Choosing a developer in Tenerife

Clearly some caution needs to be exercised in choosing to purchase a property off plan.  There are a number of factors that contribute to the success of a development: developer, architects, builders, contractors and the estate agents, or promoter themselves, whose role it is to sell and market the property.  Communication issues between all these parties can often lead to problems. 

Home Insurance

If you own a property and have a mortgage, then your bank will have insisted that you take out an insurance policy to cover the building in case of damage, or even destruction.  In many cases these policies will include contents insurance as well.  These are not necessarily the most comprehensive, nor the best value for money and an independant quote is worth getting.  When dealing with an insurance agent, communication is vital, espacially when it comes to making a claim.

Bank Repossession in Tenerife

This article describes the actions that a bank will take when they repossess your property, but it is best to try to negotiate with your bank first.  Even during the course of this process, you may be able to reach an out of court settlement with your bank such as a dacion en pago, which creates a clean break with your outstanding debt.

Building and Improvement

From the smallest of home improvements to building an entire home, Tenerife Lifeline will help you through the course of your project, from planning and ensuring everything is legal, to choosing contractors.  There are lots of reasons for improving a home: Eco-friendly improvements such as solar energy, refurbishment and restoration, the need for space, adding luxury... the list goes on.  And some expats have even built their own dream properties entirely.

Dealing with Mortgage Problems in Tenerife

In the current economic climate some both residents and non residents of Tenerife may face problems in repaying their mortgage.  It can be a scary position.  Although resident in Tenerife, you may not be confident enough speaking Spanish, and this can make you feel isolated.  Finding out what options are available to you can be difficult if there is a language barrier.  There may be many people willing to help you, but in most cases this will involve a fee.  When times are hard, the last thing you want is an extra bill from an ‘advisor’.  Therefore, it is a good idea to know what your options are.

Furnishing your home

You can achieve wonders with the right choice of furniture, not only to the look and style of your home, but also its comfort and practicality.  Of course only a few of us have the luxury of starting with a blank canvas.  Unless they are new, homes in Tenerife are normally sold furnished, and though we may have loved the property and its location, often we are taking on an interior design disaster.  But even in the worst circumstances, a sharp and experienced eye can produce huge changes at a small cost.  There are differrent environmental and lifestyle considerations in furnishing a Tenerife home, so you will need to throw away some of your clold weather ideas.

The Easy Guide to Non-resident Tax in Tenerife

Most people baulk at the idea of taxes and having to fill in a long form in Spanish can turn even the most muscle bound Adonis into a quivering lump of jelly.  Non resident tax returns are due by the end of December, so to avoid seeing grown men cry, we have put together a simple guide to non resident taxes for Tenerife Property owners. 

Electricity Bills in Tenerife overcharged

Since the change to monthly billing for Electricity in December, expats in Tenerife and all over Spain have been baffled by the amounts taken from their accounts.  One elderly couple from Marbella were horrified to find that their latest monthly electricity bill quoted the sum of 169,340 Euros – enough to heat 200 homes in the depths of the winter!

However, the confusion is not restricted to expats, as electrical companies are being investigated because have been overcharged for electricity  following a change in the billing system in Spain. 

DIY in Tenerife

The number of ferreterías dotted around the island is a testament to the fact that DIY is an island wide preoccupation.  Not to be left out, expats are just as enthusiastic DIY-ers as anyone else – perhaps even more so.  However, improving your Tenerife home will mean refining some different skills than the ones you may have been used to in the UK or Ireland.  If you are tackling a project of any size, you will proabably save money using a tool hire company.

Finding a home in Tenerife

Most British and Irish choose the south to make their home, although this was not always the case.  There was a time when the north was the sought after end of the island.  Choosing where to live in Tenerife is one of the most crucial decisions you will make.  Weigh up the pros and cons of north and south and choose an area in Tenerife that meets your needs. 

Getting a mortgage in Tenerife

Knowing exactly what you can afford, before you start searching for a property in Tenerife, can save time, money and even heartache. Tenerife Lifeline will show you how to calculate how much you can borrow and how much you should budget for.  There are a wide variety of mortgage products and Tenerife lifeline looks at how to get the best mortgage to suit you.

Using a Lawyer in Tenerife

Often estate agents will advise that you do not need to use a lawyer; they might employ some administrative staff to handle the conveyancing process.  A surprising number of transactions meet problems, and in these cases are best handled by a lawyer.  Estate agents have been known to ‘paper over the cracks’ when met with inconsistencies in their enthusiasm to make the sale happen.  Often a problem may not rear its ugly head for years, in which case the agent may yet have planted some time-bombs.  Basically, if an agent advises you not to use a lawyer: find another estate agent!

Handing back the keys of your Tenerife Property

If your property is not in negative equity, then there are a variety of solutions that you may be able to negotiate with your bank, and one of these is called a dacion en pago.  A dacion en pago means returning the keys to the mortgage lender and in exchange the bank will not hold you liable for the remaining mortgage debt.

House and home

Types of property in Tenerife and the housing stock differs from the UK and Ireland.  Find out more about the different types of Tenerife property available and get help with making your decision about what sort of property is right for you.  From apartments in different types of developments to townhouses or even traditional Canarian properties, expats happily live in all types of property in Tenerife.

Letting your home in Tenerife

Letting property is a popular plan, but your income is subject to tax, and you will need to abide by the law if you are considering letting to tourists.  Tenerife Lifeline explains the advantages and disadvantages of renting to tourists, short term lets and long term letting.  There are various costs involved in letting, and different ways of finding tenants.

Mortgage Help for Borrowers in Spain

If you own a home in Tenerife and you are having problems repaying your mortgage, then you may qualify for a moratorium on half your mortgage payments under a Spain wide government scheme.  The measures, designed to help homeowners, allow for the deferment of mortgage payments, reducing their monthly costs by up to 500 Euros. 

Outstanding mortgage debt

It is a common misconception amongst expatriates that handing over the keys for your property in Tenerife will settle the matter with the bank.  This is not the case unless a dacion en pago has been signed at a notary between borrower and bank. 

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. Tenerife  Lifeline has information you will need about  local taxes such as the Impuesto de Bienes Inmuebles, the catastral, income tax and the Patrimonio tax.  You can also find out more about communities of owners in Tenerife.

Renting a property in Tenerife

It can be difficult to get good advice about rental.  Did you know that you may qualify for rental assistance?  Or tax rebates on rental?  Do you know about the different types of rental contracts and you rights as a tenant in Tenerife?  And if you are moving to Tenerife, have you considered the pros and cons of renting first or buying a property in Tenerife before you get here.

Selling your property in Tenerife

With the quiet property market, it pays to get the good advice if you have a proeprty for sale in Tenerife.  Preparing your home for sale, choosing an estate agent or selling your home privately, contracts, taxes, black money are all discussed in Tenrefie Lifeline.

Spanish Tax Reclaim

Almost a billion Euros of Spanish Tax reclaim is waiting for foreigners who sold their property in Spain, have you claimed yours?  If you sold a property in Spain 1997-2006 and you were not a Spanish resident, then the European Court have ruled that you qualify to reclaim a large chunk of the tax you paid.  You can now reclaim this at the best no win no fee rates!

Tax Rebates for Renters

From 1st January 2008, you can deduct 10.05% of the rent paid if renting your main home in Tenerife.

Choosing an Estate Agent in Tenerife

Estate agency is a much maligned occupation everywhere in the world, and Tenerife is no exception. The importance of avoiding incompetent and unscrupulous agents can hardly be overstated. Some of the biggest risks that buyers run are a result of the competence and attitude of the estate agent. Fortunately there are professional, proficient and ethical agents in the market, but the challenge is to know how to find them.

Building a home

Lifeline survey results indicate that more than one in twenty of us have built or are in the process of building our own homes; a far higher proportion than any sample of the general population.  Despite being willing to take a risk, optimists have to be firmly grounded when taking on a project such as building a home.  Choosing the right builder is fundamental to a scuccessful project.

The Hipoteca Joven Canaria

If you are a Tenerife resident between 18 and 35 with two years of provable income, and you are buying your first property, then you may qualify for the advantageous mortgage terms of a Hipoteca Joven Canaria, subsidised by the Canarian Government.  Terms are very advantageous.

Tips for negotiating your problem mortgage in Tenerife

As the recession bites in Tenerife, the biggest monthly bill that man expats need to face is their mortgage.  If you are having problems repaying your Tenerife mortgage, then the following tips may prove useful when dealing with your bank: