All new property built after the year 2000 has to have a 10-year structural guarantee by law. Title deeds (escritura) are guaranteed freehold and free of any debt on all new builds. New Property built in Tenerife uses the highest quality materials, modern technology, techniques and finishes.
You can either purchase off plan or during construction, you will be quoted a build time for either of these. You may also purchase a key in hand property, which is ready to move into.
Tenerife property prices are quoted in the currency of the country (euros) as the exchange rate can change on a daily basis. You also need to allow an extra 10% to cover the cost of IVA (VAT), which is 7%, and the remaining 3% will normally cover the solicitor/notary expenses.
Should you find that dream ‘Home in the Sun’ and wish to purchase the following is a guide for your reference;
- An initial deposit/reservation fee of 3,000 euros is paid to secure the property.
- A legally binding contract is drawn up in Spanish and English.
- At this stage the price is fixed by the contract and cannot be increased.
- The property is taken off the market and cannot legally be sold to anyone else.
- Approximately 40 days later a further payment of between 30 to 50% less the initial deposit/reservation fee already paid, will become due. Most builders require a 50% second stage payment however some do accept 30 -40% if the property is going to have a mortgage on completion.
- On completion you will be required to attend the solicitors office in Spain to make the final payments for the property, at this stage you will also be required to pay the 7% IVA/VAT, Stamp duty, Land registry, Solicitor and Notary fees as well as the cost of your water and electricity contracts. This is usually covered by the allowed 10% that we mentioned earlier.
- It will also be necessary for you to attend the Notaria to sign the Escritura, which is your title deed for your property.
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We would like to emphasise and assure you that you will not be alone during this process. You will have an experienced representative to accompany you and guide you through the whole legal procedure. This is standard procedure and part of our personal service to you.
Once you have signed the said deeds etc and you have realised your dream of owning a Home in the Sun we can continue to offer help with furnishings and white goods. Some new builds are sold with a basic furniture pack but, if this is not the case our representatives in Spain can introduce you to local retailers who offer this service. In Spain they are very helpful and will endeavour to fulfil all your criteria. Service and delivery is excellent.
Furnishing an average two bedroom home can be achieved for around £3,000, this will include everything down to the knives and forks!