The island of Madeira is one of the most popular destinations to rent a house or apartment. As it is a very safe place in relation to crime and the pandemic. In addition to offering wonderful views that demonstrate the charm of this island. Therefore, in this article I show you 7 tips that will help you look for rentals on Madeira Island.
1- Rental on Madeira Island suitable for you
In addition to just worrying about your personal taste, there are several other factors that influence the search for rentals on the island of Madeira.
Above all, pay attention to the location and proximity to study or work places, as these are factors to consider. If you are away from school or work, add the value of the monthly pass to your income, as it is a fixed expense.
To make things easier, if possible, choose a house close to bus stops.
Pay attention to the value of the income, do the math to assess the cost that the income will have on the family budget. The effort rate, with the rent already included, should not exceed 35%. To reduce this burden, if you are going to wall alone without your family, consider sharing the house with someone else or renting a room, as these are more affordable options. It is cheaper and easier to share the house with someone you know or with a stranger and thus share the rent and expenses for electricity, water, gas, internet and cleaning.
When you rent a house to study in another city, you assume that it will stay until you finish your course (or, at least, for one academic year). In these cases, renting a property that already has furniture is a better option. But a disadvantage is that the landlord may ask for one to three rents in advance, to pay for possible damage to the furniture. If you have to furnish your house from scratch, look for furniture in more conventional stores and add this cost to your expenses.
2- Intensive research
Browse miscellaneous offers is not wasting time. There are numerous websites that make the task easier, through filters, which improve the search by area, value, typology, among other characteristics. Obtaining information from friends, family and acquaintances to find out if they know anyone who is renting or moving out of a rented house also helps. Look for advertisements at colleges. Some offer their own spaces to post advertisements for houses and rooms for rent.
3- Set the right rent price
First of all, to arrive at the rental value, you need to evaluate the monthly expenses with the property you intend to rent on the island of Madeira. To do this, take into account the established costs:
- IMI - Property tax;
- Income tax;
- Condominium shares;
- Insurance that covers all risks;
- Property maintenance expenses;
- If applicable, monthly installment of the mortgage loan.
Although some of these expenses are given in an IRS office, it is important to add up all monthly expenses to determine the amount of income to be charged, in order to protect yourself.
Researching the rental value of properties in the same location and with similar characteristics can help.
To do this, it is important to also consult Rent Statistics, which discloses the average price, per square meter, of rents in new lease contracts.
4- Think about the pros and cons
In any case, you need to consider whether the solution for your life really involves renting a property, understanding the pros and cons
We quickly realized the advantages of this choice.
For example, ease, since the commitment to rent is smaller than to buy. Much less responsibilities, as you will only need to pay the rent and deposit, condominium fees, insurance and IMI are the responsibility of the landlord. If something unforeseen happens in the budget, there will be less risk, as you will only have to take into account the value of the rent. In addition, mobility, being possible to move house easily, complying with the terms of the contract. Even so, for young people there is still one more benefit, the possibility of competing for Porta 65 Jovem.
Renting a house means having to deal with a landlord, who may not be easy, understanding or fair. It's not always like this, but it could happen. The other disadvantage has to do with the life of a tenant. Much depends on the owner's decision, who may wish to cancel the contract, within the terms of the law and the contracted period, at any time. And of course, you cannot make changes at any time without prior authorization.
5- Visit before choosing
In advance, visit several houses and ask for information. During the visit, check whether the photos in the ad correspond to reality and whether the house and building are in disrepair, check the condition of the electrical system, plumbing and furniture.
In addition, ask the person responsible for some documents about the property and the owner, such as the property certificate (allows you to check whether the house has encumbrances or charges, such as liens), energy certificate, property booklet, usage license, mandatory insurance against fire risk and the owner's identification.
6- Contract analyzed under a magnifying glass
The following elements must be included in the lease contract:
- Identity of the landlord and tenant;
- Identification and location of the property;
- Purpose of the contract (housing);
- Indication of the usage license;
- Amount of rent, place, date and method of payment (if you can, avoid paying in cash, as you will not have proof that you paid the rent);
- Duration of residence (if you are a student, have the option of a contract with a duration associated with the academic year);
- Deadline for terminating the contract.
Likewise, it is important to confirm the income update measure. When this information is not written in the contract, the rent can be updated annually, according to the update levels published in the Diário da República until October 31st of each year.
If you rent a house with furniture, the list of assets and their condition must be recorded in an addendum to the contract.
7- Guarantees, deposits, advance rent and receipts
In any case, find out about the guarantees given by the owner, such as security deposits, advance rent and guarantors. The deposit is used to guarantee repairs for any damage that the tenants cause to the house. In other words, if there is no damage, it is returned at the end of the contract (to be used as payment for the last month's rent, the landlord must accept it). Its value is agreed between the parties, but, as a general rule, it corresponds to one month's rent.
Likewise, the law allows an agreement to be reached on the advance of rent, but the amount cannot exceed three months. On the other hand, if you need to present a guarantor, he will have the obligation to pay the rent, if it is missing. Pay attention to this aspect, if the property is rented to two students, as the guarantor will pay the full amount of the rent, even if he only knows one of the tenants. Ask the landlord for the rental receipt, as it will serve as proof of payment.
What to conclude with a rental on the island of Madeira.
In short, in this article I have shown tips that will help you when looking for a rental on Madeira Island. Furthermore, living in Madeira is a unique experience, it is an excellent option to live due to the wonderful landscapes, climate and hospitality of the residents.
