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.
When you bought your property, bank standing orders for Community Fees, Electricity Bills and Water Bills will have been changed to your account, in order to ensure continuity of service. This looks after the payment of these services, but the local system requires that you make the change to your name with the service provider in person. To ease this, Tenerife Property Shop will have prepared a pack for you with clear instructions, directions and the relevant forms completed. All you need to do is follow the instructions. The pack will also include instructions for changing the name and setting up standing orders for Local Rates (IBI) and Rubbish Collection. It is important that you follow the instructions to ensure these five services are correctly changed to your name and are paid regularly from your account. Many clients, new to the Spanish system, find this all a very useful exercise. It introduces them to the whereabouts and workings of the various offices, which can be invaluable in the future.
Even after setting up these basic services, there are other considerations that you will need, depending on your personal circumstances. It may be advisable that you have a Will in place. Home and contents insurance is essential, especially if you are leaving your property unoccupied for periods of time. Life cover and mortgage protection should be considered. If you are planning residence in Tenerife, then health insurance will be a factor to consider. If you are making regular transfers to Euros for mortgage payments, then you need to ensure that this is done in the most cost effective way, or you might end up paying thousands more than you need to over time. You can get good, unbiased advice on all these points from Tenerife Property Shop’s Client Services department. It is advisable to make an appointment to do so as soon as is practical by contacting us.
We know that paperwork in a foreign country and language can be daunting. Rest assured that if you are unclear about anything, our client services department is there to help you. With the peace of mind that this brings, you can now settle down to enjoy your new home.