Owning a property in the Algarve is a substantial financial commitment, and with significantly increasing demand for holiday rentals, market competitiveness has never been greater.
In February 2014, Portugal’s Economy Minister Pires de Lima reported 2013 as the best year ever for tourism in Portugal, according to the National Statistics Institute. And with nothing to suggest that 2014 will not continue in the same vein, your property rental calendar should be FULL!
If your property didn’t yield record returns in 2013 perhaps it’s time to take a step back and look at the competition. Maybe similar properties in your area have more mod-cons, perhaps the competition boasts a recently completed renovation project, with new bathrooms/kitchen, a heated swimming pool, outdoor entertainment areas, open and covered terracing offering both sun and shade to cater for all needs. Alternatively, the competition could be advertising the fact that their property has recently been redecorated throughout, benefitting from a fresh, clean look and feel.
Investing in such home improvements will pay dividends in subsequent rental income levels, whilst also going a long way towards keeping your property in good shape, providing continued protection and adding value to make the best of your investment.
In addition, there are many other components within the property to keep a check on, such as air conditioning units, which should be serviced and cleaned every year; when was the last time yours were serviced?
If neglected, air-con units will become inefficient, causing a greater level of wear and tear, resulting in increased running costs and ultimately developing a shorter lifetime. What’s more, without regular maintenance, there’s every chance your air-cons could breakdown whilst they are running flat out in the height of the summer when you have paying guests in residence, potentially resulting in a costly emergency repair job, not to mention possible compensation for your paying guests.
So, don’t get left behind the competition, maximise the return on your property investment and cash-in on the record breaking number of tourists returning to the Algarve.
If your property is not fully booked, maybe it’s time to take a step back and look at the competition.
By Brett Hawkins
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Brett Hawkins is the managing director of GMT 24:7, a local expert in all areas of general building and property maintenance, with offices in Lagos and Almancil. | www.gmt247.eu
