5 Things you Should Know Before Signing a Rental Contract in Ibiza
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Renting a property in a foreign country, where you barely speak the language comes with challenges. But here at Romina Ibiza Villas, we are here to help! Here are the top 5 things your should know about rentals in Ibiza.
1 – Be realistic with your budget
Like many other popular tourists destinations, the island of Ibiza has a hot property market. With many properties confined to tourist rental, long term rentals are thin on the ground. The demand is higher than the supply and this drives prices up. So be realistic about your budget when looking for rentals – consider realistically how much it will be to live in a highly desirable area.
2 – Consider the extra costs
If bills aren’t included in your rent, consider the extra utility bills that will sum up to your monthly cost. Ibiza in winter is very cold and the high level of humidity makes heating an essential part of keep the damp away. On the contrary, in summer the high temperatures mean your A/C will be on most of the time. Knowing in advance about electricity bills will save you problems later. Other hidden costs that you should be aware of are the community charges – these costs include the maintenance of the communal garden, swimming pool, etc.
3 – Timing is key
Between tourist rentals & seasonal rentals, it’s difficult to find an affordable long-term rental, but not impossible! It’s all about the perfect timing, as Ibiza is a seasonal island, you might want to avoid the busy summer season and instead plan to come during the quieter months (from November to January). Check out our other post The Best Time of Year to Look for Rentals for more details.
4 – Write down everything
One of the most common mistakes we see here in Ibiza is not to write down all the agreements. A verbal agreement is never better than a written one! It’s in the best interests of both tenant and landlord that rental agreements are always put in writing.
5 – Duration of the contract
As landlord and tenant, you are free to agree upon the duration of the rental contract. Most of the time, a period of 1 year is agreed upon. In this case, the rental contract will be renewed annually until a period of three years has been reached. After three years, the landlord can terminate the rental contract length.
