What is the solvency study and what is it for?
In the dynamic real estate market of Fuengirola and the Costa del Sol, where the demand for quality rentals by foreigners with high purchasing power is constant, the solvency study becomes a crucial tool. This process not only offers security to the landlord, but also guarantees a harmonious and lasting relationship between the parties. By assessing the tenant’s financial capacity, the risks of non-payment are minimised, ensuring that the rent and other expenses associated with the rental are sustainable for the tenant.
How it is Performed and What is Evaluated in a Rental Solvency Study
When entering into a rental creditworthiness analysis, it is vital to understand the criteria and documentation required to demonstrate your financial reliability. This analysis focuses on assessing various aspects of your financial situation:
- Employment history and income stability: Your current and future sources of income are assessed to ensure a steady income to cover the rent.
- Analysis of pay slips and employment contracts: Your latest pay slips and contracts are requested to verify the regularity and amount of your income.
- Consultation of delinquency registers: We check if there are any outstanding debts that may affect your ability to pay.
- Assessment of additional guarantees: The presentation of collateral or guarantees is considered as an additional security measure.
- How to Demonstrate Rental Solvency: Necessary Documentation
For foreigners and residents alike, demonstrating financial solvency is a crucial step in the rental process. Below, we detail the necessary documentation:
- Employment contract: Confirm your current employment and its durability.
- Last three payslips: Prove the stability and level of your monthly income.
- Work history report: Provides a summary of your work history and employment over time.
- Tax returns: Provides an overview of your financial and tax situation.
Previous tenancy references: Provides credibility about your behaviour and responsibility as a previous tenant.
Calculate my Solvency for Renting in Fuengirola
When considering renting in Fuengirola, it is crucial to calculate your creditworthiness accurately to ensure that you can meet your rental obligations without compromising your quality of life. At 1mast, we offer a personalised assessment that considers:
- Income-to-Expenses Ratio: We ensure that the cost of rent does not exceed a prudent percentage of your monthly net income, generally recommended to be less than 30-40%.
- Savings capacity: We assess your ability to meet unforeseen expenses without compromising your rent payment.
- Personalised advice: Our expert team will guide you through the process, tailoring our services to your specific needs and ensuring you find the perfect property in Fuengirola.
Why choose 1mast for your Solvency Survey?
Choosing 1mast for your solvency study is choosing a fast track to your ideal home in Fuengirola and the Costa del Sol. This is what sets us apart:
- Priority Access: Pre-approval positions you ahead in your search, giving you first access to exclusive properties.
- Personalised Process: From creditworthiness to the selection of your home, everything is designed to fit your needs and financial possibilities.
- Integrated Experience: We connect the credit check with a complete rental service, making every step efficient and targeted to meet your expectations.
At 1mast, your credit assessment is just the start of a personalised service that guides you to the perfect rental, combining exclusive access, expert advice and comprehensive support.
