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Top Ten Tips for Property Investment in Tenerife-
Always try to get in at the beginning of the project when you can select the best properties at the lowest prices. If you come in halfway through, obviously the properties that remain will be the least desirable and will probably have incurred at least two price increases from the beginning of the project. -
Always make sure the area you are looking at is among the most popular areas locally. The most sought after areas in Tenerife include, Fañabe, San Eugenio Alto, Torviscas Alto, Palm Mar, and in the area of the Bahia del Duque Hotel -
Always ask to see the contract in English, not just the one page reservation agreement, but the full contract. -
Use a reputable estate agent. Most building companies will pay a commission to the agent, so you get him working for you for free. -
Remember, that the reservation deposit (usually 5,000 to 10,000 euros) is non-returnable. -
If you read the contract and don’t understand it, use the services of a lawyer (abogado). -
If your property has views but has land in front, make sure you find out if permission to build on that land has been given. Your estate agent or lawyer can check this at the town hall. -
If you want to make the final payment by mortgage, make sure your circumstances will enable you to get the mortgage. If you are unable to complete, you will probably forfeit your deposits. -
Remember, one day you will want to sell it, so keep in mind what will appeal to most buyers, position, views, and size (2 bedrooms will appeal to more buyers than 1 bedroom or studio) -
Don’t be afraid to ask questions, the seller owes it to you to provide full explanations and you owe it to yourself to know exactly what you are doing.
Related Tenerife Property Articles: Investing in Pre-Construction and New Development Projects in Tenerife Tenerife Property - Better Than A Pension | |
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