Feb 14, 2020
1. Do Proper Research Before You Buy
Many people get caught up in the excitement and throw caution to the wind when visiting Tenerife with the intention of buying property here. They may even do things that they wouldn't usually do in their home country. Research is very important.
2. Always Hire A Reputable Lawyer
Most estate agents will claim that they will deal with all the paperwork on your behalf; this is a very unwise decision. The costs involved to hire a lawyer may end up saving you a lot more money if something does go wrong, and your lawyer will take liability, while estate agents won't.
3.Buy Your Home From A Well Known Estate Agency
In Spain and by extension, Tenerife, there are no legal requirements needed to become a member of this industry association. Even though there are many trustworthy and reliable estate agents in Tenerife, there are also a few that are not so trustworthy. For this reason, only use the agents that are backed by a good reputation and come recommended by other buyers and sellers.
4.Use A Foreign Exchange Broker
Most people that use a currency that is not the Euro will use a bank in order to transfer funds to purchase property in Tenerife. In these instances, your bank is not the best option, as they will not be offering you with the most favourable exchange rate when it comes to your transfer. If you are transferring large sums of money, using a foreign exchange broker will save you thousands.
5.Find The Right Location
This may seem like an obvious one, but when looking at many stunning homes to buy, or you are suffering slightly from over-indulgences from the night before, you are probably not thinking clearly. Keep in mind that location is always very important before making your final decision.
6.Make Sure You Have Enough Money For Fees And Taxes
You may be really excited about the thought of purchasing a holiday home in Tenerife, but you will need an additional 8 to 10% of the agreed on the purchase price in order to pay lawyers’ fees, land registry, including the notary and taxes involved for purchasing a property in Tenerife.
7.Think About The Resale Value
In the future, you may become a seller. Give thought to future years and the type of people that will be interested in your home if you ever decide to sell.
8.Check Reviews Online For Decision Making
Reviews online for Tenerife estate agents can really help you filter out the ones that may cause you problems when purchasing property. Reviews can really help you make an informed choice and weed out bad performing estate agents.
9.Never Rush Into Anything
Avoid rushing into a sale when your estate agent attempts to use common tactics such as "this is the last one". In some cases, it might be the last unit available and when you are really happy and you like it that's fine, but never rush into anything unless you are 100% sure.
Following these steps could save you from major pitfalls and help you avoid problems along the way. Finding that dream holiday home can be very easy as long as you find the right people to work with.