Explore
the Prospects of Buying Property in Tenerife
One may wonder
what makes property buying in Tenerife a craze amongst Europeans. Yes,
the reason is none other than the fantastic climate and the soul-stirring
ambience prevalent in Tenerife, Spain.
When you
analyse the statistics you will come to know that majority of property
buyers in Tenerife are from Europe especially from United Kingdom. Buying
a property in Tenerife, Spain has become an addictive prospect for many
Europeans.
Many people
are initially attracted by the serene nature of the island and fall for
buying an apartment for their own use during vacations. They also let
out their apartments for meeting their mortgage commitments.
Many who
bought apartments for small time use during vacations get so engrossed
in the scenic beauty and the comfortable living they start yearning for
a permanent settling in Tenerife itself.
Tenerife
is like a heaven on earth for those people who like smoking, drinking
and eating out. The cost of such things is also very cheap and is only
one third of the costs prevalent in UK.
New Tenerife
property owners very soon get accustomed to the prevailing culture of
eating out, as one may have to spend only ten pounds for a good meal with
ample wine and usually a free liqueur to finish.
If you make
up your mind to go for that fascinating buy, then decide your budget and
the location of the property within Tenerife.
Many persons
who visited Tenerife and stayed there normally end up buying property
near a place where they stayed probably to hold their first ever-wonderful
experiences in their memory forever.
The procedure
involve in buying a property in Tenerife is totally different from that
of buying in United Kingdom.
The rules
governing acquisition, languages used in transactions, related paper works,
etc., are different.
For example
when you buy an apartment in Tenerife, you not only just buy the apartment
but also share pathways, swimming pools, lifts and all other facilities
that are part and parcel of the complex.
Relative
costs of these items are worked out on a percentage basis and added to
the original cost accordingly.
Further,
as a property owner you are also supposed to acquire a national ID by
name NIE or Residencia to move into Spain.
This is one
of the fundamental conditions to be fulfilled and you need to submit a
photocopy of your passport and four numbers of passport sized photographs
for this purpose.
Check out
the location and ascertain whether all the facilities that you may require
during your vacation or stay are available near by.
Talk to the
local police or the local government about all the necessary paper works
that would be needed for all the proposed transactions.
Ensure that
you comply with all legal formalities so as to have a clear title over
the property.Prepare
your finances. Check out all the taxes that you may need to pay.
Arrive at
the quantum of other expenses. Make sure that you have enough money to
cover everything so that your stay in Tenerife is pleasant.
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