I’ve just came across this vlog and I’m 5 minutes in and I can’t tell you how much I appreciate you both being so honest about buying in the canaries. We’ve bought and sold 3 properties in the past in Tenerife.
I have never heard so much TRUTH. Excellent. As an ex pat (but not in Spain) of 17 years I concur with all the points made. One major thing I would add, beware buying on a communal site where people don't pay their communal fees or pay late .. and the fact that some properties that are mortgaged - which people just walk away from when times get hard ...that end up being repossessed by the banks. In my experience, the banks do not pay communal fees or towards contigency/sinking funds. Buyers should try and contact the Committee Manager before buying if they can. As much as I like a Place in the Sun, and as much as I love living abroad, it should come with a public health warning! People need to watch this video first and do their homework! I know many that have lost thousands.
Your dad is one of those people I could listen to forever and never get bored. Such a rich personality and a joy to listen to. Reminds me of my grandad who's sadly no longer with me.
Live in the complex for 6 months befor you buy , you may find your apartment is next to a generator...very loud ..looking over the pool may be nice But the noise ! The apartment at the back looking over the golf course maybe the better option..check out the service charge .... Easy to buy ..hard to sell ..and they will built on that view....maybe just rent ..neighbours become a problem ..just move ..
The TV shows are for the purpose of entertainment, many of the people on there don't up buying, some have no intention of buying. Once an offer is accepted it's treated as though the purchase is completed, yet this is far from the case, around a third of property sales fall through after an offer is accepted. They tend to say things like 'We want to be near a town so that we can integrate with the locals,' then they only looks at properties in urbanisations aimed at foreign buyers. They tell the presenter 'It's been my dream to move to Spain for 15 years, yet when asked if they've made any attempt to learn Spanish it's normally 'no but I'd be happy to go to classes.' They generally don't know about the buying process, or taxation. They often think that they can rent out the property remotely yet have no idea about what's involved. Sometimes they haven't even visited the country or the area that they want to move to & invest a life-changing sum of money into, which is simply unbelievable. I'd suggest that many of the people on these shows would be better off renting in a few different areas first to get a feel for the place, and to speak to different people about the realities of what their new lives would be.
it really bothers me that people dont look after other people's property and even if you have kids thats no excuse, i taught my daughter to have respect and when renting i keep my tenerife apartments as clean as my own home, its sad because it makes the rest of us look bad.
We go in private rental appartment and I always leave it as I find it. I got a lovely txt from the owner when I left this year saying how nice it was to find the appartment clean and tidy
Check, check again and do your due diligence, english estate agent showed us a property at 240,000€ spanish estate agent showed us the same property 190,000€..... selling an apartment a well known lawer in the south tried to con us out of 3,000€...we pulled out and rectified the minor paperwork detail for 250€..don't be bullied or blind sided by slick Lawers .if your not confident take someone with you who is...don't be afraid to walk away and think things through.
Great eye opener your video for those people intending to buy in the Canaries. I originally came from Las Palmas to London in 1968 and have lived in this lovely city ever since but if I ever decide to go back to my unforgettable island where I was born your video has made me a lot wiser about owning a property in the Canaries. Thank you
the pool thing is spot on. we bought our house in crete with a pool (private residence) and it costs a small fortune even when everything is running smooth. we will eventually sell and downsize as in reality this propery is a bit too big for us, and when we do the pool will be a great selling point but our next place will absolutely not have a pool. as you said the sea is the best place for a swim, and unless you have a heated pool, youre not going to use it other than when you would use the sea. our local beach is less than 10mins from the house by car
After buying a number of years ago, and enjoying in La Caleta and Del Duque, now sold, what agents don't tell you is that the same property can be for sale with other agents at different prices. Also when showing you around the agent may say 'this is the last property on this complex for sale', what they really mean is it's the last one and was probably the only one with them, that's for sale, other agents may be selling other properties on that complex. You and you're dad are doing a good job.
Hi guys great vlog, thanks for all that information really appreciate it. I went to a place in the sun roadshow some time ago and had a chat with one of the presenters on the show, but while I was in the line before the chat one of the staff of the show told me that if your looking at buying a property abroad you will need between £10.000 & 20.000 for you legal fees & costs. Like you say anything left over is a bonus. Again thanks for that guys, food for thought, 👍
The post is spot on. I have owned and still own a flat in Ibiza for nearly 10 years, it makes me chuckle when I see the programs on TV. To stand still the expenses are 4.5k a year and that’s for a flat in a residential block without a pool. 1.1k for council tax, 0.5k tax for residential use, 1.2k for service charge, water, electricity, broadband, bank charges, flat insurance 0.5k. Not mentioned is a home watch service whilst you are away, mine checks the apartment every 30 days, they do the cleaning and laundry which is extra and arrange any maintenance. This year we had an additional 2k for the external works and then we replaced the whole of the Airco which was nearly 19 years (from build) old another 8k. I have heard about how expensive pools are, go for community ones or the sea, we have the sea at the end of the street or use the local hotel pool with a day pass. Make sure you view can't be changed and is mature this is essential. Also car parking spaces, when they are near the sea and below ground level they can flood, ours is ground level. Looking forward to retirement and our next 10 years of ownership, new kitchen, bathrooms x2 and flooring at some point. Oh and learn the language its makes life a lot easier abd they will appreciate it.
We bought our apartment in November in Royal Palm. All went smoothly with a good estate agent, solicitors and currencies Direct. Oasis management letting it. As you say too make sure you book your weeks out as it is busy
One final thing. you mentioned ,committees. in my entire life i have found anywhere there is a comittee it is usually be for the benefit of themselves.
My partner bought new casa off plan, North of Alicante, So many problems ! From terrible bodged workmanship and later finding out that her access road crossed private property ! She had to buy land off a neighbour to access the casa ! Also she had to spend thousands on a new sewage tank as it didn't meet new EU regs. The problems are too numerous to list ! It also got broken into so many times while she was away.
We bought a property in Cyprus. It was the worst thing we ever did. It was an absolute nightmare. We actually lost thousands of pounds. Never ever again. Also you will always be in the wrong and they will always defend their citizens and banks !!! Rent long term if you want to live abroad !!!!
I’m a single over 65 female pool owner. Lost my husband 5 years ago. I maintain the pool myself. It’s a salt water/chlorine system. Maintenance is simple. I’m in & out of the pool all day here in spain. Who ever convinces you a Pool is difficult to maintain. Install a salt water system. My computer tells me exactly what is needed! What you need is to learn how to! Not build up your mind as to how difficult it is. 😊
Loved this vlog, very informative, i've wanted to own a place in Tenerife for years, but in the real life i know there is no chance. This has certainly opened my eyes to all the 'extras' you have to pay for. I love to watch A Place in the Sun, but now i will see it all in a different light. Thanks again i'm sure a lot of people will be helped through this.xx
Well done lads … As a property owner in the Algarve Portugal … They have told it spot on … They have Taxes for everything … you have to have a license to rent it out and you can’t register it on any site without the license and fiscal numbers .. You will be paying 20 to 30% cash deposit on a property + 10,000€ Attorney fee’s + 30,000€ on taxes on completion + 5000€ yearly taxes and residential fees + 20,000€ on furniture and maintenance… Plus many more adventures … Plus Visa if you want to stay over 90 days per 6 months .. Plus fiscal accountant + management company if req … criminal background and income checks from the government… can’t use a UK vehicle for long either you will need a new license and local registration vehicle… and many many more surprises … weather is worth it though .. I just live there now - not worth the grief of renting it out - you are better off renting property long term in the UK … That’s the full lowdown that I know of you are at €250,000 cash investment for a 1/2mill gaff .. before you even get a mortgage.. 😅
Couple of things you did miss Andrew are Non Residents Tax & Wealth Tax which are both payable in Tenerife when you purchase a property over here. Both are based on your property value and are paid annually. These can be quite substantial depending on the value of your property. We also pay more now we are out of the EU for Non Residents Tax
We rent via VRBO and have had no issues, even when we had to cancel because of Covid-19. Some give longer term booking at a discount price. Wouldn’t want the worry of buying to rent, too many unscrupulous agents and bad guests. Best option is by recommendation and make sure you contact the renter before you arrive.
As a person that lives here, in Tenerife, I want to say that locals are suffering the mass arrival of people that comes to the island. Such a demand is making rents unaffordable, and the public services are collapsed. We have thousands of cars and so unbearable traffic just because the Gouverment does not regulate anything. If any person wants to come to live here I'd say please don't. This is not a paradyse anymore, it's becoming a Big city, this is loosing its atractive and there are more and more inequalities and poverty.
i have 25 years experience of property in tenerife . lovely place but if you know the truth you wouldn't even think about buying . trust me , don't do it !!!! book in to a hotel. its a no no no !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I was living in Cyprus for couple years. When I rent apartment I was so excited to have swimming pool. First month I was 6 times a week or more. After month I was less and less. If I will buy for my self property for my self I will look for some things with nice garden. People don't realise in places when temperatures are 30°C or more everything around change to desert. Have couple Palm trees and grass for me is more important than swimming pool.
What a great, informative video. Highlighting both the pros and the cons. I’ve owned timeshare at Anfi in Gran Canaria for the last 13 years, and whilst the maintenance fees have been going up, this video makes me appreciate where some of the money goes. With Brexit and constraints on time allowed abroad, goodness knows if I’ll ever own abroad.
For our last stay at Adeje I was specifically looking for a balcony in the full shade all day, cause my partner was in work from home mode, and he indeed enjoyed working from the shaded balcony without screen glare or becoming hot from sun, he never even used that sticky sunscreen. Also laptops get very very hot on the direct sun and that slows down anything you do on it.. There would be no way to work all day on sunny terrace /balcony. Remote workers would totally rent a place with no sun if the have to match UK working hours.
I would advise getting a local lawyer to guide you through the process. Not strictly necessary in Spain, but when there are any issues, they can sort it out for you without you having to fly back and forth to deal with it. Dishonest estate agents, sellers wanting their taxes paid by the buyer, banks withholding your money, forms to transfer the electricity and water into your name etc. Worth the little bit of extra money they cost. In my opinion. And good to have someone fluent in the language make sure anything you have to sign is legit.
Great video! Thank you! I was searching for some information like this for a really long time. It would be nice if you do more videos about owning a property on the canary island.
Well done guys. There are so many programmes, real estate offices that will always paint the rosy picture. Having lived in Spain for quite a few years on the mainland, it’s not as rosy as it is depicted. Lots of taxes also to boot. When people go on holiday they always say it would be nice to live wherever they may be. The reality is low pay, high unemployment in Spain particularly and what employment there is often seasonal. Well done for highlighting it. Of course since Brexit not quite as easy to come and live here now as it was.
You are both brilliant. Very informative. The tv programme. Sun. Sea. Selling houses, was a big con for a lot of people, as they always painted a glossy picture. Never informed buyers of the pitfalls on camera. The programme lacked transparency, and a number of people have lost money. The same applies to a Place in the Sun.
Great informative video. People think it’s great you have property abroad but don’t realise the extra costs. We have been subscribed to your channel since way back & absolutely love your vlogs. However, after biting my tongue on many occasions when you have made comments about Golf Del Sur I really feel I need to speak up now. We have a beautiful property in Golf Del Sur for almost 25 years. Yes it can be windy but we like that because it keeps it cooler for walking in etc. The planes cause no problems & I’m sure if you ask owners & holiday makers alike the most will agree that you get so used to the planes & even begin to enjoy watching them coming & going. The traffic at the moment is a nightmare at certain times of the day while the roadworks are going on (I agree a long time). We bought there because we didn’t want to be in the middle of the action but love the idea that we can get to Los Cristianos & PDLA if we wish. We can get parking for our car & it’s certainly not as hectic & busy. Golf del Sur is not for everyone just as Palm Mar & parts of PDLA aren’t either but please please please stop knocking it. It is marmite. People wishing to buy in Tenerife will definitely tune into your vlog & they will have an instant turn off GDS. Everyone to their own but I really don’t think you’ll have done yourself any favours with a lot of potential viewers. Disappointed!!!
we have been going there for 20yrs, we used to have a couple of weeks in adeje before going to the golf but to be honest we couldnt wait to get back to the golf, for me a better climate and a slower pace suits me better than anywhere else on the island, love it there. Dosent bother us about the planes and a 15 min walk to los abrigos is lovely now the pathway is finished.
Very well done! Because a lot of people see only the price but they don't see or think further. Also it's better that you speak the language. You really made a very realistic vlog! Just how it is with all troubles and costs you can have. Tenerife is very nice and I prefer to come every year at the end of the year in a nice hotel without having the troubles of an own property 😉
Thanks for this- very timely for us as we are starting the process to buy in mainland Spain. There’s nothing that’s put me off but I’ve learned loads. (Especially the aircon/pool. Tourist v residential thing.)
A very informative watch, a must see for anyone planning a purchase. It shows how much you care about your subscribers by passing on these excellent tips. Well done to you both, well presented and congratulations Andrew for acheving 1000 videos on your channel. Keep up the great work.
Thanks Andrew & Paul that was very interesting and your right in what you say they never show the down sides on these holiday programmes that i watch constantly 🥰
Many thanks for this video Andrew and Paul, I've always found it frustrating how the TV show don't give all the details, ie costs and residential status etc. I'd be interested in some ballpark figures for the ongoing costs, ie service charges, taxes and energy bills etc, obviously they will vary with the area and property etc.
You mentioned community fees and what they are used for but didn’t mention what happens when the community isn’t well run (Royal Palm is excellently run). I looked at one complex and after seeing maintenance wasn’t very good I asked to see the Community Accounts. The estate agent was a bit perplexed but when we did get them we found a large number of non-payers which meant the community couldn’t pay for the upkeep. I backed out and the estate agent refused to market the property, good for them.
My parents had a studio apartment in Los Christianos and there complex was and still is immaculate ,but apparantly there was a lot of owners who were not paying their community fees .Bloody poo houses .
Very informative video, you have just forgotten to mention that there are a lot of wild fires in the Canary islands and so far thousands of properties have been completely destroyed.
Very useful. We decided on the frequent holiday rather than own a property and your video does confirm the ‘hidden taxes’ bit we were warned about. We were also warned about noisy neighbours. The locals are very effusive in their natural manner of speech and this may not suit everyone. Still, horses for courses and you are so right about the micro climates in different areas! Very enjoyable videos.
very helpful, eye-opening video, should be mandatory before buying a property or relocating. Spain is not only palm trees and sunshine. Lots of details that can cost a fortune. Thank you for the video🌴🌴🌴
Very informative video. I am thinking about buying on costa del sol and was undecided on the residential versus touristic question. Hadn't realised that there are no tax breaks for non residential owners of touristic properties. That, together with the potential high cost of wear and tear from renting, has me thinking it's better to go residential and enjoy it for myself, friends and family. Thanks for the info.
Thank you guys for your time and effort into making this video, so so important to get real world information and you have opened my eyes as to what I thought I needed versus what I actually need.
A pool heated by solar can be a good thing if you remember that installing it will cost about 2500 euro and the payback time is about seven years but will last for about 25 years
Really enjoyed your honest and accurate opinions of buying property and where the expenses go. It is also interesting for people who wish to rent an apartment. Thank you.
Hi Andrew, Carole from Cumbria here. Thank you so much for this vlog. Fantastic information you both made it so much easier to understand, I downloaded a brochure about it but it was full of technical jargon I didn’t quite follow. Brilliant information.
Very good advice, guys. The benefits of experience. However, you didn't mention two things you must have to have in Spain are a Spanish Bank Account and an NIE. The key I found is to do it legally, as you say. Don't listen to the guy in the pub who can save you thousands by cutting corners. That is a recipe for disaster. I was lucky, I did it properly, and it was relatively painless.
I think if you are going to buy property in spain from an investment perspective,you want to buy it where there is a demand..otherwise you are better off renting,selling property in touristic areas is a dangerous gamble,there is no shortage of property,new developments are springing up on the costa’s all the time and a lot of ex pats who’ve put their life savings in but want to return to britain are left with property they will find difficult to sell or they’ll sell at a substantial loss..i’m not saying thats always the case but i have heard some horror stories..potential buyers should beware of unscrupulous estate agents who’ll brush over the negatives because they want a sale..excellent video fellas
Coming out for the first time in about 20 years next month. Have been following you for a few months now just to get info on the area etc. Excellent work guys, very informative. Have been considering retiring abroad (in a couple of years). This video gave a lot of insight into the costs involved. Keep up the good work.
Excellent vlog,very informative. Love royal palm stayed in a few different apartments, and your right. Some are covered. Found the right one and am sticking to it.
We have an apartment in Mijas. We use it just for family. No renting out. Big ones for us were we had to pay the Notoria cash backhander when we bought it. And Tax on the apartment.
I’ve never understood why anyone would want to keep going on holiday to the same place? So I’d never buy a property abroad, I prefer to explore the world, but I enjoyed your information
WOW this has totally changed my mind about buying, me and my wife were out last year for 6 weeks looking at buying as i used to live there in the late eighties early nineties and working on sites but everything is so different now especially because of brexit but after seeing this post most of the agents we went to never told us anything about this. I’m from Liverpool and I’m not stupid in anything about the laws or i thought so cheers lads i totally respect what you’re saying cheers Marc 👍👍👍
Hi you two. Great video but I think the pool horror story is not completely correct. I owned a 8.5M x 4M pool in our first villa here in Andalusia and installed good a good quality Solar pump run of panels and a crystal pool and for chemicals around 100€ per year. This new villa I had constructed where we now live has a 12M x 4M pool, The pump is a normal inexpensive one run off solar panels BUT needs quite a big solar array. The pool is not so bad if you are staying in the villa. Keep up the great videos and I will forward to anyone thinking about buying 👍👍👍👍
Thank you for bringing this topic up. It's been my dream for many years to buy an apartment from Tenerife. Compared to prices in Finland, where I'm from, Spanish and Also Tenerife apartments seems to be cheap. But it's good to know specially about the touristic side if it's residential area or your own. I'm now living here in Tenerife in a second airbnb apartment and so far everything' gone well but I totally agree that it's VERY hard to find apartment at the moment, at least with a decent rental price. It seems that at the moment you'd have to have way over 1000e to get even a small studio and it's not only in the south.
I don't think you mentioned the new Spanish rules about residency now. I wanted to move to the Canaries permanently as my daughter lives there but I have to have €33,000 per annum income to live there before I can buy a property. As a temporary visitor you can only stay 90 days and have to return to the UK. Perhaps you could make a video confirming qualification for residency and property purchase. Good video, very informative. Thank you 😊
I run a legit Airbnb in UK with super host status and really annoying that rip offs give us decent ones a bad name. We also rent a property in ROI and know what it's like to have your property trashed. It's not worth trying to cheat the tax man as different countries do actually speak to each other. They recently checked us out but was all ok as we pay our dues. I always treat and leave the properties we rent in Tenerife as I would my own and even done small repairs or replacements for the owners. Only 32 sleeps till we're back in our happy place! Thanks for the great, honest advise and info guys 👍
I’m so glad that you made this video, we used to have a villa in Florida (15 years) , and every time we watch those programmes we think , yes but what about ………….. We’re also puzzled when they show a property on a complex and mention the community fees, but the property and pool area is very run down and unloved , but they never mention it as a potential problem.
Visa/Mastercard Credit Card payments are the best for transferring money/large purchases as they are fully insured and any issues you only deal with Visa & Mastercard also forex is exchanged at the daily rate, nobody will give you a better rate
What a brilliant, informative video guys - thanks very much. My wife and I have been thinking about buying an apartment in Spain and letting it out for a few years, and then stop and use it as a second home. Think it may be better to save like mad over the next 12 months so we can buy cash and then use it strictly as a second home.
I’ve just came across this vlog and I’m 5 minutes in and I can’t tell you how much I appreciate you both being so honest about buying in the canaries. We’ve bought and sold 3 properties in the past in Tenerife.
I have never heard so much TRUTH. Excellent. As an ex pat (but not in Spain) of 17 years I concur with all the points made. One major thing I would add, beware buying on a communal site where people don't pay their communal fees or pay late .. and the fact that some properties that are mortgaged - which people just walk away from when times get hard ...that end up being repossessed by the banks. In my experience, the banks do not pay communal fees or towards contigency/sinking funds. Buyers should try and contact the Committee Manager before buying if they can. As much as I like a Place in the Sun, and as much as I love living abroad, it should come with a public health warning! People need to watch this video first and do their homework! I know many that have lost thousands.
Your dad is one of those people I could listen to forever and never get bored. Such a rich personality and a joy to listen to. Reminds me of my grandad who's sadly no longer with me.
Thank you for that lovely comment Mike !! It means a lot to me !!
Live in the complex for 6 months befor you buy , you may find your apartment is next to a generator...very loud ..looking over the pool may be nice But the noise ! The apartment at the back looking over the golf course maybe the better option..check out the service charge ....
Easy to buy ..hard to sell ..and they will built on that view....maybe just rent ..neighbours become a problem ..just move ..
The TV shows are for the purpose of entertainment, many of the people on there don't up buying, some have no intention of buying. Once an offer is accepted it's treated as though the purchase is completed, yet this is far from the case, around a third of property sales fall through after an offer is accepted. They tend to say things like 'We want to be near a town so that we can integrate with the locals,' then they only looks at properties in urbanisations aimed at foreign buyers. They tell the presenter 'It's been my dream to move to Spain for 15 years, yet when asked if they've made any attempt to learn Spanish it's normally 'no but I'd be happy to go to classes.' They generally don't know about the buying process, or taxation. They often think that they can rent out the property remotely yet have no idea about what's involved. Sometimes they haven't even visited the country or the area that they want to move to & invest a life-changing sum of money into, which is simply unbelievable. I'd suggest that many of the people on these shows would be better off renting in a few different areas first to get a feel for the place, and to speak to different people about the realities of what their new lives would be.
it really bothers me that people dont look after other people's property and even if you have kids thats no excuse, i taught my daughter to have respect and when renting i keep my tenerife apartments as clean as my own home, its sad because it makes the rest of us look bad.
We go in private rental appartment and I always leave it as I find it. I got a lovely txt from the owner when I left this year saying how nice it was to find the appartment clean and tidy
We once got a text asking if we had actually stayed at one apartment as it looked unused when we left. :)
Check, check again and do your due diligence, english estate agent showed us a property at 240,000€ spanish estate agent showed us the same property 190,000€..... selling an apartment a well known lawer in the south tried to con us out of 3,000€...we pulled out and rectified the minor paperwork detail for 250€..don't be bullied or blind sided by slick Lawers .if your not confident take someone with you who is...don't be afraid to walk away and think things through.
Great eye opener your video for those people intending to buy in the Canaries. I originally came from Las Palmas to London in 1968 and have lived in this lovely city ever since but if I ever decide to go back to my unforgettable island where I was born your video has made me a lot wiser about owning a property in the Canaries. Thank you
the pool thing is spot on. we bought our house in crete with a pool (private residence) and it costs a small fortune even when everything is running smooth. we will eventually sell and downsize as in reality this propery is a bit too big for us, and when we do the pool will be a great selling point but our next place will absolutely not have a pool. as you said the sea is the best place for a swim, and unless you have a heated pool, youre not going to use it other than when you would use the sea. our local beach is less than 10mins from the house by car
After buying a number of years ago, and enjoying in La Caleta and Del Duque, now sold, what agents don't tell you is that the same property can be for sale with other agents at different prices. Also when showing you around the agent may say 'this is the last property on this complex for sale', what they really mean is it's the last one and was probably the only one with them, that's for sale, other agents may be selling other properties on that complex. You and you're dad are doing a good job.
Great point. I didn't realise that. 👍
@@grandmagillian thanks for the valuable tips, is there any way to find out if the property is advertised by other agents?
Hi guys great vlog, thanks for all that information really appreciate it. I went to a place in the sun roadshow some time ago and had a chat with one of the presenters on the show, but while I was in the line before the chat one of the staff of the show told me that if your looking at buying a property abroad you will need between £10.000 & 20.000 for you legal fees & costs. Like you say anything left over is a bonus. Again thanks for that guys, food for thought, 👍
Well done I have this same problem when talking to people. It is not all wine and roses.
The post is spot on. I have owned and still own a flat in Ibiza for nearly 10 years, it makes me chuckle when I see the programs on TV. To stand still the expenses are 4.5k a year and that’s for a flat in a residential block without a pool. 1.1k for council tax, 0.5k tax for residential use, 1.2k for service charge, water, electricity, broadband, bank charges, flat insurance 0.5k. Not mentioned is a home watch service whilst you are away, mine checks the apartment every 30 days, they do the cleaning and laundry which is extra and arrange any maintenance. This year we had an additional 2k for the external works and then we replaced the whole of the Airco which was nearly 19 years (from build) old another 8k. I have heard about how expensive pools are, go for community ones or the sea, we have the sea at the end of the street or use the local hotel pool with a day pass. Make sure you view can't be changed and is mature this is essential. Also car parking spaces, when they are near the sea and below ground level they can flood, ours is ground level. Looking forward to retirement and our next 10 years of ownership, new kitchen, bathrooms x2 and flooring at some point. Oh and learn the language its makes life a lot easier abd they will appreciate it.
Great advice thank you, eye opener 👍
We bought our apartment in November in Royal Palm. All went smoothly with a good estate agent, solicitors and currencies Direct. Oasis management letting it. As you say too make sure you book your weeks out as it is busy
One final thing. you mentioned ,committees. in my entire life i have found anywhere there is a comittee it is usually be for the benefit of themselves.
My partner bought new casa off plan, North of Alicante, So many problems ! From terrible bodged workmanship and later finding out that her access road crossed private property ! She had to buy land off a neighbour to access the casa ! Also she had to spend thousands on a new sewage tank as it didn't meet new EU regs. The problems are too numerous to list ! It also got broken into so many times while she was away.
Didn't realise Garvey was an international property Guru..
Tenerife, Florida, Liverpool
The lads done well 👍
We bought a property in Cyprus. It was the worst thing we ever did. It was an absolute nightmare. We actually lost thousands of pounds. Never ever again. Also you will always be in the wrong and they will always defend their citizens and banks !!! Rent long term if you want to live abroad !!!!
I personally enjoy watching your vlogs later in the evening, usually on catch up. Keep them coming 😊.
I’m a single over 65 female pool owner. Lost my husband 5 years ago. I maintain the pool myself. It’s a salt water/chlorine system. Maintenance is simple. I’m in & out of the pool all day here in spain. Who ever convinces you a Pool is difficult to maintain. Install a salt water system. My computer tells me exactly what is needed! What you need is to learn how to! Not build up your mind as to how difficult it is. 😊
Loved this vlog, very informative, i've wanted to own a place in Tenerife for years, but in the real life i know there is no chance. This has certainly opened my eyes to all the 'extras' you have to pay for. I love to watch A Place in the Sun, but now i will see it all in a different light. Thanks again i'm sure a lot of people will be helped through this.xx
Well done lads … As a property owner in the Algarve Portugal … They have told it spot on … They have Taxes for everything … you have to have a license to rent it out and you can’t register it on any site without the license and fiscal numbers .. You will be paying 20 to 30% cash deposit on a property + 10,000€ Attorney fee’s + 30,000€ on taxes on completion + 5000€ yearly taxes and residential fees + 20,000€ on furniture and maintenance… Plus many more adventures … Plus Visa if you want to stay over 90 days per 6 months .. Plus fiscal accountant + management company if req … criminal background and income checks from the government… can’t use a UK vehicle for long either you will need a new license and local registration vehicle… and many many more surprises … weather is worth it though .. I just live there now - not worth the grief of renting it out - you are better off renting property long term in the UK … That’s the full lowdown that I know of you are at €250,000 cash investment for a 1/2mill gaff .. before you even get a mortgage.. 😅
E30,000 on taxes?? could you please explain this? thank you
Having lived in the States & recently bought a place in Fuerteventura, this is an amazing video with some invaluable advice, thanks lads.
Couple of things you did miss Andrew are Non Residents Tax & Wealth Tax which are both payable in Tenerife when you purchase a property over here. Both are based on your property value and are paid annually. These can be quite substantial depending on the value of your property. We also pay more now we are out of the EU for Non Residents Tax
Also inheritance tax.
And bank charges
Get a spanish mortgage, it reduces wealth tax . Buy in a UK company and write a will to transfer shares upon death
We rent via VRBO and have had no issues, even when we had to cancel because of Covid-19. Some give longer term booking at a discount price.
Wouldn’t want the worry of buying to rent, too many unscrupulous agents and bad guests. Best option is by recommendation and make sure you contact the renter before you arrive.
How much is the Non-Resident tax & the Wealth Tax & are they a one-off?
As a person that lives here, in Tenerife, I want to say that locals are suffering the mass arrival of people that comes to the island. Such a demand is making rents unaffordable, and the public services are collapsed. We have thousands of cars and so unbearable traffic just because the Gouverment does not regulate anything.
If any person wants to come to live here I'd say please don't. This is not a paradyse anymore, it's becoming a Big city, this is loosing its atractive and there are more and more inequalities and poverty.
i have 25 years experience of property in tenerife . lovely place but if you know the truth you wouldn't even think about buying . trust me , don't do it !!!! book in to a hotel.
its a no no no !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Thanks for the tip! May I ask why though? Seems a beautiful place but the potential problems are worrying.
Great advice from Dad, I could listen to him all day 🙂
Cheers for the video it's really brought me down to earth
I was living in Cyprus for couple years. When I rent apartment I was so excited to have swimming pool. First month I was 6 times a week or more. After month I was less and less. If I will buy for my self property for my self I will look for some things with nice garden. People don't realise in places when temperatures are 30°C or more everything around change to desert. Have couple Palm trees and grass for me is more important than swimming pool.
What a great, informative video. Highlighting both the pros and the cons. I’ve owned timeshare at Anfi in Gran Canaria for the last 13 years, and whilst the maintenance fees have been going up, this video makes me appreciate where some of the money goes.
With Brexit and constraints on time allowed abroad, goodness knows if I’ll ever own abroad.
For our last stay at Adeje I was specifically looking for a balcony in the full shade all day, cause my partner was in work from home mode, and he indeed enjoyed working from the shaded balcony without screen glare or becoming hot from sun, he never even used that sticky sunscreen. Also laptops get very very hot on the direct sun and that slows down anything you do on it.. There would be no way to work all day on sunny terrace /balcony. Remote workers would totally rent a place with no sun if the have to match UK working hours.
THANK U SO MUCH HONESTLY & GENUINELY EXPLAINED....
Look at that sky on the background though. I'd make a lot of sacrifices to live on a place like that.
Hands down one of the best most informative vlogs on your channel. Great advice from you both!!
I would advise getting a local lawyer to guide you through the process. Not strictly necessary in Spain, but when there are any issues, they can sort it out for you without you having to fly back and forth to deal with it. Dishonest estate agents, sellers wanting their taxes paid by the buyer, banks withholding your money, forms to transfer the electricity and water into your name etc. Worth the little bit of extra money they cost. In my opinion. And good to have someone fluent in the language make sure anything you have to sign is legit.
Good to see Rupert Murdock is still working hard
Rupert the BILLIONAIRE 😉👍🏽
Great video! Thank you! I was searching for some information like this for a really long time. It would be nice if you do more videos about owning a property on the canary island.
Well done guys. There are so many programmes, real estate offices that will always paint the rosy picture. Having lived in Spain for quite a few years on the mainland, it’s not as rosy as it is depicted. Lots of taxes also to boot. When people go on holiday they always say it would be nice to live wherever they may be. The reality is low pay, high unemployment in Spain particularly and what employment there is often seasonal.
Well done for highlighting it. Of course since Brexit not quite as easy to come and live here now as it was.
You are both brilliant. Very informative. The tv programme. Sun. Sea. Selling houses, was a big con for a lot of people, as they always painted a glossy picture. Never informed buyers of the pitfalls on camera. The programme lacked transparency, and a number of people have lost money. The same applies to a Place in the Sun.
Great informative video. People think it’s great you have property abroad but don’t realise the extra costs. We have been subscribed to your channel since way back & absolutely love your vlogs. However, after biting my tongue on many occasions when you have made comments about Golf Del Sur I really feel I need to speak up now. We have a beautiful property in Golf Del Sur for almost 25 years. Yes it can be windy but we like that because it keeps it cooler for walking in etc. The planes cause no problems & I’m sure if you ask owners & holiday makers alike the most will agree that you get so used to the planes & even begin to enjoy watching them coming & going. The traffic at the moment is a nightmare at certain times of the day while the roadworks are going on (I agree a long time). We bought there because we didn’t want to be in the middle of the action but love the idea that we can get to Los Cristianos & PDLA if we wish. We can get parking for our car & it’s certainly not as hectic & busy. Golf del Sur is not for everyone just as Palm Mar & parts of PDLA aren’t either but please please please stop knocking it. It is marmite. People wishing to buy in Tenerife will definitely tune into your vlog & they will have an instant turn off GDS. Everyone to their own but I really don’t think you’ll have done yourself any favours with a lot of potential viewers. Disappointed!!!
we have been going there for 20yrs, we used to have a couple of weeks in adeje before going to the golf but to be honest we couldnt wait to get back to the golf, for me a better climate and a slower pace suits me better than anywhere else on the island, love it there. Dosent bother us about the planes and a 15 min walk to los abrigos is lovely now the pathway is finished.
Very well done! Because a lot of people see only the price but they don't see or think further. Also it's better that you speak the language.
You really made a very realistic vlog!
Just how it is with all troubles and costs you can have.
Tenerife is very nice and I prefer to come every year at the end of the year in a nice hotel without having the troubles of an own property 😉
Thanks for this- very timely for us as we are starting the process to buy in mainland Spain.
There’s nothing that’s put me off but I’ve learned loads. (Especially the aircon/pool. Tourist v residential thing.)
A very informative watch, a must see for anyone planning a purchase. It shows how much you care about your subscribers by passing on these excellent tips. Well done to you both, well presented and congratulations Andrew for acheving 1000 videos on your channel. Keep up the great work.
Thanks Andrew & Paul that was very interesting and your right in what you say they never show the down sides on these holiday programmes that i watch constantly 🥰
Great to hear from people that have done it.
A big thank you to you guys to uncover all the hidden topics they fail to tell us. Amazing job. Very educational.
Many thanks for this video Andrew and Paul, I've always found it frustrating how the TV show don't give all the details, ie costs and residential status etc.
I'd be interested in some ballpark figures for the ongoing costs, ie service charges, taxes and energy bills etc, obviously they will vary with the area and property etc.
You mentioned community fees and what they are used for but didn’t mention what happens when the community isn’t well run (Royal Palm is excellently run). I looked at one complex and after seeing maintenance wasn’t very good I asked to see the Community Accounts. The estate agent was a bit perplexed but when we did get them we found a large number of non-payers which meant the community couldn’t pay for the upkeep. I backed out and the estate agent refused to market the property, good for them.
My parents had a studio apartment in Los Christianos and there complex was and still is immaculate ,but apparantly there was a lot of owners who were not paying their community fees .Bloody poo houses .
Very informative video, you have just forgotten to mention that there are a lot of wild fires in the Canary islands and so far thousands of properties have been completely destroyed.
Very useful. We decided on the frequent holiday rather than own a property and your video does confirm the ‘hidden taxes’ bit we were warned about. We were also warned about noisy neighbours. The locals are very effusive in their natural manner of speech and this may not suit everyone. Still, horses for courses and you are so right about the micro climates in different areas! Very enjoyable videos.
Thanks 😊
Really enjoyed that vid as someone whose looking to move over in a few years it was a real education into what’s expected , thank you
very helpful, eye-opening video, should be mandatory before buying a property or relocating.
Spain is not only palm trees and sunshine. Lots of details that can cost a fortune. Thank you for the video🌴🌴🌴
Fantastic advice. Truly honest experience feedback
Really nice infos. It is exactly the not said basics that everyone NEEDS to know before thinking about buying a property abroad!
Very informative video. I am thinking about buying on costa del sol and was undecided on the residential versus touristic question. Hadn't realised that there are no tax breaks for non residential owners of touristic properties. That, together with the potential high cost of wear and tear from renting, has me thinking it's better to go residential and enjoy it for myself, friends and family. Thanks for the info.
Costa del sol is great. Short cheap flight. Handy train from malaga Airport.. Fuengirola is my favourite
Nice one guys good to hear the honest truth and not the sales side of the TV programme 👍
Thank you guys for your time and effort into making this video, so so important to get real world information and you have opened my eyes as to what I thought I needed versus what I actually need.
A pool heated by solar can be a good thing if you remember that installing it will cost about 2500 euro and the payback time is about seven years but will last for about 25 years
Golf del Sur is a great place to buy at the moment
Check inheritance rules too…as overseas have different rules even with a will it can be difficult….
Really enjoyed your honest and accurate opinions of buying property and where the expenses go. It is also interesting for people who wish to rent an apartment. Thank you.
Good information Thank You , Enjoy the Sun
Thanks 😊
Hi Andrew, Carole from Cumbria here. Thank you so much for this vlog. Fantastic information you both made it so much easier to understand, I downloaded a brochure about it but it was full of technical jargon I didn’t quite follow. Brilliant information.
Very good advice, guys. The benefits of experience. However, you didn't mention two things you must have to have in Spain are a Spanish Bank Account and an NIE.
The key I found is to do it legally, as you say. Don't listen to the guy in the pub who can save you thousands by cutting corners. That is a recipe for disaster.
I was lucky, I did it properly, and it was relatively painless.
I think if you are going to buy property in spain from an investment perspective,you want to buy it where there is a demand..otherwise you are better off renting,selling property in touristic areas is a dangerous gamble,there is no shortage of property,new developments are springing up on the costa’s all the time and a lot of ex pats who’ve put their life savings in but want to return to britain are left with property they will find difficult to sell or they’ll sell at a substantial loss..i’m not saying thats always the case but i have heard some horror stories..potential buyers should beware of unscrupulous estate agents who’ll brush over the negatives because they want a sale..excellent video fellas
Coming out for the first time in about 20 years next month. Have been following you for a few months now just to get info on the area etc. Excellent work guys, very informative. Have been considering retiring abroad (in a couple of years). This video gave a lot of insight into the costs involved. Keep up the good work.
Invaluable information guys! Thanks for sharing👍
Enjoyed watching that,first impressions,impressed tbf . Looking forward other vlogs on the cruise
Got to say this is the best vlog you've done
Great video
Came over as warm and genuine
Ty
Brilliant vlog these programs make it so easy to buy a apartment but they never take you to were you won't thanks Andrew and Paul 👍👍👍
Thanks both
Don't forget the Canaries are taxed differently. A good agent will introduce you to a gestor (tax advisor) a regulated currency company.
Excellent vlog,very informative. Love royal palm stayed in a few different apartments, and your right.
Some are covered. Found the right one and am sticking to it.
just sat there watching the beautiful palm trees would do me beautiful x
We have an apartment in Mijas. We use it just for family. No renting out.
Big ones for us were we had to pay the Notoria cash backhander when we bought it. And Tax on the apartment.
Brilliant sensible information - thanks
great info both of you,thanx for your honesty
I’ve never understood why anyone would want to keep going on holiday to the same place? So I’d never buy a property abroad, I prefer to explore the world, but I enjoyed your information
WOW this has totally changed my mind about buying, me and my wife were out last year for 6 weeks looking at buying as i used to live there in the late eighties early nineties and working on sites but everything is so different now especially because of brexit but after seeing this post most of the agents we went to never told us anything about this. I’m from Liverpool and I’m not stupid in anything about the laws or i thought so cheers lads i totally respect what you’re saying cheers Marc 👍👍👍
Fantastic vlog very good info & advice xx
Hi you two. Great video but I think the pool horror story is not completely correct. I owned a 8.5M x 4M pool in our first villa here in Andalusia and installed good a good quality Solar pump run of panels and a crystal pool and for chemicals around 100€ per year.
This new villa I had constructed where we now live has a 12M x 4M pool, The pump is a normal inexpensive one run off solar panels BUT needs quite a big solar array.
The pool is not so bad if you are staying in the villa.
Keep up the great videos and I will forward to anyone thinking about buying 👍👍👍👍
Very straightforward and honest information cheers gents
Our pleasure!
Fabulous. Love you guys. My pool needs so much daily work.. Your lovely. Tell it as it is.
Really informative guys! Looking forward to staying at Royal Palm Apartments shortly!
Great VLog. Will use all the pointers when i buy a property in Tenerife. Thanks guys.
Thank you for bringing this topic up. It's been my dream for many years to buy an apartment from Tenerife. Compared to prices in Finland, where I'm from, Spanish and Also Tenerife apartments seems to be cheap. But it's good to know specially about the touristic side if it's residential area or your own.
I'm now living here in Tenerife in a second airbnb apartment and so far everything' gone well but I totally agree that it's VERY hard to find apartment at the moment, at least with a decent rental price. It seems that at the moment you'd have to have way over 1000e to get even a small studio and it's not only in the south.
This if important information for those that fall in love with the Mediterranean. It’s more expensive and more time consuming than you imagine.
I don't think you mentioned the new Spanish rules about residency now. I wanted to move to the Canaries permanently as my daughter lives there but I have to have €33,000 per annum income to live there before I can buy a property. As a temporary visitor you can only stay 90 days and have to return to the UK. Perhaps you could make a video confirming qualification for residency and property purchase. Good video, very informative. Thank you 😊
The Spanish rules are not new . They always applied to non EU citizens. Brexit caused the changes, not Spain .
Only just watched this, really informative, thankyou very much.
I run a legit Airbnb in UK with super host status and really annoying that rip offs give us decent ones a bad name. We also rent a property in ROI and know what it's like to have your property trashed. It's not worth trying to cheat the tax man as different countries do actually speak to each other. They recently checked us out but was all ok as we pay our dues. I always treat and leave the properties we rent in Tenerife as I would my own and even done small repairs or replacements for the owners. Only 32 sleeps till we're back in our happy place! Thanks for the great, honest advise and info guys 👍
Dont forget, very important to have a will drawn up over here and update anything at home.
I’m so glad that you made this video, we used to have a villa in Florida (15 years) , and every time we watch those programmes we think , yes but what about ………….. We’re also puzzled when they show a property on a complex and mention the community fees, but the property and pool area is very run down and unloved , but they never mention it as a potential problem.
Visa/Mastercard Credit Card payments are the best for transferring money/large purchases as they are fully insured and any issues you only deal with Visa & Mastercard also forex is exchanged at the daily rate, nobody will give you a better rate
Very informative guys, Thankyou both
Always rent for at least 12 months, so you see and live all the seasons to understand how it all works, research research, and research some more.
What a brilliant, informative video guys - thanks very much. My wife and I have been thinking about buying an apartment in Spain and letting it out for a few years, and then stop and use it as a second home. Think it may be better to save like mad over the next 12 months so we can buy cash and then use it strictly as a second home.
Glad it was helpful!
eye-opening information !!!! Thank you very much.
Our pleasure!