.g. flooding and fire and also the likely problems of damages and losses and give you peace of mind that your property is covered during the time that you are using the property or during the time that it is rented. Note that medical insurance is not usually included on a property insurance policy and it is recommended any renters need their own travel insurance to cover this, lost luggage, delays and their own personal losses if there was a robbery. Be sure to say that renters are responsible for arranging their own travel insurance.
13. Check your property adheres to all the security measures required by your insurance policy e.g. door locks, alarms, bar may need to be fitted and chains and locks on doors.
14. Keys – who has a key to your property and how will you get keys to renters. If you subscribe to Motif Homes maintenance service they will offer to manage your key holding and a meet and welcome service too. Don’t write the address, block number or apartment number on a key ring and be sure to give the guests a phone number which they can call 24 hours a day in case they lock themselves out. This number can also be used by them if they aren’t happy with anything within the first 24 hours of arrival. Alternatively post the keys to your renters but as a backup have a set locally as a back up. Or keep the keys at the property in a secure box with a password that is given to renters.
Year Round Essentials
Is the property fitted with shutters and these are not just there for the security reason more often than not it is to stop the heat escaping.
Is the property fitted with double glazing? This makes a big difference!
Invest In warm and cosy furnishings. You will need a supply of winter sheets, blankets and quilts for comfort, this will also minimise heating costs.
Are there enough split air conditioners fitted in the apartment? If not it may be worth fitting another – but remember their running costs are high.
Be sure your solar heating system is running efficiently, if you are unsure have the fitting company come and do a check for you.
Invest in secondary heating system – or an oil filled radiator on wheels that can be moved from room to room will keep children warm.
If you have radiators fitted be careful of where they are being fitted – not to lose heat.
If they are fitted, reflective foil can be fitted behind the radiator with shiny side facing the room to minimise heat loss.
Renters may well want to work more often during the winter months than the summer, be sure the kitchen is fitted well enough for this.
Your property abroad should be as important, if not more, than your home. Be sure it receives the same care and attention. Don’t think things will be taken care of by themselves just because you are in a foreign country. Things are less likely to happen unless you have a good management team looking after your property.
Getting the most from your rented property
You can of course use a recommended rental company such as www.renturkey.co.uk but in order to maximise your profit it is best to look at all your options which include:
Advertising at work , gyms, cafes and clubs where you are a member. Maybe a poster or card on their notice boards.
Security of the Property The crime rate in Turkey is generally low, however, it is always better to avoid temptation and as your property will be standing empty for periods of time following points can help you avoid burglaries. Keep your home and contents safe while you leave knowing your house is secure. Have valid property & contents insurance
Advise all guests of the security recommendations in the manual and to be aware of them upon arrival, during their stay and at their departure.
Get someone to check on your property on a regular basis. Either the agent who runs a ‘property heck service’ This will deter anyone watching the property and keep a check on the condition of the property especially during the winter months. Give contact details to your neighbours, they are probably the best people to watch your property. There should also be a number that guests can call in case something happens.
Change the locks when you first move into the property, even if it is new. You will then know how many keys there are and who has one. Secure ground floor windows – maybe consider fitting bars or shutters on windows. Fit catches on windows. Security lights – fitted on to an automatic switch or even if the property is empty .
Get a safe and have it fitted in your property. To make it secure it should be fitted in your property. To make it secure it should be fitted into the wall or into cement and hidden from view.
EXTRA POINTS TO CONSIDER
INCOME TAX LAWS – maybe you should be making an annual declaration of income/expenses and paying tax on any profit earned. The UK has a double taxation treaty with Turkey which means you won’t pay twice. You should still however declare income earned, any tax already paid and then pay any difference. If you are planning to spend a long time abroad, check for any variances in taxation for residents and non residents as this could be advantageous for you.Please check with an accountant for up to date information as the laws regarding tax are being looked into by the Turkish government
PENSIONS & Other Benefits
COMPLAINTS
Complaints are usually a result of unrealistic expectations which have resulted because of 1) misleading details in the advertising, 2) poor communication, 3) the cleanliness of the property. These basic problems can be avoided if you use 1) a clear description in your advert which is accurate and up to date, 2) let renters know in advance of any changes that may affect them during their stay e.g.. The air conditioning in a bedroom doesn’t work, 3) employ a management service who will arrange cleaning to your required standard.
When you receive a complaint, put yourself in the renter's shoes, be helpful , fair and reasonable, it may be impossible to please some people but maybe they have a valid point if you have received several complaints about the same thing. Changes may be necessary either in the services or work/purchase for the house.
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