If you’re considering purchasing property in Tenerife, you might be asking yourself "can I get a mortgage in Tenerife?" In this video Simon explains some of your financing options.Spanish mortgages provide an opportunity for both residents and non-residents to secure funding for their dream homes in this beautiful Canary Island. Whether you're eyeing a cosy apartment by the beach or a spacious villa...
Buying
When purchasing a property in Tenerife, it's essential to understand the details regarding furniture and included items. In most cases—about 98-99% of the time—the furniture you see during viewings is included in the sale. This means that the majority of furnishings will remain in the property, while the sellers will typically take their personal...
When owning a property in Tenerife, having adequate insurance is highly advisable. This applies to both homeowners and apartment residents. While most communities provide some level of insurance for common areas, it’s crucial to secure your own policy to protect the interior of your property. Many people think of insurance primarily for theft protection, but it serves a broader purpose. For instance,...
When purchasing property in Tenerife, one essential requirement is having a valid energy certificate. This certificate is crucial, as it provides information about the property's energy efficiency and environmental impact. The notary will not sign the transaction paperwork without this document, making it a vital part of the buying process. It's worth noting that the energy certificate may already be...
Completion day is an exciting milestone in the property buying process in Tenerife. On this day, you or your appointed power of attorney will visit the notary's office to finalise the purchase. It's essential to have your lawyer present, as they will assist in signing the necessary paperwork to confirm the transaction. During the completion process, all funds will be transferred, which marks the...
When navigating the process of buying or selling property in Tenerife, understanding the role of a notary is crucial. A notary acts as a neutral intermediary between the buyer and seller, providing an essential service that ensures the legality and accuracy of the transaction. Notaries are appointed by the government but operate independently, which allows them to maintain neutrality in the process....
When purchasing property in Tenerife, it's essential to be aware of the taxes and fees associated with the transaction. The primary tax you will encounter is the Impuesto de Transmisiones Patrimoniales (IPT), which is currently set at six and a half percent of the property's purchase price. In addition to the IPT, there are other costs to consider, including land registry fees, notary fees, and lawyer...
If you're considering renting your property in Tenerife, it's essential to be aware of the legal requirements and best practices to ensure a smooth rental process. First and foremost, you must obtain a VV license for vacation rentals, and ensure your property is located in a compliant area. In some cases, you have the option to manage the rentals yourself, but often it's required to work with a...
As a property seller in Tenerife, it's essential to understand the implications of buyer deposits. When a buyer places a deposit on your property and you subsequently decide to pull out of the sale, the deposit will be returned to the buyer. Moreover, the buyer is also legally able seek compensation from you for the same amount as a reimbursement for the time lost during the buying process. This...
Once you sign a reservation contract for a property in Tenerife, it's crucial to understand the implications of this commitment. If you decide to pull out after signing the contract, you risk losing your deposit. To avoid any financial setbacks, it's essential to be 100% certain that you have the necessary funds in place and that you genuinely want to proceed with the purchase of the property. This...
When purchasing property in Tenerife, your lawyer plays a crucial role in handling various administrative tasks that come with your new home. Typically, the fees charged by your lawyer will include essential services that help ensure a smooth transition of ownership. One of the primary responsibilities of your lawyer is to communicate with the town hall to register you as the new owner of the property....
Once you've found the perfect property in Tenerife and are ready to proceed with the purchase, the next step is to sign a purchase contract. This essential document serves to reserve the property for you, ensuring that it is taken off the market while you finalise your arrangements. At this stage, you will typically be required to pay a 10% deposit. This deposit not only demonstrates your commitment to...
When purchasing property in Tenerife, it's essential to understand the associated buying fees. These fees typically consist of IPT, or Impuesto de Transmisiones Patrimoniales, which is a property transfer tax (also known as land transfer tax). In addition to the IPT, you'll need to budget for several other costs, including your lawyer's fees, notary fees, and land registry fees. Together, these...
If you own property in Tenerife, it’s crucial to establish a will. While the cost of creating a will is relatively low, the potential complications and aggravation that can arise without one are significant. Having a will ensures that your wishes are clearly outlined regarding the distribution of your property and assets after your passing. This legal document can help prevent disputes among heirs...
When considering a property purchase in Tenerife, you might find that the property has outstanding debt. While this may sound concerning, it’s not the end of the world. As a knowledgeable real estate agent, I can assure you that navigating this situation is manageable with the right support. Your lawyer will conduct thorough due diligence to uncover any records of outstanding debts associated with...
If you're planning to buy a property in Tenerife and your home country does not use euros, you will need to exchange your funds for euros. Banks often charge high fees for currency exchange, which can significantly increase your costs, therefore, we always recommend using a foreign exchange company for more favorable...
When you buy an apartment in a complex in Tenerife, you're essentially purchasing a share of the company that owns the complex. Your title deeds will indicate your ownership percentage— for example, you might own 0.02 of the entire complex. This ownership structure also plays a key role in calculating your community fees, which are essential for maintaining shared amenities and...
A rent-to-buy arrangement allows you to rent a property for a specified period and then purchase it at the end of that term. This process typically involves putting down a lump sum deposit, making monthly rental payments, and then paying a final lump sum when you decide to buy the property. While rent-to-buy options are available, they are not very common in Tenerife. Most property owners prefer to...
When it comes to buying property in Tenerife, many people are surprised by how quickly the process can be completed. The fastest property deal I’ve experienced—from the moment someone says "yes" to actually receiving the keys at the notary—took just seven working days. In fact, it could potentially be completed even sooner, thanks to the efficiency of electronic...
If you're planning to buy a property in Tenerife, one of the first steps you need to take is obtaining an NIE number. The NIE (Número de Identificación de Extranjero) is a fiscal registration number essential for non-Spanish residents engaging in financial transactions in Spain. Whether you are signing a rental contract, purchasing a car, or, most importantly, buying property, you will need an NIE...
If you’re planning to buy property in Tenerife, having a local bank account is essential. Managing your bills and expenses will be much easier with a local account, as you’ll have various payments to handle regularly. Here’s why opening a bank account is crucial for new property owners in...
If you're considering buying or selling property in Spain, using a power of attorney can greatly simplify the process. A power of attorney (POA) allows you to authorise someone to act on your behalf, which is especially helpful if you're managing the transaction from another country. First, when preparing your power of attorney, it’s essential to have it notarised by a qualified notary public....
One of the most exciting moments when buying a property in Tenerife is receiving the keys to your new home. But when exactly does this happen? You get the keys to your property once the purchase is completed at the notary. The notary appointment is the final step in the buying process, where both the buyer and seller sign the deed, officially transferring ownership of the property. Once all legal...
When buying property in Tenerife, it’s crucial to ensure that your deposit is held securely. In my opinion, the best way to safeguard your funds is to have your deposit held by a qualified lawyer. This approach provides several benefits and protects your investment throughout the property-buying...
Why Hiring a Lawyer is Essential When Buying Property in Tenerife Buying property in Tenerife is an exciting investment opportunity, but it comes with its own set of challenges. To ensure a smooth transaction and protect your interests, hiring a qualified lawyer is not just advisable—it's essential. Here's why you should consider legal assistance when purchasing real estate in...
If you're considering buying property in Tenerife, it’s vital to understand the complete financial picture. A common mistake is to only consider the purchase price; however, you should budget an additional 10% on top of the listed price. This extra amount will help cover essential costs and ensure a smooth transaction...
When considering where to buy property in Tenerife, the best place ultimately depends on your personal preferences and lifestyle. While certain areas, like La Caleta and Bahia del Duque, are often regarded as premium locations with higher property values, Tenerife offers a diverse range of neighborhoods, each with its own unique charm and...
https://youtu.be/tqrEyuTGaI0 Tenerife Property Market Overview - November 2023 Comparison Between November 2022 and November 2023: Arona area: Property prices increased by approximately 20%. Los Cristianos: Prices rose by around 13% over the last 12 months. Adeje: Property prices increased by about 26% in the last year. Costa Adeje: Prices increased just under 20% from November...
Navigating the 90-Day Rule: Exploring Options for Extended Stays in Spain and what the future may bring. Understanding the 90-Day Rule: - The Schengen Area, comprising twenty-seven member states like Spain, France, Germany, Greece, Belgium, and Croatia, offers freedom of movement. Post-Brexit, Britons are now considered third-country nationals and are subject to the 90-day rule, restricting them to...
No. Question Answer 1 What is a Currency Exchange Company? Currency exchange companies are businesses that allow customers to trade one currency for another. - More info here 2 How do Currency Exchange Companies Work? Currency exchange companies operate by trading in currencies. - More info here 3 How Do Currency Exchange Companies Make Money? Currency exchange companies primarily make money...
Tenerife Property Group have been using Currencies Direct since 2014 and in all of that time, I’ve got to be honest, they’ve made one client unhappy, having said that, the problem was rectified to the client’s total satisfaction within 48 hours. Currencies Direct are highly recommended and as they have an office locally, it’s so easy to take our buyers and sellers there so that they feel more...
In today's interconnected world, transferring money across borders is a common requirement for both individuals and businesses. However, if you've never done it before, the process might seem intimidating. This article will guide you through the steps involved in transferring money internationally. The first step in any international money transfer is to choose a service provider. This could be a bank,...
In a world of increasingly global transactions, many individuals and businesses turn to currency exchange companies. However, with so many options available, how do you compare them to choose the one that best suits your needs? This article aims to guide you through the process of comparing currency exchange companies. The first step in comparing currency exchange companies is understanding your needs....
Whether traveling, conducting international business, or sending money abroad, you'll likely need to convert your home currency into a foreign one. Banks and currency exchange companies play a role here, but what exactly differentiates these two types of institutions? This article aims to inform you of the key distinctions. At the most basic level, both banks and currency exchange companies...
Currency exchange companies play a vital role in the global economy, facilitating the conversion of one currency into another for businesses, travelers, and expatriates. However, like any financial transaction, using a currency exchange company involves some risks. This article will highlight the key risks and suggest ways to mitigate them. The first and most apparent risk is the fluctuation of...
Currency exchange companies play a crucial role in facilitating global transactions by converting one currency into another. Given their significance, it's natural to wonder how these companies are regulated to ensure fair and transparent operations. This article will delve into the regulatory environment surrounding currency exchange companies. Currency exchange companies, like any other financial...
Currency exchange rates serve as a critical barometer of a nation's economic health and are a fundamental aspect of international trade. For businesses and individuals engaged in global transactions, knowing how these rates are determined is crucial. This article will break down the factors that influence currency exchange rates. Currency exchange rates, sometimes referred to as foreign exchange rates...
Currency exchange companies, sometimes known as foreign exchange bureaus, are essential bridges in the global economy, enabling the flow of capital across borders by converting one currency into another. While the utility of these companies is apparent, their revenue model might not be as obvious. This article aims to shed light on how currency exchange companies make money. The primary sources of...
Currency exchange companies, also known as foreign exchange companies or bureaus, play an integral role in the global financial ecosystem. They provide a platform for converting one currency into another, enabling international transactions for individuals and businesses. But how do these companies work? This article will demystify the operations of currency exchange companies. Tenerife Property Group...
A currency exchange company, also known as a foreign exchange company, is a business that facilitates the conversion of one currency into another. These companies play a critical role in the global economy, making cross-border transactions possible, and fostering international trade and tourism. At its most basic, a currency exchange company offers services for businesses and individuals who need to...
If you're dreaming about owning your own place in the sun in Tenerife, but you're not an EU national, you may be thinking to yourself, "Can I buy a property in Tenerife even though I don't live in the EU?" You're in luck! The answer is a resounding "Yes!" Maybe you’re a British or US citizen, in this short guide, we'll break down everything you need to know about buying property in Tenerife as...
OOooh look, a villa with a private pool. OK, OK … I get it and I don’t want to rain on your parade but what you really want to buy in Tenerife, and what is the more sensible option, could very well be two different things. It’s often said of some holiday makers, when they come to Tenerife, that they leave their brain at their home airport … sometimes thinking that it’s OK to leave their...
I often have clients that are buying property in Tenerife, asking me how long it takes from them making a decision to buy one and actually owning the property of their dreams. The time it takes from deciding to buy a property in Tenerife and signing the paperwork at the notary to complete your purchase and actually receiving the keys will vary, it’ll depend a lot on the type of property as well....
There aren't many notaries in the UK and they're certainly not used as much as we use them in mainland Europe, so, what is a notary in Spain and what do they do? To give an idea what a notary is, I always say that they're one step up from being a lawyer and one step down from being a judge. Basically, here's the answer to the question - What is a notary? A notary is always used for overseeing...
If you're buying a property in Tenerife, you may have been told that using a lawyer isn't a requirement...It's a bit like the UK...you can use one if you want but you don't actually have to. To a point, I'd agree...and if you speak Spanish, know how the system works and where you've got to go to get the information and pay your fees and are well up on your Spanish property law, then maybe you can go...
In fact, if you click the following link you'll be able to find the article that I've written explaining the whole procedure and the related costs about buying a property in Spain. There is 17 autonomous communities in Spain, but there are a couple of municipalities within those autonomous communities that have slightly different tax regimes, so I've set them apart here. You can find the IPT...
If you’re buying a property in Spain, whether you’re having a mortgage or buying cash, you’re going to have to send a lump sum of Euros to an account somewhere in Spain. Whether it’s your life savings or not…it’s still going to be a whole load of cash, so you’ll want to move it cheaply, quickly and above all safely. https://youtu.be/I1ROHmGQf-0 The thing is the banks...
As of the 1st June 2013 a new law comes into force regarding Energy Efficiency Certificates in Tenerife. If you are marketing your property for sale or letting a property you need to be in possession of a new Energy Efficiency Certificate. These have been part of a property sale in the UK for quite some time now, but have just been passed as law here in Spain. Personally, I can understand the...
If you’re buying a property in Tenerife, you’re definitely going to need a bank account, yes. The thing is, although the actual buying process has to be followed, but it doesn’t always follow the same order of steps. What I mean by that is that you might be told that you need to open an account before you sign a contract…that’s not a bad thing and it's not wrong either but in my opinion,...
If you're buying a property in Tenerife it's both an exciting and frightening experience and for most of you that do it, it'll be the first time you'll have bought a property abroad. Don't let the excitement or the fear trip you up into making mistakes. In this article I explain 5 mistakes that buyers make and tips to avoid them. 1. Indecision At the end of last year we had a client that...
Should the real estate industry in the Canary Islands should be regulated? I'm concerned about the Real Estate industry here in Tenerife and when I say concerned, I'm really concerned. I'm not worried about the market itself, that's doing well at the moment - what worries me are some of the agents and some of the people within the industry. As the property market eases and the crisis seems...
There are many reasons why you may want to retire to Tenerife, one will almost certainly be the good weather. It is said that Tenerife has one of the best climates in the world; in fact some people call it the island of Eternal Spring, which is a very good description for it. The summers are warm, but not scorching and the winters are substantially cooler, but never freezing. In fact most...
Loads of people ask me during their search for properties for sale in Tenerife…”How much does it cost to run a property in Tenerife?” Of course the real answer is that it depends upon how big the property is, how often you or anyone else proposes to use it and even in which municipality the property is situated. I thought that I would give a couple of examples of the average ongoing running costs...
How much is my property worth in Tenerife? - A question that arises quite often in my world. If you've sold a property in the UK over recent years, you'll have heard of Zoopla. On this site and maybe some others do it now as well, there's data about how much the houses in your particular road sold for over the last few years - I've just looked at their website and seen that...
Buying property abroad can be a daunting experience, so although I have a full run down of the buying procedure in Tenerife here for you to look through, I've replicated the same tips that I gave in an interview with A Place In The Sun in 2014, so here are my top tips for buying property in Tenerife. Always use a lawyer. Many estate agents will say that they will handle the paperwork for you -...
Sometimes I hear directly from people or read blog or forum entries that estate agents in Tenerife or Spain in general, are paid too much. Granted, 5% of the sales price is more than three times the average commission rate charged by the estate agents in the UK - in fact there are some agents now charging as much as 6%. As I wrote in a recent article for this paper about the major differences between...
If ever you’ve been looking for a property for sale in Tenerife on the internet, you’re almost sure to have come across this problem in the past. There you are searching away…all the websites look the same…most of the properties you’re interested look very similar or even duplicated with different agents but the same photos but, after plenty of searching, you come across the...
As Theresa May's Brexit deals have flopped over and over again, property investors are not losing sleep over it. Even though new homeowners are choosing to assume a wait-and-see attitude in the UK, experienced property buyers are still buying property outside of the UK. Tenerife in Spain is one of the real estate property hot spots attracting countless Brits and other nationalities. ...
Since the law on apartments to rent and the illegal lettings has been enforced over the last 8 years or so, it's become more and more difficult to decide if buying a property on a legally rentable complex, to provide an income, is actually a good idea. The laws on short term rental are extremely complex...in fact, some of them are still being changed and decided upon as this article goes to...
OK, I can be wrong ... just ask my wife. The vote for a Bremain result was fully expected to win the day but after all was said and done "team Brexit" was declared the winner. If you've been watching the British news and are keeping tabs on the Internet, you'll be well aware of what's happened and, in many people's eyes...well 48% of the UK, the massive...
Are the letting laws changing in Tenerife? At the end of 2014, there was a draft written that may well change the current short term letting laws in Tenerife. What you read here is still law until any changes have been made, but things may well progress over the next couple of months in 2015. Basically, the new law needs to be checked over by lawyers and will no doubt take longer than 2 or 3...
The dream of owning a second home in a foreign country Many people dream of moving to a hot climate when they retire and maybe some of the luckier ones dream of buying a property before they retire to use as a holiday home for themselves and their friends and family. The question is...is Tenerife the right place for you? There are many places in the world with sunny and warm climates, but rarely do...
Here at Tenerife Property Group we often get asked if we have any properties available for rent to buy in Tenerife. The idea of rent to buy is a good one in principle, but when you start drilling down and getting more information, the idea remains a good one but it might not be exactly what you think. Many people want to make Tenerife their new permanent home, but how do you know where to live...
Subject to "Ley 7/1995", the short term commercial letting of property i.e. holiday letting, in the Canary Islands is illegal, unless the complex in which the property to be let is situated, was originally defined as a touristic complex. This would have been when the original statutes were written for the complex or if the licence was later requested and approved. This means that if the property...
Tom Dyckhoff, a journalist for the Guardian newspaper, has suggested that Santa Cruz de Tenerife is one of the top 5 places to live in the world if you have had enough of the UK and want to go to where the grass is greener. Clearly he makes 4 other suggestions before mentioning Santa Cruz, but to be fair none of his choices are actually numbered, so I think he probably meant to put it in...