Can I Rent Out My Apartment in Malta? How do I start?
A large percentage of people own their own homes in Malta. If you own property in Malta, you have most probably thought about renting it out. Rental prices tend to be much higher than mortgage repayments and thus it may make sense for you, financially, to rent out your property. Even more so if your apartment or house in Malta is mortgage-free. If it also makes sense for you, logistically, to rent out your home, then it could be a fantastic money-making option. Before you consider renting out your apartment in Malta, you first need to check that you’re allowed to. Sometimes the conditions of purchase or your mortgage will prevent you from being able to let your property. Once you have checked and made certain that everything is okay, then how do you get started?
Before you put your rental property on the market, you might want to make a few changes or upgrades. This might cost you some money but, in the end, it will be worth it. Having your home in the best shape will ensure it gets rented out quickly, and for a good price. The better your property looks, the quicker it will get snapped up. What’s more, renters are often willing to pay a little more for a stylish property that has been well looked after. If a rental property in Malta has outdated interiors and hasn’t been looked after, it will probably rent for a cheaper price. If your apartment in Malta is particularly old-fashioned, it will be better, in the long run, to make some upgrades so that you can charge more per month. Having it sit empty because it’s not attractive to renters may end up costing you more money than upgrading it.
So, what do renters look for? In Malta, unlike in other European countries, such as the UK, rental apartments usually come fully furnished. You will need to provide furniture for your tenants, as well as crockery, cutlery and glassware. The vast majority of rental properties also provide a washing machine, a TV, a microwave and other electrical goods. If your apartment doesn’t have an AC, it’s definitely worth installing one. A lot of renters will simply not come and view your property if it doesn’t have an AC. If your AC is particularly old, it might be a good idea to replace it with something newer and more efficient. You’ll receive less complaints from your tenants if the AC works well and they can stay comfortable during the summer and the winter.
On top of providing the basics, it pays to update your interiors. Your apartment could look a lot better with just a coat of fresh paint. Before you paint, it might be a good idea to go over any cracks or holes with some filler and then sand it down. When choosing paint colours, think neutral. A neutral colour scheme is always best when you’re renting out your property. Just because you like blue doesn’t mean your tenants will. In addition to painting the walls, you could replace or clean your rugs, curtains and other soft furnishings. This will all come together to make your apartment look newer and fresher. If you can afford to, replace anything particularly old-fashioned with something modern and simple.
Beyond that, you should definitely give your apartment a deep clean. Not the usual clean you give your home every week; this should be a proper deep clean. Move all of your furniture and make sure you get underneath everything and into all the neglected nooks and crannies. While you’re cleaning, make note of anything that could do with replacing or repairing. Write down which door handles are loose and which tiles are cracked. If there’s anything that isn’t working properly or is ripped or scratched, write it down. It’s a good idea to see to all of these things before you put your property on the market. Prospective tenants might notice damage on a viewing and, if they don’t, they will complain about it later. It’s much easier to repair things before someone has moved in and you will have a better landlord-tenant relationship if your tenants don’t have anything to complain about.
When you feel like your apartment in Malta is ready to rent, then it’s time to contact an agency. You can rent it out privately, if you want to. However, for a small fee, the agency actually takes quite a lot of work off your hands. If you don’t have pictures of your property, the agency will take these for you. The agency will also market your property on its website and on Facebook etc. All of the viewings will be arranged and conducted by the agent. If you work full-time, renting through an agency is definitely beneficial in terms of the time you’ll save. Not only that, a large proportion of renters choose to go through an agency. This means, if you choose to let your Malta apartment privately, you will lose out on many prospective tenants.
At QuickLets, your lettings specialist can help you get the right price for your property. If you set the rental price too high, you will risk putting off tenants and leaving your apartment empty. If the rent is too low, you’ll lose out on money, which is always a downside. Your QuickLets lettings specialist will do all of the viewings and help you with the contract. There is a basic contract, which you will be able to personalise to suit you. Before you list your property with QuickLets, you should think about whether or not you will allow pets. Many rental properties don’t allow pets so, if you do, your property will be in high demand! You can always meet your tenant’s pet before they move in or ask for a ‘pet reference’ from a previous landlord if you’re still unsure. Tenants also often look for rental properties in Malta with bills included. You could include water and electricity in the rental price, or just the internet. Anything extra like this will be attractive to tenants, but it’s your choice.