1 – Be realistic about your budget
Like many other popular tourist destinations, Ibiza is an expensive place to live and with the rise of autonomous tourist rental sites like Air BNB, long-term rentals are thin on the ground, making the demand higher than the supply and driving prices up. Take this into consideration, if you’re lucky enough to find an Ibiza rental in a great spot – be realistic about your budget… How much fun will it be to live in Marina Botafoch if you can’t afford to go out for a drink?
2 – It doesn’t just stop with rent
If bills aren’t included in your rent, consider that internet, water, gas, and electricity will all need to be included. Ibiza is cold in the winter and hot in the summer, humidity is a problem all year round and can cause damp issues (especially in older properties) meaning that heating and air-con will need to be utilised quite a lot. Electricity in Spain is particularly expensive, so speak to your agent/landlord ahead of time to get an idea of past electric bills. Other hidden costs that you should be aware of are the community charges. If you rent a flat or a house in a residential block, with a communal garden, the cost of maintaining that garden is covered by a service charge because it’s available to all residents as a communal service. Other services it can include are general maintenance and repairs, electricity, the cleaning of communal areas, and of course, if your building features a beautiful swimming pool, the maintenance of the pool – which can come up very expensive! Ask your agent/landlord about all these extra costs, so you can budget ahead and avoid any nasty surprises down the line.
3 – If it seems too good to be true, it probably is
You can get an idea of the going rate for the type of property that you’re looking to rent, by speaking to people who’ve moved to the island recently or comparing prices on rental sites. But keep in mind, unfortunately, there aren’t a great many deals to be had anymore without at least having a lot of contacts or family connections first. So if you’re looking on idealista and you find a beautiful 5-bedroom penthouse in Ibiza’s Old Town for only 600€ per month – ask yourself this; ‘is this deal too good to be true?’ If the answer is yes, then it’s probably a scam. Rental sites work hard to try and stop scams from happening, but some still slip through the net, so be aware that there out there, don’t send any money online, and be cautious about who you deal with, making sure that they are a registered real estate agent and have all their correct paperwork.
4 – Timing is everything
As Ibiza is a seasonal island – finding a rental (especially a long-term one) is all about timing, check out our other post The Best Time of Year to Look for Rentals in Ibiza for more detail. The property market also moves pretty quick so go prepared with a strategy to make decisions quickly.
5 – Will you move with the seasons?
Due to tourist rentals, it’s difficult to find a long-term rental – with many seasonal rentals and 11-month contracts being offered. Ask yourself what you want to get out of living in Ibiza. If you’re just here for the season, a seasonal rental might suit you perfectly, but if you’re planning on staying long term – ask yourself if you want to go through the stress of moving every 6 or 11 months when each year it becomes more difficult to find something affordable.