Spanish Holiday Lettings

LaMangaClub_Panorama
La Manga Club Resort – Golf, Tennis, Football, Netball, Cricket and a great climate

Spanish Holiday Lettings
Now holiday lettings is a business that attracted me on the basis of £800 per week rentals at peak season. Diana runs this part of the family investments too and leaves me to just enjoy the free holidays in the spare weeks.
We were actually driven to do this as we love going on holiday to La Manga Club Resort in Spain. We are keen tennis players but it’s a big top quality sports village with three golf courses, football pitches, netball, cricket.Also La Manga is in the driest, most temperate part of Spain with a great all year round sunny climate. Christmas Day, New Year, Summer Holiday can all become beautifully warm and sunny.
La Manga tennis
La Manga Tennis Complex

Each of the Sports have their own Academy coaching programmes, we use the Tennis Academy when we are there.
la-manga-tennis-academy

Also crucially for us any apartment we bought has to be easy and quick to get to.
Ryanair flights to Murcia are our preferred option which cost around £75 each and it’s only 20 minutes transfer from the airport to the resort.
We did the research on our last holiday there, it’s amazing how geared up they are at La Manga to buy and sell property which was very reassuring. The Spanish property market currently is priced much lower than the UK.
We went for a modern apartment in Los Olivos, a five minute walk from the tennis centre. Los Olivos comes with it’s own exclusive private outdoor pool, indoor pool and gym.
los_olivos apartment
Los Olivos apartments and outdoor pool for exclusive use by residents

Basically the deal is once you come up with the deposit it becomes cost neutral on a monthly basis if you can get 20 weeks holiday lettings per year. Anything on top of that is pure profit and anything left is free for family use.
The way Resort Management work is that you book out the weeks you want to use it on their website. They then do the marketing for the holiday lettings and book the rest of the weeks out as and when the bookings come in. You can of course also do your own marketing and push your own acquired bookings through Resort Management to process for you.
They are all geared up for pre booking inspection and cleaning, post booking cleaning, linen pool and midweek clean and linen change.
Resort Management are also geared up to look after the property for you, regular inspections and the organisation of local tradesmen for any repairs and improvements needed.
Purchases come fully furnished but again Resort Management are fully geared up to support your on line shopping and take deliveries etc without you having to be at the resort.
All this service comes at a cost plus the cost of your mortgage, insurance etc. So you have to work out the numbers and see if they work for you. There is also an amount of work involved in tracking the Euro, managing the property and working with Resort Management on the bookings.
We are using Smart Currency Exchange Ltd who are recommended by Right Move for currency exchanges. You can see there website here

Things to look out for:
– you buy in pounds but your mortgage is in Euro’s
– Spanish banks don’t do buy to let or interest only mortgages
– you need currency management
There are risks involved obviously:
– selling at the end is obviously dictated by market sentiment at that time
– disruption to tourism in Southern Spain