Buying property in tenerife
- WANT TO BUY A PROPERTY IN TENERIFE? WORRIED ABOUT THE 'CREDIT CRUNCH'?
You may be concerned that investing in Tenerife is a financial risk however Tenerife is probably a much safer option than you
might think. Why? Because the one thing that the island has to offer that few can compete with is the fantastic year round
climate. Whatever else goes on in the world the sun keeps shining in Tenerife. It's one of the main reasons why people from
less hospitable climates were drawn here in the first place. It's the reason why they still come in their thousands year after
year and why they will always continue to come.
Whether you are interested in buying a property in Tenerife as a holiday home or somewhere to live, work or retire to, the
value of your investment will always remain strong. The Tenerife lifestyle and wonderful climate plus the fact that the island is
a mere 4½ hours from the UK will ensure that Tenerife will continue to be a popular destination for holidaymakers and
residents.
BUYING YOUR PROPERTY IN TENERIFE
Buying property in Tenerife needn't be the painful experience it is often made out to be provided you follow a few common
sense rules and take the same care over any transaction as you would in the UK. When looking for property for sale in
Tenerife your first stop will probably be a local agent. Generally, estate agents (inmobiliaria) in Tenerife don't expect
exclusivity when selling property in Tenerife which is why you will often see the same properties on offer throughout the
island. Most agents will help you ascertain the legal status of any property you may be interested in buying. If you are buying
from a private seller it is important you establish ownership before entering into any formal arrangements. You should also be
aware that in Tenerife you are responsible for any outstanding mortgages or debts upon purchase of a property therefore it
is essential you enlist the services of a lawyer to carry out a detailed check before parting with your hard earned cash.
As a general guide when buying property in Tenerife you should add approximately 8% - 10% on top of the purchase price to
cover taxes, legal expenses etc.
All transactions will ultimately be completed at the offices of a local Notary. The details of the transaction will be translated for
you so that you fully understand what you are signing for. The Notary will check the terms and conditions of the transaction.
By law the buyer(s) and the seller(s) or their nominated representatives should be present. If you cannot attend, you need to
grant power of attorney to the person (Lawyer, Estate Agent, friend etc) representing you. If the seller has a mortgage, you
will probably be asked to provide a bankers draft made payable directly to the sellers bank to pay off the mortgage.
One of the most important points to remember when buying property in Tenerife is not to be rushed into a decision. Think
carefully about your requirements and try to tailor your choice to suit your needs. Are you looking for something right in the
midst of the hustle and bustle or do you dream of a quiet, tranquil getaway? Is the property going to be your permanent home
or your winter retreat? Is the property solely for your own use or do you intend to rent your property out to other
holidaymakers to provide an income? Are you looking for a retirement home or a business venture? Whatever your plans,
Tenerife has properties to fit all of the above, however only you know exactly what you have in mind for yourself so be careful
to take time to make your choice wisely.
Due to the extensive development of Tenerife over recent years there are a wide range of properties in every area to fit every
budget. Once you decide on a particular area of interest it shouldn't be too difficult to find a property to match your
requirements. We at Essential Tenerife can help you locate a property and guide you through every stage from initial viewing
to completion.
To view a selection of properties currently for sale in Tenerife visit our PROPERTY PAGE.
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BUYERS INFORMATION
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