Why not rent out your new villa over the summer months to help pay towards its upkeep?
To do this you need to be registered with CIME, the island council (3528_Inscripción en el registro insular de empresas, actividades y establecimientos turísticos.) There is, of course, an administration charge but this is not prohibitive.
Currently only ‘single family’ villas and houses can be rented out, i.e. not apartments. There can be a maximum of 6 bedrooms per house with a maximum of 12 guests and bathrooms as follows: 1-5 guests: 1 bathroom, 6-8 guests: 2 bathrooms, 9-11 guests: 3 bathrooms and 4 bathrooms for 12 guests.
One set of guests cannot stay for more than two months nor can rooms be let individually.
You must have insurance for a minimum of 300,000€ cover with a maximum excess of 600€ per claim.
You need to supply linen and all the things you would expect to find in a house: crockery, cutlery, pots and pans etc. Regular cleaning and maintenance is also required.
You may be inspected by the council but if there are any minor problems they will give you time to fix them.
All sounds a bit complicated? Actually the council seem to be a lot more forthcoming when issuing tourist licences recently but if you still don’t fancy doing the paperwork yourself – find yourself a good property management company and they will take care of it all for you!