By Laura Davidson
Place In The Sun Couple Snap Up Second Flat In Their Favourite Canary Island Development
Sun-worshippers Kevin and Pauline McLean didn’t have to think twice when they decided to invest in a second holiday home.
The couple reckon they made the best decision of their lives when they snapped up a studio flat in Tenerife eight years ago.
It has been a welcome retreat from Scottish winters with temperatures on the Canary island topping 70 in December.
So it was the perfect location for their second home abroad.
Kevin said: “We looked all over the island but couldn’t find anywhere as nice as the complex our studio is in at the Castle Harbour development in Los Cristianos.
“So we ended up buying our second apartment there.
“The location is great. It’s in a quiet pocket of Tenerife but lively Las Americas is easily accessible.
“Pauline and I are happy to lie and sunbathe all day, so the onsite facilities were important to us.
“Castle Harbour has a fantastic big pool, a bar, restaurant and tennis courts. Other developments we looked at had postagestamp-sized pools.
“After a tour of the island, we heard there were places for sale at Castle Harbour and decided to stick with what we knew.”
The couple, of Newton Mearns, Glasgow, chose a two-bedroom duplex at the complex.
Their first step on to the property ladder came in December 1999.
Kevin, 40, who works for the Royal Bank of Scotland, and travel consultant Pauline, 37, had visited Tenerife many times and combined a house-hunting trip with a winter break.
Kevin said: “The development was five years old then. We liked that it was well established.We didn’t want to buy off-plan because we’d have found it hard to imagine the finished article.
“We liked the fact there was an onsite English management company who could deal with rentals for us. The sellers had a long list of people who had rented it so we knew we’d be assured rental business – it was great for peace of mind.”
Kevin and Pauline paid £35,000 for their studio – paying 80 per cent from savings and taking out a mortgage for the rest. Rentals more than cover mortgage and management fees. Their second flat cost £130,000. It had been extended from a one-bedroom into a two-level duplex with two bedrooms, two bathrooms and a large open-plan lounge.
The couple funded half the cost with savings from Kevin’s work share-save scheme and the other half with a mortgage. Kevin said: “This apartment is the one we can offer to family and friends because the studio makes the money on the rental market.
“We’re not worried if we don’t cover all our monthly costs with this one because we’re looking on it as an investment.
The money we’re paying towards the mortgage every month is like putting away savings for our retirement and the idea of spending longer periods there as we get older really appeals.
“It’s great to know that when the weather is so awful here, we’ve got somewhere we can escape.”
For further information on apartments for sale or to rent in Los Cristianos please visit Sol Canarias
FACTFILE
Experts say this is a good time to buy in Spain because we are entering a buyers’ market with property prices having dropped on average by 20 per cent. Many believe this counters the weak pound against the euro.
Use a professional and established estate agency and a recommended Spanish solicitor.
New laws introduced in Spain this year favour the homebuyer. They require builders to get planning permission before doing any construction work. This reduces the risk of buying illegally-erected buildings.
Have your finances in place. In most cases you will have to pay 3000 euros to hold a property then pay a 20-30 per cent deposit within a month or two, followed by the balance when signing with the notary.
A mortgage of 70-80 per cent is available from most Spanish banks.