Find your own lawyer
Even though estate agents can tell you that they will handle all the paperwork, it is good not to let them. This is due to the fact that the cost of hiring a lawyer could save you more in the long run. If anything goes wrong, then the lawyer will be held liable but an estate agent will not.
Do proper research
It is usually a good idea to research before buying a home in Tenerife. Many people who want to buy property in Tenerife usually leave their brain at home and do things that they would not dream of doing in their own country. Therefore, research is key.
Source the right foreign exchange service
Many people who do not use the Euro use their banks to transfer the funds to buy property in Tenerife. However, you should always remember that the bank is not your friend and will not give you the best exchange rate for your transfer. This can be a good idea especially for those who want to transfer a large amount of money as doing this could end up saving thousands.
Use an established agent with a good track record
In Spain, there is no legal requirement to be a member of an industry association.
Even though there are many established Tenerife estate agents, there are some who are not trustworthy. So, it is wise to use an agent who has been recommended by other people.
Set aside money for fees and taxes
Before buying your new holiday home in Tenerife, it is good that you have between 8 and 10% of the agreed purchase price held back to pay the land registry, notary, lawyers' fees and tax for buying a property.
Location, location, location
I know that this may seem obvious to many people out there. However, when you are shown loads of lovely property available and the sun is shining and maybe you are suffering from last night's overindulgences, you may not be thinking straight and choosing the right property can seem like a daunting task. However, location is always something you need to consider when looking for property to buy.
Don't rush into signing anything
When buying property, you have to sign paperwork and also have to pay money over. This is all standard stuff. However, don't be rushed into doing anything. Don't be fooled into the "this is the last one available…" trap. Even if it is the last one and you like it, then it is fine but you should not be rushed into anything.
Think about capital appreciation on resale
Keep in mind that you may be selling your property someday. This is why it is important to think about the future and the people you will market your property to when you want to sell it.
Delamar are based in Los Gigantes and can provide professional advice for all your property needs on the island.
Delmar Estate Agency
Calle Flor de Pascua, 33,
38683 Acantilados de Los Gigantes,
Santa Cruz de Tenerife, Spain
+34 922 86 29 01