It’s wonderful owning a beautiful property in Mauritius, but you may not be there all year round, or be living abroad. You may even be waiting until you retire before you move in, or perhaps you bought the property as an investment.
In the meantime, you’re thinking of renting your property in Mauritius out. Should you choose short term or long term rental? There are pros and cons to each option. Let’s go through them together.
Short term rental pros
· You can charge more for short term rentals, and since Mauritius is such a wonderful holiday destination, you will find takers.
· If you’re only going to be away for a few weeks or months, your property will be available when you return.
· Short term tenants will want to rent a furnished home – you don’t have to put everything into storage.
Short term rental cons
· Your house may be empty at times – so you won’t always know what your income will be.
· Managing and marketing the property is difficult if you try a DIY approach. This problem can easily be overcome by using professional services, but you do need to be aware of it.
· Holiday makers and short term visitors aren’t always well-behaved – another reason why you need a property manager or agent.
Long term rental pros
· You have one tenant during your absence, and since they’re using your property as a home and not just a holiday house, they may take better care of it.
· You know your house will be occupied for the full term of the lease. Income is predictable.
· Property management is easier and cheaper because you only have to inspect, repair or repaint after your long-term tenant has moved out.
Long term rental cons
· Your property is locked into a fixed-term agreement. If your circumstances change and you want it back, negotiations could be difficult unless you have contracted for this eventuality?
· If rentals are constantly rising, you may lose out on an opportunity to earn more.
· You will have to be on call for repairs, issues and maintenance of the building.
Which option should you choose?
That depends on your circumstances. If you’re unsure, you can consult a local property agent and get some facts and figures that are relevant to your property.
Whatever you do, you will need a property agent on your side. They’ll find tenants with good references, look after their needs and ensure that your property is well cared for while you’re away. You’ll also be saved the trouble of formulating a suitable lease agreement and you can be sure of a proper inspection before and after your tenant moves in or out – even if you can’t be there to do so.