Today, we are meeting the director of the company Renata. A long term resident in the Canaries, with banking background and prolonged experience in real estate field. She will answer usually tackled questions, when it comes to buying real estate in Canary Islands.
What is Island Home?
A team of experienced real estate agents with one set goal; to help people find home, or a property for investment.
How much do your services cost?
It’s all FREE from consultation to buying.
Does it cover all Canary Islands?
Currently, mainly Tenerife, as we are based here, but covers all Islands. If someone asked for help in sister island, I would pack my bags and go!
Why home in Tenerife / Canaries?
Mostly because of great climate all year round. It’s ideal for holiday or just spending cold winter months. Whether it’s to raise kids or to spend retirement. The islands are full of friendly people surrounded in a relaxed atmosphere. It’s completely stress free.
Is it a good investment? Why?
It is. The islands circulate large amount of tourists 12 months a year. There is no such a thing as season, which means, once you own property, you can offer long and short term let all year round.
What area and type of property would you recommend if buying as an investment?
It really depends on a budget. Anything from studio flats to large private villas. I have recently received a few requests on renting rooms, I don’t specialise in lets, but it’s just a proof that anything you buy, pays off.
Los Cristianos, Las Americas and Costa Adeje are usually the best areas.
Why buy a property in a hotel complex?
It’s good as you may be offered a fixed monthly contract, so you won’t need to worry about renting it out, it also attracts more people, with facilities such as swimming pools or entertainment and more.
What is your price range?
Anything between 50.000- 1 million euros. It depends on area a lot.
What is the buying process in Tenerife?
First step is a consultation where we discuss the budget and criterion, then we look for properties and once chosen, we reserve it. Finally we sort out the documentation and in presence of notary, seller and buyer exchange keys to a bank cheque.
Not all properties are listed on the website, it’s best to contact us, so we can start searching accordingly to your requirements.
NIE (tax identification number) and Spanish bank account are necessary for the procedure. We will help you with all necessary documentation. It only takes less than one day to have NIE and bank accounts sorted.
Is it possible to buy from abroad?
You can reserve chosen property, but you will need to be in presence to buy. We offer meeting online, and we do as much as possible over distance if necessary.
How long will it take for me to become a legal owner?
Once you choose a property, it will only take about a week.
How much mortgage can I get?
Individually. If you wish to buy from for instance UK, Germany, Belgium etc., you can get anything up to 60%. If you work in Spain, you will get up to 80%. It is always best to have personal consultations with different banks, which we also help with. .
Taxes and ongoing expenses?
8% – 12%.
Are homes sold with furniture too?
Yes, it is very popular in the islands.
Visit www.islandhome.es to get a free advice and assistance today.