Owning a home in Tenerife

It is a dream of many people to own a home in Tenerife.  But with the joy of home ownership come responsibilities. 

Just like owning a home anywhere, there are costs involved in home ownership and Tenerife Lifeline guides you through the various taxes and expenses.  The book explains how local taxes such as the Impuesto de Bienes Inmuebles is calculated, which is paid to the local authority.  The catastral valuation of your property is crucial, and Tenerife Lifeline explains more about this institution, unfamiliar to most expats.  Depending on your residency status, you may be charged income tax from lettings… even if you do not rent out your property.  One tax that is on its way out is the Patrimonio tax, but if you owned a property in 2008, you will still have to pay this tax when you do your 2009 returns.  You can find out how much in Tenerife Lifeline.

Another unfamiliar consideration for Tenerife property owners is the Community of Owners.  Tenerife Lifeline covers the rules that communities can enforce, as well as your rights as a resident.  You can find out more information on how your cuotas are calculated and how the democratic process of a community works.  Community meetings can seem disorganised affairs, but Tenerife Lifeline will provide a solid foundation for you, so you are clear what is happening when you attend one.

Links about owning a home in Tenerife

You can request information held by the catastro  here.

You can download modelo 901 to change your local rates into your name here