THE HUNT IS UP!
The Canaries are brimming with different housing options, from beachfront apartments to town flats, rural homes to luxury villas and off-plan opportunities in abundance.
Apartments tend to offer good security but carry noise from next door, terrace and town houses give access to amenities but have little privacy and, while rustic homes can be rewarding and well-priced, they almost always require attention and can prove costly.
By now you should know what type of abode you are looking for but it is a good idea to see examples of all types of homes on offer before selecting a suitable solution for you and your family.
Work to your budget and don’t be tempted to go beyond it. Be firm with your agent about your upper limit. If he is working for you as he should he will understand immediately.
When viewing properties take photos as a visual record and write detailed notes for later reference.
Never go behind an estate agent’s back to cut a cheaper deal with the vendor. Be as honest with him as you expect him to be with you.
Never play one agent off against another as the problems inevitably end up in your lap. You are entitled to use as many as you wish but don’t abuse that position.
It is best to have a shortlist of three or more homes when you return home, rather than to pin your hopes on one must-have dream. Be practical about what you are doing, but also willing to pull out if you are not sure.
It may be necessary to make a bid for a property immediately but be sure you have reached your conclusions correctly and do not act in haste.
Return home with all your information in order and weigh up the pros and cons for each property, considering the move from where you are based. The market can move quickly but a little haste and further reflection can make a big difference.
Make your initial enquiries and offers from abroad. Continue to enquire about other properties after making a bid for one. This maintains options if your first selection falls through. Be honest with each agent as to what you are doing when you make a bid on a property.
SPANISH SUPPORT
It may be wise to investigate the financial aspects of funding your purchase while you are in the Canaries.
While you already have a relationship with a bank back home, there are good offers to be found in the local banking market – especially at branches close to rapidly developing areas.
Mortgages in Spain are very similar to arrangements in the UK. Spanish banks typically offer fixed, variable or mixed rate mortgages whereby mortgage repayments, remain constant, fluctuate or do a bit of both respectively.
Most banks will offer up to an 80 per cent mortgage if you have a resident’s card. Non-residents are typically awarded a 60 per cent mortgage subject to credit rating. Proof of monthly income will be required. |
