You cannot fight impermanence and the only real constant in life is change itself. This is especially true of the expat lifestyle. Moving from one country to another is a massive lifestyle change, especially if you have a family moving with you. The expat community in the Amsterdam area is huge and always growing. If you are lucky and can afford it, you might have taken the next step and bought a property. We all have an expat friend that did this but then moved to another country. Sometimes they sell and sometimes they put the home up for rent and become a landlord. That is the topic of this article and Q+A. We get asked a lot of questions on this topic, so we went to an expert on the Subject Marja, the founder of Grand Apartments Amsterdam. If you are thinking of renting your property or buying to let, read on.
It’s true that many expats become landlords more by accident than by design. Many might need to move to another country or change companies with The Netherlands. This sort of thing happens all the time. Or, those with a long term view in Amsterdam might invest in an apartment they want to rent for the longer term. With the current high prices for purchasing a home, the demand for renting will be strong for the foreseeable future. So if you want to rent out a property, here is the input and insights by Marja on that very topic.
q1. Marja, please tell us more about how you help expats rent out their homes.
Firstly meet with them and explain the process and understand their personal situation (why are they renting out their property). Take professional photos. Market the property on Pararius and our own website. Find suitable Tenants. Draw up the Contracts. Move them in. Make a report. Take photos of the condition/damage and the items in it. Help set up the utilities.
q2. What are the traps and pitfalls they need to avoid?
It’s important that they have the right Contract. And this can be discussed with the Landlord and we will advise the perfect Contract to meet their requirements. It important that there is check-in and check-out. And that the broker is thorough and precise when recording the condition of the property and the items inside it.
q3. what are the responsibilities of a landlord to the tenant? What should they consider?
Deliver the property in a clean and functional state. This is essential. Renters will look after a well-kept property and the opposite is also true. Manage the property whilst the tenants are living there. Form a good relationship during the Tenancy. Great communication and reactivity create a good atmosphere and better relations.
q4. What happens in the owners decide to sell their property and someone is still renting it?
The Landlord would speak with the Tenant and inform him of his intention. The Landlord may have to compensate the Tenant and help him find new accommodation. Or maybe it will be sold to a new owner who will take on the tenant. Therefore a new Contract will be drawn up with the new owner and tenant.
q5. What are the tax implications? Especially if the owner of the property is now working abroad?
Every case is different so a Landlord would have to get advice from an accountant. It really is different in every case and the advice of a finance professional will give you full clarity for your particular situation. Lots and lots of people do it, so it is a well trodden path. It can provide safe and secure income over the long term. We look after you and handhold a lot so that it is made very easy for you and there are no worries for you, the landlord.
Thank you Marja for these fascinating insights.
Grand Apartments Amsterdam
Tel: 06 52 04 70 74