Buy to let is a good way to start repaying your property. If you are planning to rent your flat in Spain, the most common way is to rent the whole property.
The other rental option is to rent bedrooms. This option is not as common as it is in London but it is becoming popular since the economic climate of recession makes unaffordable to rent a whole property.
In both cases, weencourage owners to get legal advice in order to avoid regrettable mistakes and also to make the place ready for your tenants. We advise tenants to pay on time, look after the place and enjoy.
Tips and thoughts
If you are an owner and decide to rent bedrooms:
Renting bedrooms in Spain is regulated by the Civil Law, which gives some advantages to landlords.
If you rent bedrooms, you can get access to your property any time (be reasonable about visits) in order to check if everything is in order or to do a basic maintenance of the place.
It is easier for the tenants to move out without being fined. Try to make cleat in the contract any sort of penalty if leaving before the agreed term. In the same way, it will be easier for the owner to get rid of unwanted tenants if they stop paying the rent.
You can get more revenue renting bedrooms than renting the whole flat. It might be a good idea to include beforehand a fix fee to cover utility bills to each tenant. In this case, work it out properly.
If you are an owner and you want to rent the whole flat:
It is regulated under the Rental Law Ley de Arrendamientos Urbanos (LAU), which tends to protect tenants’ rights against owners.
According to the law, you cannot get access to your property if the tenants do not allow you. Moreover, they have the right to change the lock of the main door without even asking you -this is very usual.
The agreement will be renew automatically one more year (up to five) if the time comes and the tenants do not give a notice.
If the tenants do not pay and they do not leave… your only resource is to go to the Court and it may take a few months to sort it out.
If you choose the right tenants it is more predictable that the payments will be on time that renting rooms to different tenants.
