Top tips for buying property in Lanzarote

Lanzarote remains a popular choice for those looking to buy property abroad. Thanks to the year-round warm weather, diverse landscapes and relaxed culture, Lanzarote has captured the hearts of many foreign property buyers. Popular areas for property purchases in Lanzarote include the lively tourist towns of Puerto del Carmen, Playa Blanca and Costa Teguise.

When you’re buying abroad it can be a worry when you don’t know the system or speak the language- but don’t worry, we are here to help!

Here are our top tips for to make sure your property purchase in Lanzarote is a safe and efficient as possible!

Do your research!

It’s easier than you think to get carried away, (especially in the sun after a cerveza or sangria) but you need to make sure the property and the area are going to meet your needs and expectations.

Lanzarote is a popular tourist destination year-round, which may have something to do with average daytime temperatures from 21 to 29 degrees and more than 300 days of sunshine every year! Depending on the lifestyle you want you should make sure your dream home in Lanzarote is in the right location for you.

Understand what the total costs of buying a property in Lanzarote will be before committing to a purchase. Reservation deposits are usually non-refundable, so before you make a down payment, make sure you understand the associated costs of a property purchase first.

Check out our article What is the cost of buying a property in Lanzarote? for more information.

If you need to finance the purchase with a mortgage, loan or intend to remortgage an existing property to release funds, make sure you’re able to obtain the mortgage or loan early in the process so you can budget accordingly.

Want to know more about Spanish mortgages? Read our article: Getting a Mortgage in Spain.

Get organised!

Being prepared and well-informed is the key to making sure that you avoid the pitfalls that some people fall into when buying property in Lanzarote.

It’s never too early to get organised and contact a lawyer in Lanzarote. Having an introductory conversation doesn’t mean your obliged to use their services. However, it does mean that you have an expert on hand to guide you through the process and answer any questions you may have, plus they can provide a no-obligation quote, so you can be clear on the costs involved.

It is strongly advised that you DO NOT use a lawyer that is recommended by the seller, estate agent or developer, to make sure that there’s no conflict of interest. You want to be sure that your lawyer is acting solely in your best interests, rather than trying to rush through a quick sale in favour of the estate agent or seller without properly investigating the property to look after your interests.

It’s not uncommon for there to be discrepancies relating to ownership and planning permission with regards to properties in Lanzarote, so instructing a lawyer at the earliest opportunity to carry out all the necessary searches means you can rest assured that your investment is safe.

Unless you speak fluent Spanish, we highly recommend that you instruct an English-speaking lawyer in Lanzarote who also has experience of assisting international clients in relation to property purchases.

It’s also advisable to try and contact an estate agent in advance of booking a viewing trip to avoid any disappointment. Most estate agents in Lanzarote will work with other agents on the island to facilitate viewings, so it can be easier to find one agent that you’re comfortable with and they can do all the leg work for you in arranging viewings, rather than dealing with multiple agents and a complicated itinerary!

Be clever about your money transfer when buying property in Lanzarote!

Using a currency specialist is the most cost-effective way when it comes to transferring the funds overseas and between currencies. Typically, using a currency exchange specialist rather than making the transfer through your high street bank will save you between three and five per cent of the purchase cost. So, on a €100,000 property you could save up to €5,000, which is more than enough to cover your legal fees (and a few celebratory sangrias too)!

They can also help you ‘fix’ and track rates so you can make sure you get the best rate and budget accordingly.

Read more about this is in our article: Why you should use a currency specialist when buying overseas.

If you have any questions about buying a property in Lanzarote or would like a recommendation for useful contacts who can help you buy a property in Lanzarote safely and efficiently – including an independent English-speaking Lanzarote lawyer, mortgage advisors, currency specialist and more – call 01244 478911 or email  info@totalbuyingabroad.com.

 

You may also be interested in…

Do I have to sign a reservation contract when buying in Spain?

Do I need a lawyer or a notary when buying a property in Spain?

 

Image credit: Image by neufal54 from Pixabay

Article published: July 8, 2019