What could be better than owning your own holiday apartment in Los Cristianos?
Getting it for a knock down price in a location that you are practically guaranteed rental income is better. Better still, even after all the expenses are paid (the mortgage, community fees and cleaning costs) the rental income still makes a profit of over €7,000 per year!
Sounds a bit like having your cake and eating it, doesn’t it?
One bedrooms apartments in the Sur y Sol usually go for between €140,000 to €150,000. Thanks to the current economy, prices have been cut to the bone and you can now pick up a lovely apartment in this popular holiday complex for only €104,500.
There are ground floor and first floor apartments available and they are all the same price – even the corner units. That means it is first come, first served as far as cherry picking the best apartment.
The Sur y Sol is 100 metres from the beach in Los Cristianos. It has three swimming pools, a kid’s adventure playground, a basketball court and pitch and putt all of which make it attractive to tourists and a great investment as a buy-to-let holiday apartment.
Don’t hang about on this one. If you are in the market for a Tenerife Property Bargain, you are unlikely to find anything better than this great offer on the Sur y Sol apartments. For more information and pictures, contact me here.
John worked for fifteen years in the post office. Now he runs his own bar in Tenerife.
Teresa runs her own gift shop in Tenerife. She worked for Tesco when she was in the UK.
Kevin and Mary both worked in the Civil Service, but now they are proud restaurant owners in Tenerife.
What is it about Tenerife that makes so many expats turn into entrepreneurs, even though they may have spent their careers far removed from the cut and thrust of running their own business?
“For me it was the lack of any alternative,” says John, a former postman. “I don’t speak Spanish, and most jobs need you to speak the language,” he adds.
Language is certainly a major barrier for expats hoping to find a job on the island. Naturally most positions require Spanish, unless they are in the front line of the tourism industry.
Kevin, who worked for the National Health Service in the UK goes further, saying “The jobs that are advertised tend to be fairly low level. Normally you are faced with a choice between commission only sales jobs, mainly in the timeshare industry, or jobs hustling tourists into bars. For us, running our own business was the only real option.”
“Yes,” agrees Kevin’s partner, Mary. “But we were also quite spoiled for choice when we bought our restaurant. With the recession and everything, there are some really good businesses for sale in Tenerife at the moment. Our restaurant was quite dated but you could see that with just a bit of modernisation and a menu that didn’t sell chips with everything, the business could be doing so much better.”
“You just have to be adaptable,” says Teresa who was a regular visitor to the island from Manchester, before she decided to follow her dream and buy a gift shop in Tenerife. “If you move abroad, it’s a life changing experience and you are out of your comfort zone. Running your own business is only a small step further.”
Frederick Saltmarsh, one of the Directors of FRINA Tenerife a prominent business sales agent on the island, advises aspiring business owners every day. “Establishing an income that will support your new life in Tenerife is probably the most important challenge you will face. Employment prospects are very limited, but that is more than compensated by the number and quality of business opportunities.”
And Frederick certainly has a point. There is a wealth of businesses for sale advertised on the FRINA Tenerife website, and prices seem remarkably low even to a casual observer.
“The local economy is rapidly picking up after a grim recession and the future of business in Tenerife is looking very bright,” observes Frederick, “but businesses for sale in Tenerife are still at rock bottom prices… at least for the moment. Right now, we are witnessing an extraordinary time in the market for bargain hunters but as businesses start to prosper once again, prices are sure to rise.”
Tenerife estate agents are known as inmobiliaria. There are still many here servicing clients from the UK though quite a few folded at the beginning of the economic crash.
When buying property anywhere in Spain you are better to enlist the services of a professional. Debts are transferred with the property. An experienced agent will ensure that there are no such problems attached to your new dream home in the sun.
Similarly, if you recall recently there have been quite a few cases in mainland Spain where beutiful properties have been bulldozed to the ground leaving their owners in tears amid the rubble. Dodgy planning permission is usually to blame (and greedy councillors).
A professional agent knows which land is allotted for building purposes and which is not. He or she will steer you clear of anything that looks less than 100% legitimate. (or at the very least tell you what you are risking should there be a crackdown of illegal buildings in Tenerife in the near future).
The little amount of money you might save on the estate agents fees is really a false economy unless you know exactly what you are doing.
Searching for property in Tenerife is easy. Just go onto Google and type in “Tenerife property search” and you’ll find dozens of websites and real estate agents offering a huge range of villas, apartments, fincas, bungalows, commercials (shops/offices) and land.
Buying here is slightly different from the UK and can be a bit daunting at first. However, all the agents speak English (many of them are English!) and they can help make your property search and purchase as easy as possible.
Tenerife, the largest of the seven Canary Islands, is located in the Atlantic Ocean, off the west coast of Africa. It has a perfect climate, all year round, with most of the sunshine, the least clouds and highest temperatures in the coastal areas.
There’s two airports on the island – Los Rodeos (Tenerife Norte) and Reina Sofia Airport (Tenerife Sur).
The southern airport is located near the metropolitan area Santa Cruz-La Laguna and has flights to and from many national and European airports. The larger airport (Aeropuerto Reina Sofía) is the busiest on the island and the 7th busiest in Spain. This is where most of the regular/charter flights, fly to and from. Being an island, no matter where you are, you are never far away from either airport.
Tenerife is well equipped with a modern schooling system as well as top-class medical facilities.
In terms of schools, you have two options; private (fee paying) or state schools. There are several private schools in Tenerife, where children are taught through Spanish, English or German. State schools, on the other hand, are free and offer a wholly Spanish education.
In private schools, there is usually three terms per academic year and fees are normally paid at the beginning of a term. For state schools, parents traditionally need Residencias, along with other documents such as; birth certs; school reports; medical cards and passports etc. Requirements have eased considerably with the rapid changes made within the EU. It’s best to contact the school in advance to determine exactly what they need.
Like mainland Spain, Tenerife offers the same standard of medical care you’d find back in the UK. Here is a good page of information on Medical Centres in Tenerife
If you decide to invest here, in any kind of property, be it a villa, bungalow, finca, luxury apartment or even a plot of land, you’ll have to pay at least a 10% deposit if it’s a resale property. If you’re buying a new property direct from the builder the deposit starts at 25% of the full purchase price.
In order to open a bank account on Tenerife, you’ll need an NIE (National Identity) Number, which can easily be obtained from the local police station. Small queues can’t be guaranteed though – this is still Spain, after all!
Go online, speak to an agent or to anyone who’s made the move. There’s plenty of people who can help you with your search for property in Tenerife.
Tenerife is a lot more than just sun, sea and sangria. It’s one of the UK’s most popular holiday destinations, with an ever-increasing expat community and a booming property market.
While it is possible to fly to the island and hunt around on foot or pore through local Spanish newspapers looking for properties for sale by owner, the island is well served with professional and experienced English-speaking estate agents the greater majority of which have invested in sleek websites to showcase their extensive property databases making it entirely possible nowadays to do your Tenerife property search from the comfort of your own home.
There are other reasons beside convenience that recommend taking advantage of the services of Tenerife’s estate agents not least among them being that Spanish and British property laws and taxes vary significantly.
Without the professional assistance of an estate agent, you may end up buying a property which has significant debts attached to it which then pass to you, or find that your lovely little villa is in fact constructed on non-urbanised land and therefore is totally illegal.
So, with your heart set on owning your own home in the sun and having decided to seek the services of an estate agent, what next?
Whichever estate agent you choose is going to do a better job for you if you can offer them a clear idea of your requirements.
Do you know where in Tenerife you would like to purchase property?
For a small island, Tenerife’s various towns and villages have remarkably differing characters. If you want all the buzz and excitement of a tourist spot or are buying to let to holiday-makers then Las Americas or Los Cristianos are obvious choices.
If, on the other hand you want all the convenience of being near town but a little less in the thick of things, you might consider Costa del Silencio, Adeje or Las Galletas or Granadilla.
The south is blessed with glorious sunshine year round. That goes a long way to explain the huge popularity of south Tenerife as a tourist destination, but maybe the south of Tenerife is just too touristy for you and a quiet hamlet in the hills in the north would be more to your liking?
Moving to Tenerife with Kids
You will want to research the schools or nurseries (guarderias) available to you in the area you wish to live. Tenerife offers both private English and German education or Spanish state schools.
Travelling to Work
Given its size, you can drive round Tenerife in a day but who wants to commute for two hours a day? You will most likely be wanting to leave some of the pressures of UK life behind. Saying goodbye to long daily traffic jams would certainly be high on the list.
What kind of property would you like to buy?
Many of the residential complexes in Tenerife are quite breathtaking, especially to a first-time buyer from a colder country. Sparkling swimming pools, lush mature gardens and clean reception areas promise a dream come true of long, lazy afternoons and sundowners on the patio. With management of the facilities taken care of by the ‘community’ of owners you need only pay your monthly fees and enjoy your new property which is ideal for the majority of buyers from oversea.
Alternatively, you may envision taking on a rundown ‘finca’ and renovating it from scratch or a villa with private pool on the golf course at Golf Del Sur. The choice is endless but careful consideration of the pros and cons of each property type can mean the difference between a successful move to Tenerife or a quick return to Blighty.
How much do you want to pay?
Experienced estate agents can find all sorts of excellent properties to fit your budget but you must be realistic. While properties in Tenerife are still very good value for money, you really will not find a ‘four bedroom, seafront with large terrace for £100,000’.
Spending some time browsing through online property databases will give you an idea of average prices for property types and locations.
As more and more people look for new ways to build wealth and invest their money wisely, the popularity of buying overseas property grows. Buying a property for sale for investment purposes basically means that you buy to rent out which for obvious reasons is often far more profitable with overseas property.
Not only can you charge a higher rent to tourists but you also have a holiday home that is paying for itself or you move abroad and buy a property which will be worth a lot more than the purchase price a few years down the line. The Spanish owned Canary Islands have always been a popular choice for the overseas property investor, especially the islands of Tenerife and Fuerteventura, but Cape Verde and Morocco are fast catching up, offering property for sale at more than reasonable prices. The procedure of investment abroad is relatively simple, but, if you have never bought an overseas property before it can be quite daunting to take those first steps.
What Does Moving Abroad Entail?
If you are thinking about making the move abroad, there is a fair chance that you already have business or professional involvements that are drawing you away to your future home, but if you are starting from scratch then having a plan well in advance will come in handy.
Think carefully about the area you want to live in.
In your mind, you may be imagining a sun-drenched life of increased leisure, lower taxes, and greater affluence, but there are other things that you need to take into consideration before taking this plunge.
It’s not a thing any of us like to do but it is always worth taking a while to contemplate the potential downsides to the venture. Simple things like, what if your new neighbours are noisy or rude or if the language barrier proves too great or if the more relaxed way of doing things (especially Spain’s infamous ‘mañana, mañana’ attitude) has the completely opposite effect on you. Be prepared for the possibility that this lifestyle won’t agree with you.
Moving away from your home takes you completely out of context. Even though many areas now have a huge expat community ensuring that there are very few things that you cannot get and will miss from “back home”, you will be away from the ebb and flow of your familiar life and this does take some getting used to.
Even those whose reason for moving is precisely that can sometimes find it difficult to deal with. For some, distancing themselves from family, friends, and even from football, the movies, and drinkable tap water comes as a bad surprise.
Of course, with satellite television and the Internet this situation is a lot better than it used to be, still, think about the way you spend your time at home, then translate it into your new environment. How much will you miss? In what ways does your new home duplicate that lifestyle or improve it?
However much you complain about it now, the UK has an excellent health care and schooling system compared to many overseas countries.
This is something that is particularly important if you are moving your family. Make sure you do a thorough check of all the facilities available. If you have an existing medical condition, check out the local physicians to make sure they can care for you when you need them. What about dentists, eye care, and insurance? Before you leave, you have to make sure that these are all in order.