Hi All
Just had an email from our developer, saying that an agent they deal with has just got in touch with them and they are looking for good quality property by the beach for long term rentals (2-3yrs) for an overseas company they deal with.
I don't know what to do!! I actually get a kick out of doing all the paperwork for the villa and thinking of new things to add to the house. Stressing over whether my towels are fluffy and whether guests are having a fab time would be a thing of the past! Financially, it seems to make sense, we would need to book around 30 weeks to equal the long term rental.
Anyone else been in this situation?
Mx
Long Term Rental
If you have fun with it, put a lot of value in it. Only an extraordinary offer should make you change.
You should also at least consider the following:
- does it give them the right to unilateraly re-new the contract ?
- will you be able to review prices during the contract ?
- payment conditions ? Are they paying in advance ?
- resiliation conditions ? When can you terminate ? Should be written down that one delayed payment should be enough !
- who will responsible for maintenance and maintenance costs ?
You should also at least consider the following:
- does it give them the right to unilateraly re-new the contract ?
- will you be able to review prices during the contract ?
- payment conditions ? Are they paying in advance ?
- resiliation conditions ? When can you terminate ? Should be written down that one delayed payment should be enough !
- who will responsible for maintenance and maintenance costs ?
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Rosbif
- Posts: 409
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- Location: Serre Chevalier, France but I live in Brighton UK!
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It does sound tempting financially, but lots to consider like Fil said. Do you not go to your property for holidays yourselves too or is it solely a rental property not part holiday home?
I would find out a bit more about the company too that are interested in it, is it for their staff use? Will it be for one family or will it be constantly changing guests?
I would find out a bit more about the company too that are interested in it, is it for their staff use? Will it be for one family or will it be constantly changing guests?
I've emailed our developer asking him lots of questions. I also asked him who his agent was and he's come back to me and said it's his secret! 
So I emailed him back saying that it all sounds a bit dodgy now!!
Rosbif, we were intending to use the house for holidays but I got a bit excited when bookings came in and took them all! We've ended up with one week at the end of August!
Overboard, funny you should mention a 2nd property, that is exactly what my husband said!
Mx
So I emailed him back saying that it all sounds a bit dodgy now!!Rosbif, we were intending to use the house for holidays but I got a bit excited when bookings came in and took them all! We've ended up with one week at the end of August!
Overboard, funny you should mention a 2nd property, that is exactly what my husband said!
Mx
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Alan Knighting
- Posts: 4120
- Joined: Mon Oct 18, 2004 7:26 am
- Location: Monflanquin, Lot-et-Garonne, France
Mx,
It is no secret round here that I am now involved in long term letting or to be more accurate, longer term letting. I am probably in the minority here in that I am living on-site in my own house and I have two cottages which I let. That means that my lettings have no affect on whether or not my property is available to me.
In any case I think one has to be extremely careful about longer term lettings.
The first consideration is; what is the local law relating to lettings for anything other than holiday use? It is all too easy to fall into the trap of giving tenants a right of tenure. In other words, you can’t easily get rid of them.
The second consideration is; are you able to assess the nature of the tenants before they become tenants? Most people, when they want something, can be very nice but I think you have to look behind the façade and that’s not always easy.
The longer term tenants I have accepted have been people I already knew or people who have been living in the area for some time and I’ve been able to find out about them. I have turned down strangers simply because I felt uncomfortable with them.
Overall, I think longer term lettings are an excellent alternative but – tread very carefully.
Fluffy
It is no secret round here that I am now involved in long term letting or to be more accurate, longer term letting. I am probably in the minority here in that I am living on-site in my own house and I have two cottages which I let. That means that my lettings have no affect on whether or not my property is available to me.
In any case I think one has to be extremely careful about longer term lettings.
The first consideration is; what is the local law relating to lettings for anything other than holiday use? It is all too easy to fall into the trap of giving tenants a right of tenure. In other words, you can’t easily get rid of them.
The second consideration is; are you able to assess the nature of the tenants before they become tenants? Most people, when they want something, can be very nice but I think you have to look behind the façade and that’s not always easy.
The longer term tenants I have accepted have been people I already knew or people who have been living in the area for some time and I’ve been able to find out about them. I have turned down strangers simply because I felt uncomfortable with them.
Overall, I think longer term lettings are an excellent alternative but – tread very carefully.
Fluffy
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Hells Bells
- Posts: 13173
- Joined: Sat Apr 30, 2005 8:42 am
- Location: French Alps
- Contact:
Hi Michelle,
It is a fact that it is a very hard and long process to go through the courts to get tennants out of a rental property in Cy, if they choose not to vacate. If you are considering renting long term (long term rental rates in Cy are very low) Be sure to use an independant lawyer to draw up contracts between you and the renter.
Ruth
It is a fact that it is a very hard and long process to go through the courts to get tennants out of a rental property in Cy, if they choose not to vacate. If you are considering renting long term (long term rental rates in Cy are very low) Be sure to use an independant lawyer to draw up contracts between you and the renter.
Ruth
I am a bit dubious about it all, as you say Kipper, the long term rents in Cyprus are quite low and what they are offering is quite a bit above the average. I have asked lots of questions (thanks to you all for giving me tips 
) and will see what happens. If it turns out to be nothing, I'm actually not that bothered as I am really enjoying all the highs and lows that go with holiday rentals!!!
Mx
) and will see what happens. If it turns out to be nothing, I'm actually not that bothered as I am really enjoying all the highs and lows that go with holiday rentals!!!Mx
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Alan Knighting
- Posts: 4120
- Joined: Mon Oct 18, 2004 7:26 am
- Location: Monflanquin, Lot-et-Garonne, France
Foxandsot,
Looking at the question of long term lets from the tenant’s point of view I think many holiday properties are totally unsuitable. Many of them are neither equipped nor furnished to the required standards and very few of them have adequate storage facilities. All one has to do is compare one’s home with one’s holiday property to realise that.
Ruth’s point about it being a very hard and long process to go through the courts to get tenants out of a rental property if they choose not to vacate is very true. In reality it applies to a week’s holiday letting just as much as it does to a long term let. The only difference is that it is highly unlikely a holiday maker would want to overstay his/her welcome but, if they do, the problems of eviction are the same.
As I have already said – tread very carefully.
Fluffy
Looking at the question of long term lets from the tenant’s point of view I think many holiday properties are totally unsuitable. Many of them are neither equipped nor furnished to the required standards and very few of them have adequate storage facilities. All one has to do is compare one’s home with one’s holiday property to realise that.
Ruth’s point about it being a very hard and long process to go through the courts to get tenants out of a rental property if they choose not to vacate is very true. In reality it applies to a week’s holiday letting just as much as it does to a long term let. The only difference is that it is highly unlikely a holiday maker would want to overstay his/her welcome but, if they do, the problems of eviction are the same.
As I have already said – tread very carefully.
Fluffy