Updated on December 7, 2018
Life of modern people is often represented by chaotic pace and stressful events. More and more individuals decide to leave their cities and even countries for Spain, which is a safe haven for everyone seeking to change their lifestyle. The highest point of Spain is Mount Teide, which is located on Tenerife, in the Canary Islands. Property Tenerife is purchased quite often these days because of the unique atmosphere, perfect climate explained by its location, and amazing sights that Tenerife offers. So, it’s only logical to consider the properties for sale in Tenerife, and there are things that you need to know.
Buying Property in Tenerife: Why?
The reason why the highest point in Spain is so popular is based on the advantages that it possesses due to its favorable location. The climate is warm all the time, so you can enjoy the sun even in winter. Numerous points of attraction form the second aspect that makes this location popular.
Tropical gardens and historic towns, mountains, sea, and forest can suit any tastes of any person. Furthermore, life in Tenerife is quite cheap, so once you’ve purchased a property there, you’ll most likely have no problems with maintaining it as the usual cost of living for one person is 600-700$. So, how to purchase Tenerife property?
Buying Property in Tenerife: How?
The process of buying Tenerife property consists of the following steps:
- Hiring an experienced lawyer;
- Paying a property reservation fee/paying a deposit;
- Waiting for the process completion;
- Transferring the rest of the funds.
These four steps are usually all it takes to successfully complete a purchase. Hiring a lawyer is essential because he or she will help you make sure that you benefit from the deal 100%. Any questionable issues will be resolved by the lawyer and all payment and conditions options will be his or her responsibility.
Then, you’ll have to pay a reservation fee, which is usually around 2000$, to demonstrate that you are truly interested in buying this particular property. A 10% deposit has to follow shortly afterward.
You’ll have to sign all the documents provided by your lawyer and pay additional fees, which include registration fees, land search fees (if you had help in finding a perfect property), Spanish notary fees, and Spanish property taxes. There are also the conversion rates, so make sure to find a proper foreign exchange broker.
That’s it! In about six weeks, the process of purchase will be completed. The lawyer will be primarily responsible for organizing everything, so find someone you can trust — but still, read everything carefully before you sign it.