For a variety of reasons, the Canary Islands are a popular vacation spot for visitors from throughout the world. For investment, second house, or even primary residence in the sun, it is a great spot to acquire or sell real estate in Spain. This place has been nicknamed ‘the land of everlasting spring’ because of the year-round temperatures that seldom fall below 20 degrees Fahrenheit. The average temperature in the summer is a pleasant 28°C, and the dry heat and low humidity make it an ideal place to escape the cold of central Europe.
It’s safe to say that Tenerife, the largest of the Canary Islands, is the most popular destination for tourists. You’ll find everything from sandy beaches flanked with palm trees to thick pine woods and the lunar vistas of Mount Teide’s volcanic section Las Caadas, Spain’s highest peak. It is possible to see all four seasons in a single day if you take the time to thoroughly tour the island. You may get up early in the winter and drive from one of the island’s numerous sunny resorts to Mount Teide, which is covered in snow and covered in clouds, and then play in the snow for a few hours before driving back to the coast for more sunbathing.
The Canary Islands’ real estate market is constantly strong since it has something for everyone. A broad variety of properties are available, including country homes, vacation homes, luxury villas, and apartment complexes. It is possible to find tranquil Spanish villages among popular tourist destinations. There are a number of excellent golf courses on the island that are surrounded by residences and villas. Scuba diving, windsurfing, kitesurfing, boat tours, and jet skiing are just a few of the many water sports available in Tenerife. Tennis, padel, bowls, hiking, horseback riding, and cycling are just a few of the many options for outdoor recreation. Alternatively, you may relax by the pool or head to one of the numerous sandy beaches in the area.
It is common for investors to acquire property in Tenerife for long-term residential use or for short-term vacation rentals because of the island’s strong rental potential. If you plan to use the property as a rental, ensure sure the agency you work with notifies you of the most recent leasing regulations.
Many people acquire property in Tenerife to use as a second home during the winter, so they can escape the cold of their own countries. Tenerife’s winter residents are known as “swallows,” after the migratory birds that flock to the island during the bitterly cold months.
If you’re concerned about crime, you won’t find much on the island, other from the usual little crimes that occur everywhere else. Tenerife is a highly safe place to visit at any time of day or night. Tenerife is a melting pot of people from all over the world, with a diverse population of over 100 different nationalities.
The Canary Islands are a short flight from the rest of Europe and offer easy access. As an example, if you’re flying from England, the trip time is only about four hours, which is a lot shorter than other winter sun locations. This does not necessitate long-distance travels..
It is also possible to get to Tenerife via boat, and this is a popular option for those who want to bring their own vehicle. It’s possible to spend a lot of time on the road to Tenerife if you take your time and appreciate the sights.
If you follow a few simple rules, you can be sure that you’ll be making a sound investment in an overseas home, whether it’s for personal use or as an investment. You can reach us at any time if you have any further questions; we’ve done our best to keep things as simple and accessible as possible. On the last page of our buyers guide, you’ll discover all of our contact information.
In a nutshell, here’s how it works:
With the help of a competent estate agent, the actual process of purchasing a home is pretty straightforward. They’ll walk you through every step of the procedure, but here are some things to keep in mind. If you have a decent estate agent and a skilled lawyer on your side, you won’t have to worry about anything.
To acquire a house in Spain, you’ll need a Spanish bank account and NIE number, as well as the money to cover the purchase. For those who require a mortgage to buy a house in Tenerife, we recommend that you chat to your financial counsellor or bank before you begin looking at properties. To account for closing costs such as stamp duty, legal expenses, notary fees, and land registry fees, you should budget an additional 10% over the purchase price. Before you buy, your agent will go over all of this with you in detail.
A non-refundable deposit of 10% and the signing of a private sales agreement with the vendor or their representative are usually required once you find your property. The sale must be completed within 60 days, during which time you sign the title deeds (escritura) before a notary public and make the final payments.
You will get an original copy of the escritura within 30 to 45 days from your agent or legal representative, who will register your new property in your name.
Your lawyer will take care of transferring the utility bills from the previous owner to your name and setting up a recurring payment using your bank account.
The structure and its contents are both covered by property insurance.
Your home may need to be cared for by a property management firm or a trusted friend while you are away.
If you’re thinking of renting out your home, be sure to do so legally and through a reputable agency. Many apartment complexes require you to go via the complex reception if they have sole management powers for any given unit.
Make an effort to learn more.
It’s a huge decision to purchase a home, and purchasing a home abroad is even more of a significant one, so be sure you’re making the appropriate choice. Before making a purchase, you should always perform some research.
What will you use the property for? is a critical question to ask yourself. What is the reason for your purchase? Whether you’re intending to utilise it for personal reasons, as a retirement home, or as a means of making money, you need to answer this question: Which is more appealing to you: an apartment in a building with common expenses, or a house on its own with no such obligations? No, I’m not seeking to acquire a run-down home and then turn it into a cash cow. Is this an investment for the short or long term? When the time comes for you to move on, what are your plans?
Allow yourself plenty of time to speak with your agent and make it clear exactly what you’re looking for. This will help them locate you the ideal property, and it will save you and them a lot of time as well.. You don’t want them to be in the dark about what you’re trying to find. It’s helpful to take your realtor on a tour of a few houses to give them a sense of what you’re looking for.
To buy a home, you’ll need to pick where you want to live and make sure that it’s the perfect place for you, especially when you plan on remaining for a long time. It is common for individuals to fall in love with their vacation destination and buy a home there without giving it much thought, only to later regret their decision. Renting for an extended period of time might help you acquire a sense of the neighbourhood and choose whether or not you want to buy before making a final decision.
If you’re considering purchasing in a complex or community, keep in mind that upkeep of the complex will normally entail additional expenditures such as service fees and community fees. In most cases, these expenses include the upkeep of amenities like gardens, swimming pools, common spaces, and escalators. Before you buy, you need to know how much the monthly operating costs would be so that you can plan accordingly.
If you’re planning to buy an investment property to rent out, check to see if the complex allows short-term rentals before you buy. Your rental property can also require registration with the local government, and you’ll need to adhere to local tax and local authority regulations. Make sure to consult your real estate agent for advice on these matters.
Gardeners, pool maintenance firms, and other service providers may be necessary if you buy a detached house, especially if you plan to be away for a long period of time; a trustworthy key-holder may also be necessary.
Time spent studying and determining how much money you are willing to spend on a home will save you time in the end. By being specific about what you want and being able to communicate this with your realtor, you may avoid wasting time looking at houses that don’t fit your criteria and instead focus on those that do.
Don’t acquire property until you know exactly why you’re doing so and where you’re going to put it. It might cost you a lot of money if you do it wrong the first time.
Use a real estate agent that is experienced
Tenerife’s property market is straightforward and safe provided you choose a reputable real estate agent to guide you through the process. If you’ve heard of the so-called “nightmares” of individuals losing money when they buy an overseas property, it may be because they tried to save money by not using a professional agency or a legal counsel. In many situations, they’ll have dealt with someone they met in a pub and felt they could trust since they spoke their own language. In your own nation, you wouldn’t buy a house without the help of an agent and a lawyer, so don’t do it here either. Never acquire a home from someone you’ve met without going through the correct channels.
Make an appointment with a licenced notary or real estate agent whose office is open to the public so that you may discuss your needs in person. A professional real estate agent will sit down with you to find out exactly what you’re looking for and what your financial situation is so that they can find you the right property at the right price while matching your financial requirements and maybe even help you with the mortgage application with a local bank or broker. Prior to your viewing, the effort they put in will save you a great deal of time. Let them know precisely what you’re searching for, and they’ll be able to assist you out. In the absence of specific instructions, they will most likely make educated guesses and present you with properties that are not in line with your preferences.
As a result, there are a lot of “one-man band” brokers out there that prefer to meet you at the property you’re interested in, a bar, restaurant, or hotel reception rather than their own office. You can find them online, but they don’t always have a physical location where you may visit them. We strongly advise you to avoid dealing with any agency of this nature. Do your homework online to check whether they have an office, and if you’re still unsure, ask them where their office is located and pay a visit before you decide whether or not to do business with them.
When looking for a real estate agent, be sure they have been in business for a long time and have “weathered the financial storms.” When the real estate market is booming, many agents open their doors, but when things become rough, they close their doors. You want to be certain that your agent will be there to assist you in the future if you have any questions or concerns. Ask how long they’ve been in business and how well-versed they are in the industry.
You should never feel pressured to acquire a house by your real estate agent since they recognise that the transaction must be carefully considered. All of your inquiries and concerns will be addressed by the staff. If you ever feel compelled to do so, simply step back from the situation. There’s no need to put customers under any sort of sales pressure. They are tasked with finding you the property you desire. There is no reason for you to be coerced into purchasing a home that you aren’t sure about.
Your agent may assist you in the process of creating bank accounts, obtaining NIE numbers (foreign identity numbers), and recommending professionals such as lawyers, furniture stores, cleaning services, and other service providers. Most real estate brokers have worked with these folks for a long time and can testify for their integrity.
To ensure a seamless transaction for you, your agent will handle every aspect of purchasing and selling on your behalf.
Consider hiring a lawyer.
It’s just like the regulation that you must use a licenced, professional real estate agent. In the same way you would at home, make sure you have a skilled legal counsel to assist you during the purchasing process. Buying a home in your own country is something that we are confident you would never do without consulting a legal specialist. If you’re looking to purchase a home in Tenerife, don’t do it without a real estate agent.
Make an appointment to meet with them in person so you can learn more about the products and services they provide. To get to know them better and get a sense of how they do business, most attorneys provide a free initial session. Make sure they can communicate with you in your native language. A reputable lawyer might be recommended by your real estate agent.
Agents who say they’ll handle all the paperwork and don’t need a legal advisor can be a red flag; if you don’t want to use your own attorney, you can walk away and find a different agent who does, or you can find one who uses an independent legal advisor who isn’t affiliated with the agent or the seller. To ensure that you get the property you’re interested in, insist on employing your own attorney if you want to continue working with the agent. If they deny it, then you should probably look for another representative.
Your lawyer will make sure that the property you buy is clear of debts and renters before you sign the papers. If there are any lingering legal concerns or obligations, they will make sure the property is correctly recorded at the land registration. To ensure that the utility bills are current, they will do a thorough examination of the property before transferring them to you as the new owner. To ensure that the local taxes are paid and there are no outstanding balances on the day of your purchase, they will also work with local authorities in that area.
Until your legal adviser has verified the paperwork for you and ensured that they describe exactly what it is that you are signing, you should never sign anything.
Occupying the role of an NIE
In order to purchase real estate in Spain, you must obtain an NIE number, a form of foreigner identification. This is often requested at the national police station and can be done on your own or with the assistance of your agent or legal counsel.. There is a modest fee, but they will walk you through everything. Forms and a copy of your passports will be required to complete the process. NIE numbers may be applied for at the national police station after paying a nominal charge at a bank. It’s possible that this may take the better part of the morning, so plan accordingly.
To be on the safe side, if you provide your agent or legal adviser a power of attorney, they may often submit an NIE application for you. You might wish to consult with them about this. Contact us to buy or sell property in Canary Islands Spain fast.