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 sell their homes outright to receive their money quickly. As a result, rent-to-buy arrangements are not a regular occurrence in the local real estate market.
If you’re considering purchasing property in Tenerife, it’s essential to understand the typical buying process and explore various financing options, including traditional purchases and rent-to-buy agreements, to determine what works best for you.