Buying Property Tenerife

Buying Property Tenerife

What’s with the Tenerife property that makes the Europeans crave for it? Certainly, the wonderful climate in the place is probably the biggest reason for buying one. The therapeutic ambiance that surrounds the place attracts more and more people to go there.

There are numerous wonders in the world that people get interested of. But for some, it just simply becomes a dream because they don’t have the opportunity for visiting such places. Nonetheless, for those who can afford it, here are some interesting tips.

Buying ones own property in Tenerife, Spain is a very fascinating prospect for so many Europeans from the more Northerly climates and in particular for those from the United Kingdom.

Buying Property Tenerife

The majority of Tenerife property buyers start off with a visit to the nearest Tenerife estate agents to buy an apartment for their own holiday use with perhaps a small amount of rental income from friends and relations to help make up for the expenses and overheads. The first small Spanish apartment in Tenerife is bought for holiday use, many of the owners harbor a secret ambition to live permanently in this idyllic island and for this reason often take a look in the windows of estate agents in Tenerife.

This place seemed to be a great package deal. For those individuals with a liking for smoking, drinking and eating out, Tenerife is like heaven on earth; with drink costing about a third of UK prices and cigarettes about a fifth, no wonder the British Customs and Excise authorities is keep a close tab on returning visitors.

Tenerife property owners soon get accustomed to eating out at restaurants as this is accepted as the ‘norm’ in Spain and to be able to eat a good but simple meal with ample wine and usually a free liqueur to finish, often for less than 15 Euros (ten pounds) a head is not at all exceptional.

Having decided to look into the prospect of buying property in Tenerife, usually by studying properties for sale in Tenerife estate agents windows, one has to try to decide what to buy (usually governed by price) and also where it is located in Tenerife.

Many first time buyers of Tenerife property end up with an apartment near to where they stayed on a precious holiday simply because that’s where they were before and that’s where their memories about the place happened. Those sweet memories are what made them decide to buy a property in Tenerife in the first place.

Buying a property there is a very unusual process as compared to buying property in the United Kingdom. You are being referred to the language used on the transactions and other relevant paper works. Aside from this, there are still a lot of things done in a very different manner.

Buying Property Tenerife

For example when buying an apartment in Tenerife, one does not just buy the apartment but also a share of the pathways, swimming pools, lifts and all other facilities which are part of the complex. The costs and expenses of these items is calculated on a percentage basis (depending on the size of ones property) and apportioned accordingly.

Other things to prepare for when deciding to move in to Tenerife is the acquiring of the NIE or Residencia. This is a national ID that is provided to foreigners who wants to move in to Spain. This is a requirement that is strictly enforced. What you will need is your original passport and a photocopy of it and four pieces of passport size photographs.

Check out the local area first to get yourself acquainted. Since you’ll be living there or having your vacations there, it would be best to see whether everything you need will be conveniently located near you.

Talk to the local police or the local government about all the necessary paper works that would be needed for all the transactions you will be doing to make your purchase of the property legal. Avoid loopholes that can let anyone take the property away from you based on some legality.

Prepare your finances. Check out all the taxes you will need to pay as well as all the other expenses. Make sure that you have enough money to cover everything up so that you wont have to pay penalties and fees because you run out of money.