...for the rental of our attic?

Hey MadridManers, we have been living abroad for over three years now (staying put in Switzerland for the moment) and after finally being able to fix our "buhardilla" up we are looking forward to put it up for rent.

Now, we're undecided as to what to ask for it, and here's were we'd love it if you gave us a hand. Pleeaasee!

The attic is 39 m² to be exact, not all the surface is usable for anything, as it tends to happen with pitched roofs, so it's unipersonal, but it's not a studio, all the rooms are independent. It's furnished and on the fourth floor with no lift. The best part is its location, on the very centric calle Lope de Vega, parallel to Huertas street and across from the Prado Museum.

So, how much + or - do you reckon?

And also, where would you advertise it?

Any ideas? Many, many thanks in advance.

Pim

Look at idealista.com and loquo.com and compare comparable places... I'd say you can probably get something between 500-900, depending on how fixed up the place is, what the kitchen and bath are like, how many windows it has, whether comunidad is included, etc. I think posting to idealista with pictures is probably the easiest way to to start. If you wait until September, you might be able to get more than right now, since more people tend to be looking after summer.

Pim_on_tour....i think that as a rule of thumb, the people who invest in the rental real estate business look to get the money they invested back in anything between 10 and 15 years...i think the popular time frame is 12yrs. Please don't quote me on this as i am not in the realty business...LOL. Obviously prevailing market conditions will be crucial.

....on the other hand i think you should rent to the honorable members of this esteemed message board for a song!!!!hehehe..LOL

Buenos dias!, and thank you very much to both of you.

Neddie, I'm not sure I quite get your what you're posting however, absolutely!, if any Madridmaner is interested in it, that would be ideal!
(The price will be about 650 euros)

We've decided that it would be good to find some kind of agency or "gestor" that would help us solve swiftly any problem that may arise once the attic is rented, since we live so far away, for a monthly fee, of course; but I've contacted a couple of real state agencies and they tell me they don't have a "seguimiento" service.... anybody has any ideas?

Danke schön!

...pim...what i am trying to say is that a real estate investor who in in the game to make money will try to get the money they have spent back in (lets say) 12 yrs. So if you bought a place for $144000 you would have to rent it out for $1000 p/month. (1000X12 months=12000pa X12yrs=144000)

...please don't think that i am trying to tell you what to do...i am merely commenting. Some years ago i looked at buying a condo in Florida and renting it out but i found that after paying the mortgage,taxes, insurance and a management company to look after the bookings, maintenance etc., i would have had a negative cash flow!!

...in the end of the day do what you feel comfortable with. I also like mmm's suggestion of checking loquo.com etc. I hope things work out.

Neddie--
The Spanish market (at least in Madrid) doesn't really work that way. Because of cultural factors, rents here tend to be undervalued compared to home prices. Someone buying an apartment now in the center of Madrid can't hope to rent it out for anywhere close to their mortgage payment in the near (or even distant) future, much less account for the downpayment and many other expenses. It would be a very bad financial move to buy a place expecting to rent it and to get your money back in 12 years.

But Pim seems to already own his/her place and lives in a foreign country to it's obviously a completely different situation and it makes good sense to rent it out.

Hi there!,
Well, we're back in Schweiz, the work (cleaning and decorating) in the attic is done, and the place is ready for a tennant.

Just to clarify; yes, we own it and it was never meant as an investment, it's just that we live thousands of kms. away, so the place is just sitting there.

Now, I was wondering if MMan would mind if we posted the pics in case anyone is interested....Or, would prefer that anybody interested contacts us directly.
Either way is fine, no problems. :-)

Thanks,

Pim

pim_on_tour, YES! POST THOSE PICS!!!

Saludos, MadridMan

P.S. Hope you're feeling better.

Thank you so much MMan, it's done.

It's a shame we didn't get to meet up!

Pim

See the photos and description of pim_on_tour's flat in the "Classifieds & Personals" forum category HERE .

Good luck! Saludos, MadridMan