Updated: Dec 11, 2020
Regular Income Through Your Holiday Home
If you are an owner of a holiday home here in the Western Algarve, there is a great potential to earn regular income on your home allowing you to earn a nice profit. Having a holiday home here in Portugal is a great long-term investment, but equally, it is a great asset to help you earn an extra regular income if you’re not using it yourself.
The Algarve tourism market is always in high demand with people visiting from other international countries, but also domestic travelers within Portugal. Western Algarve in particular, has so much to offer to tourists wishing to enjoy a relaxing long two-week holiday or extended weekend break. With over 3,000 hours of sunshine a year, the Algarve is a tourist dream any time of year, therefore, the opportunity to make regular income from your holiday home is huge.
At Vilalaia as a local property management company in the Algarve for over 15 years, we know the amounts of regular income holiday homeowners can earn by successfully renting out their property.
Let’s have a look at some of the key drivers that determine how successful you will be in earning regular income through your holiday home.
Holiday Home Amenities & Furnishings
One of the best ways to ensure you make money from your holiday home is to create a beautiful home for your guests. In order to do this, you need to make sure your home offers all the required amenities and furnishings to help market the property.
Make sure the appliances function properly and upgrade any fixtures and fittings before looking at listing the home on the market. Potential tenants will search for specific amenities so be sure to upgrade were necessary, swimming pools, hot tubs, and solid WIFI internet help to market the property and attract tenants.
Set Your Holiday Home Rates
Setting an accurate rate for your holiday home rental is one of the biggest determining factors in whether you are able to effectively rent the home. To earn regular income through your home you need to accurately gauge the local market to determine a reasonable rate for the property.
The best way to ensure you set the right rate for the property is to utilize a local property manager. Rental rates have become much more dynamic, by having local expertise within the area they will know the current conditions and advise accordingly. A local property management company can monitor current fluctuations in the region due to seasonality, weather, or certain events and adjust your property pricing accordingly.
Hire a Property Management Company
By hiring a specialized property management company earning regular income through your home will become much easier. A local property management company like Vilalia, can take care of all the marketing and extra details so you are able to focus on other projects and enjoy the regular income that you make.
The biggest key in renting your holiday home is how you market and where you list your property. By optimizing your marketing with professional photography, guest tours, and accurate property descriptions working with a team of professionals like Vilalia will make all the difference.
By working with a local property management company, this will allow you to increase revenue by getting the holiday home in front of many potential tenants looking for exactly what you are listing.
Contact our team here today to see how we can help you with your local property management needs in the Algarve.
By Mark Ollerton - Freelance Writer