5 Top Tips – Buying Property in Fuerteventura
Fuerteventura is a popular destination for holiday-makers who are looking for year-round sunshine and stunning scenery. With property prices in Fuerteventura to suit all budgets, it is easy to see why many people choose to buy property in Fuerteventura.
Whilst it is easy to get carried away when searching for your home in Fuerteventura, it is important to do your research to ensure that you get it right. Here at Total Buying Abroad we have some top tips to help you are thinking of a property in Fuerteventura, whether it is as a holiday home, an investment or for a permanent move.
Contact a good Estate Agent in Fuerteventura
Estate agents in Fuerteventura are not regulated so it can be hard to know a good estate agent from a bad one. It is important to contact an estate agent in Fuerteventura that can speak English and has a good knowledge of the island. They should listen to your requirements and show you properties that suit your criteria and your budget.
The agent should be able to advise you of the rental potential on a property and any restrictions on the property. They should not try to pressure you towards their recommended lawyer and instead should allow you to find your own independent lawyer in Fuerteventura. Download our FREE guide to buying property in Fuerteventura for further information about how to find a good estate agent in Fuerteventura.
2. Instruct an independent English-speaking lawyer in Fuerteventura
It is strongly advised that you do not use a lawyer associated with the estate agent, developer or seller. Instead you should source your own independent lawyer in Fuerteventura. It is recommended that you contact a lawyer in Fuerteventura before you go on any trip where you think you may decide to make an offer on a property. This way you will already have spoken to the lawyer in Fuerteventura, received a quote for their services and will have their contact details to hand should you find a property that you want to purchase. It is strongly advised that you do not sign any contract or pay over any money until you have received advice from an recommended lawyer in Fuerteventura.
Once you have found your perfect property in Fuerteventura, your lawyer will be able to carry out searches on the property to ensure that there are no problems with the property. If you provide the lawyer with a Power of Attorney document, your lawyer can also complete the purchase on your behalf if you are not able to be in Fuerteventura to complete the purchase yourself.
3. Ensure that you know the costs involved and requirements with a property purchase in Fuerteventura.
Before you begin to look at property in Fuerteventura you need to know your budget. The buying process in Fuerteventura is different to that of the UK. Once an offer has been accepted, an initial contract (Contrato privado de compraventa) is signed quite soon in the process and a deposit (usually 10%) is required to be paid. This commits the buyer to the property and usually the deposit will be forfeited if the buyer pulls out of the purchase.
Other costs to factor into your budget:
Taxes and Fees
A general rule is to allow an extra 10% on top of the purchase price to cover the additional expenses, including tax, notary and legal fees. This figure may be slightly higher for lower value properties.
Community Fees and ongoing costs
It is important to find out what the ongoing taxes would be with any property purchase in Fuerteventura and what the community fees would be as these can vary greatly from area to area. If you are planning to rent out your property then you may require a tourist license in order to do so. It is therefore worth checking the requirements and costs associated with this.
NIE number and bank account
An NIE number is a foreign identity number and is required by non-Spanish citizens who wish to carry out a financial transaction in Spain or its islands, including property purchases in Fuerteventura. Your lawyer in Fuerteventura should be able to assist you with getting an NIE number and open a Spanish bank account if you don’t wish to do this yourself.
Mortgage for property purchase in Fuertentura
It is important to find out how much you are able to borrow and what the associated costs would be. Download our FREE guide to buying property in Spain for further information about getting a mortgage in Fuerteventura.
4. Use a currency specialist to transfer the funds for your property purchase in Fuerteventura
It is likely that your property purchase in Fuerteventura will be in euros. If your funds are in a different currency you will need to exchange your funds into euros. As the exchange rate changes daily there can be a big difference in the value of your currency on the day you make your offer on the property and the day of completion where you pay for the property.
A negative fluctuation can cause big problems, particularly for people who have a very tight budget, as it means the same property is could be a lot more expensive by the time you come to complete the purchase.
It is therefore recommended that you speak to a currency specialist who can help you to avoid the fluctuations. They can also save you money when compared to using your high-street bank. More information about currency exchange and how you can save money on your property purchase can be found in our FREE guide to buying property in Spain.
5. Get organised
We recommend that you establish your contacts to assist you with a purchase before you go on a property viewing trip to Fuerteventura. That way you will already have had some initial guidance from them, received quotes where applicable and have a good idea of the costs involved before you view a property.
It is very easy to get caught up in the moment of finding your dream property and in excitement and panic, mistakes can be made. Doing your research and getting organised will help to ensure that your property purchase goes smoothly. Even if you do not find your dream property on your first trip, a good agent/lawyer/currency specialist will understand and will be happy to keep in contact until you do.
If you are planning to buy a property in Fuerteventura, here at Total Buying Abroad we can assist you at any stage of the buying process. We can put you in touch with recommended Estate Agents, English-speaking lawyers in Fuertevetura and currency specialists to help you buy property in Fuerteventura safely.
Whether you are planning on buying property in Fuerteventura now or in the future, our experts can assist you throughout the process. You can download our FREE guide to buying property in Spain which is packed full of information to assist you with your property purchase in Fuerteventura. Simply fill in the form on the right-hand side of this page to download yours.
If you have any further questions or would like assistance with at any stage of your property purchase in Fuerteventura, call us on 01244 478911 or email email@example.com and one of our advisors will be happy to assist.
Article published: April 22, 2017