Letting your home in Tenerife

Letting property is a popular plan for many people who move to Tenerife. It seems a simple way to generate a steady income. With so many millions of tourists, a climate that keeps them coming all year and a burgeoning resident population, rental seems like an obvious choice. From the start, a clear strategy and understanding of the business of letting will help to ensure that your investment
yields the benefit you hope for.

If you let out your property, that income is subject to tax, and you will need to declare it.  Tenerife lifeline explains the process, as well as telling you what deductions you can make in order to minimise your tax liability.

In 1995 the regional government, after considerable lobbying from the hotel sector, passed a law which controlled the letting of apartments in tourist complexes. In effect the law said that all apartments in a tourist complex should be managed by a single company registered with the Canarian Government, giving that company an effective monopoly in that complex.   Tenerife Lifeline explains how these exploitation companies work and how they can affect you. 

But short term lets are just one option for a property owner, and Tenerife Lifeline explains the advantages and disadvantages of renting to tourists, short term lets and long term letting.  Tenant rights vary with each type of rental, and Tenerife Lifeline will ensure that you enter into the business with your eyes wide open. 

In order to find tenants, property owners use all sorts of methods, from letting agents to advertising and websites.  Regardless of which way you choose, you should ensure that you have your property adequately insured for rental, in case of non payment or damage.  There are various costs involved in letting, and you will also need to ensure that you comply not only to the law of the land, but also your local community by laws. 
 

Links about letting your home in Tenerife

If you are considering taking advantage of the government letting scheme, you can find them here.