Ray of Sunshine

You totted up your savings, shook your head and kept dreaming.  But with the recession still squeezing property prices in Tenerife, the cost of turning dreams into reality means that more and more people can afford to find their paradise in the sun!  This month we have a heart warming story of how a property purchase changed one couple’s life.

Top 10 Travel Tips for Foreign Property Owners

If you are a foreign property owner then check out these 10 tips that will save you time and money when you visit your holiday home overseas.

Beat the End of Summer Blues

We all get the end of summer blues, especially those of us who live in northern Europe.  The weather closes in, the rain starts its endless drizzle and the sun becomes a distant memory.  There’s not much to look forward to as each tomorrow promises only darker mornings and shorter days.  But what is the best way to defend your health and morale against this descent into darkness?

Your Responsibilities as aTenerife Property Owner

Most of us are so tickled pink when we have bought a property that we hardly give a thought to all the boring paperwork and ongoing responsibilities that we have taken on board. Purchasing through Tenerife Property Shop will give you peace of mind, and remove any nagging feeling that you may have forgotten something that will come back and bite you

The community of owners

The majority of people who buy a house or apartment in Tenerife will find themselves a member of a Community of Owners. The law covering the legal rights and obligations of owners is contained in part of the Spanish Civil Code called the Ley de Propiedad Horizontal, the Law of Horizontal Ownership. This law applies to separate houses or terraced properties and also to developments of high-rise apartments where the ownership could be said to be vertical as well as horizontal.

Insurance

PROPERTY: In the same way that you would have your house and contents insured at home, you must insure your property here as well. The insurance of all the common parts in your complex or urbanisation is the responsibility of your Owners Association and sometimes that insurance would give some cover to privately owned parts of the building as well. However, the level of cover is generally not very comprehensive and would not cover your contents at all.
In some instances it is better to have your own insurance for your property and its contents. The premiums are not expensive and we can arrange this for you, if you so wish.

Making a will

Statistics show that people do not like making Wills. It is understandable that people do not like to consider death, but it is irrational not to consider what should happen to your assets should you die, and make sure that your accumulated wealth is distributed in accordance with your wishes.

Glossary of Spanish terms

A short Spanish / English dictionary of useful words associated with buying, selling and owning property in Tenerife.

Tenerife Property Owners Ripped off by Banks

Suspicions that banks are clawing in every penny they can are confirmed by recent statistics which indicate that British overseas property buyers were ripped off by banks and other currency providers, such as bureaux de change offices, to the tune of over £242million last year, by not being transparent enough with how their foreign exchange charges are calculated, according to estimates.

Reduce your mortgage costs

One thing we all want to do is to reduce our mortgage costs, but it used to be difficult to swap lenders in Tenerife because of the costs involved.  Changes in law have made it much cheaper to remortgage a property.  However, even though it has become easier to reduce costs with a different lender, finding the right deal to suit you can be difficult.  Not only is there a language barrier that prevents many foreign mortgage holders from accessing some of the best offers on the market, but the market itself is rapidly changing. 

Tenerife Property Owners at risk

New legislation which came into force in January affects British foreign property owners in Tenerife.  The new Rome II regulations affect cross border legal disputes and leaves foreign property owners open to public liability challenges from the UK.  Over 90% of British overseas property owners are now under insured, and the figure is likely to be similar in Tenerife.