Long Term Rental Property in Tenerife

An overview of long term property investment in Tenerife. Includes details of a typical long term rental agreement in Tenerife, as well as what an investor should expect to gain.

Those wishing to live in Tenerife for longer than three months should consider a long term rental property. Long term rental property in Tenerife requires a tenant to sign a six month renewable contract. As with a short term rental (which usually lasts three months), one must put in one months notice before moving out of said home. Although many real estate agencies encourage short term, holiday rentals, it is more cost effective to rent for the long term. In fact, many people who live in Tenerife permanently opt for long term rental property, rather than buying a home.

When visiting Tenerife, one should look at various apartments or homes for rent and then contact the chosen properties owner for further information. A simple application can be obtained from the property owner and upon acceptance the tenant will likely have to pay a deposit and one months rent in advance. This is very similar to renting in America and Britain and many find long term rental property in Tenerife to be less of a hassle than owning. It is also more cost efficient for many, particularly for those who are retiring to the island.

Those who want to save a little legwork can opt to view properties online rather than visiting many places in person. Many Web sites offer quality photographs from many angles of properties, as well as prices and further information. In fact, some owners may allow people to reserve a rental property online also. Although this may be a good option for those located overseas, it is probably ideal to visit a long term rental property in person at least once before committing to a contract.

Long term rental agreements in Tenerife are often for six months to a year, although they are renewable for longer. A long term contract often renews itself without any further processing, although a tenant should give one months notice if he/she does not wish to do continue with the contract. Likewise, the landlord can cancel the contracts renewal should they decide they don’t want the tenant at the property anymore. A Spanish lawyer can look at any kind of discrepancy in a rental contract and it is recommended that both parties obtain one, should a problem arise.

Tenerife property rental should be a fairly easy and straightforward process. With just a general knowledge of Tenerife or European laws, one should be able to obtain a long term rental property without any problems. Likewise, investors should find that a long term rental agreement is a great way to make passive money and unlike short term rentals, it is unlikely that extensive damage should come to a property during a tenants stay (those staying only a short while often treat vacation homes with less respect). Whether one is looking to rent an apartment or a house, Tenerife offers a great variety of properties in one of the most spectacular climates on earth.

Written by Amy Cottrell for OverseasPropertyNet.com

Sunday 23rd July 2006

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