Searching for Property Online with No Clear Plan
There is a lot of great property in Tenerife. Many of the houses and apartments for sale right now look so fabulous in the photographs displayed on the estate agent website that it is easy to get distracted from your actual requirements. Don’t start your online search until you know:
- what is the maximum price that you will pay for your new property;
- the size of the area in which you want to live and any specific requirements of the location;
- the number of rooms you need;
- is a garage, balcony/terrace or communal pool a deal breaker?
There will be items that you are willing to compromise on but by having a clear list of specific requirements you are much less likely to be swayed by pretty pictures or clever descriptions. You will save time, money and visits to houses that are really not what you are looking for.
- Forgetting About Added Purchasing Fees
Purchasing a property in Tenerife, as elsewhere, involves a number of costs over and above the listed price of the house. By taking into account the conditions of the mortgage and the additional expenses you will be able to take it in stride if the Euribor rises and you will have money set aside to meet taxes, pay the notary and if it is a part of the purchase agreement, meet the expense of the added value tax (a fee which is considered to be borne by the seller by law but which often in reality falls to the buyer).
- Not Considering the State of the Property Before Purchase.
Some properties can be bought at bargain prices because they are in a state of disrepair and need some renovation before moving in. It is common for those who have not had the experience of renovation a property to underestimate the amount of time and money involverd in getting a house or apartment back to a habitable state. While it is true that there are bargains to be had, you would be best advised to seek professional estimates of the building work required and seek appropriate discounts accordingly.
- Buy in Haste, Repent in Leisure
In the current economy the seller will be keen to press for a quick sale. Real estate agents are professional sales people and some will be very skilled at subtly (or not so subtly) pushing you to a buying decision. But a house is not an impulse buy. You need to take a breath and consider the purchase from all angles. Is it right, does it fill all the requirements you noted down? Is it well located, central to your needs? Is the financing favourable?
- Buying in the Wrong Area
For many expats, the coastal areas of Tenerife seem like the ideal place to live. The major tourists’ resorts of Los Cristianos and Las Americas glitter like diamonds after the dull urban sprawls of grey UK cities. But is buying a house in the tourist district really what is best for the family? After the glitter has worn off a bit, many reconsider their first decisions and move to locations like Adeje town or farther out to Arico where larger properties can be had for much less money.
In summary, the best advice is to consider your needs, take your time and do not be pressured into a snap decision. Don’t forget to also consider the Spanish property portals when searching for property in Tenerife, where you might just find a hidden gem. The website Ventadepisos.com has listings for Tenerife and other cities.