Often renting a property is the first step towards buying a dream home in Mallorca and once prospective buyers get to know the island they usually want to make a greater commitment and buy their own home.
The major advantage of renting is the opportunity to test out what daily life is all about on Mallorca and whether you are looking for a permanent home or a holiday home on this beautiful island. Renting is a great way to really get a feel for an area and the type of property that suits your needs before making a final decision.
For those property owners who only use their homes occasionally, renting can be a very viable option and help cover the running costs of your home. Before entering into any rental contract, there are legal guidelines that need to be considered:
Firstly, the owner has to be clear as to whether the rental contract will be long-term or merely for one season. Engel & Völkers Mallorca Southwest mainly focuses on long-term rentals of six months or more.
The monthly rental income must be paid into a Spanish bank account which will also be used for additional charges and a telephone connection if necessary. The landlord is obliged to pay the annual real estate tax based on the value of the land that the property occupies and may also have to pay the rubbish collection tax.
Depending on the type of rental contract, the notice period to leave the property, charges and compensation payments may vary. For all long term rental contracts, the Spanish Rental Laws apply.
The Engel & Völkers Mallorca Southwest Team is looking forward to answering any further questions concerning your long-term rental queries. Be inspired by our extensive rentals portfolio in Mallorca or drop in at any one of our four shops in Palma, Portals, Santa Ponsa or at Puerto de Andratx!
Direct contact Rentals Department, Palma: +34-971 22 23 23