Tips when buying property in Tenerife
We have listed 5 steps that all property buyers should follow when buying property in Tenerife.
- Use a lawyer. Using a lawyer could save you money in the long run. If your estate agent says that they will handle the paperwork, insist on using your own lawyer. If anything goes wrong during the buying process a lawyer would be held liable, an agent would not.
- Buy through an established agent. In Tenerife there is no real estate licence needed to sell properties. Although there are many professionals, the market has also become flooded with anyone that knows how to make a Facebook page. Deal directly with the agents that have the contracts to sell the properties and visit them in their office.
- Research is key. Do not let your excitement get the better of you. Many expats come to Tenerife and buy the property that gets them the most for their money. Research the area before buying. Not everywhere in Tenerife is a holiday resort with all year-round sunshine. Visit the destination you are thinking about buying in during summer and winter. Get a feel of what it would be like to live there before buying.
- Use a broker for Foreign Exchange. Are you buying a property in Tenerife using a different currency other than the Euro? Do not do a bank transfer! Banks give some of the worst rates when exchange currencies. Since you will be transferring large quantities of money, this could cost you thousands of pounds.
- Think about the future. Do you know that you are going to live in Tenerife for ever? Think about resale. If you one day you needed to relocate, selling a property in a popular area will sell a lot quicker. The idea of a quiet little country house with no neighbours sounds great for some buyers but the market is extremely limited when trying to find a buyer yourself.
If you would like more information about buying property in Tenerife speak to one of our agents today!
Speak to an agent today