TO-DO list for first-time homebuyers in Tenerife

Purchasing your first property in Tenerife is an exciting milestone, but it can feel overwhelming without the right guidance. To simplify the process, we’ve prepared a tailored to-do list specific to the Tenerife real estate market. At DOM Tenerife Real Estate, we’re here to support you at every step—don’t hesitate to reach out for personalized assistance!

1. Save for Your Purchase

To secure your dream property, you’ll need to prepare funds for a down payment, closing costs, and fees such as notary and land registry charges. For mortgages in Tenerife, the typical down payment is 40–50% of the property’s value. Additionally, factor in taxes, which are approximately 8–10% of the purchase price.

Example: If you’re considering a €300,000 property, aim to save €90,000–€120,000 for the down payment, plus an additional €24,000–€30,000 for taxes and fees.

TIP: If you don’t have the full amount ready, explore financing options. We can connect you with reputable local banks for tailored solutions.

2. Assess Your Financial Readiness

Unlike in some other countries, financial solvency plays a key role in securing loans in Tenerife. Ensure your financial records, credit score, and income history meet the required standards. To strengthen your position:

• Settle any outstanding debts.

• Avoid significant purchases before applying for a mortgage.

• Keep existing credit accounts active.

3. Understand Your Budget

Tenerife’s property prices vary widely based on location, size, and amenities. Use an online mortgage calculator for an initial estimate, or consult with us for a more accurate assessment. We’ll help you identify the price range that aligns with your financial goals.

4. Obtain Mortgage Preapproval

If you plan to finance your purchase, secure a mortgage preapproval from a Spanish bank or an international lender familiar with the Canary Islands market. Our network includes trusted lenders who can guide you through the approval process with ease.

5. Define Your Dream Property

Clarify your requirements to streamline your search. Consider factors such as:

• Property type: villa, apartment, or townhouse?

• Location: proximity to the beach, restaurants, schools, or public transport?

• Features: number of bedrooms and bathrooms, private pool, shared amenities, or specific architectural styles?

TIP: Create a detailed wishlist and share it with us. We’ll help you identify properties that align with your preferences.

6. Partner with an Experienced Realtor

Choosing the right real estate agency is essential to navigating the Tenerife property market successfully. With over nine years of experience in South Tenerife, DOM Tenerife Real Estate offers in-depth market expertise, personalized service, and access to an extensive portfolio of premium properties.

7. View Properties

We’ll organize private tours for properties that match your criteria. During each visit:

• Take photos and notes for later comparison.

• Ask questions about the property’s condition, the legal framework, and any concerns about the neighborhood.

8. Explore the Neighborhood

Visit shortlisted properties at different times of the day to assess noise levels, traffic, and the overall atmosphere. Additionally, evaluate the proximity to essential services such as supermarkets, schools, and healthcare facilities.

TIP: Check with your broker if the complex allows VV (vacation rental) usage. If there’s a communal pool, observe the environment and visitor profile to gain insight into the community’s character.

9. Make a Competitive Offer

Once you’ve found the ideal property, we’ll guide you through crafting and presenting a strong offer. This includes negotiating the price and terms to ensure the deal aligns with market standards.

Be prepared to pay a deposit of 10% of the property’s value upon acceptance of your offer. The remaining funds are typically required within one month, though this timeline may be adjusted depending on the seller’s circumstances.

10. Conduct a Final Walkthrough

Before signing the purchase deed, inspect the property to confirm its condition:

• Test electrical outlets, faucets, and toilets.

• Check for damages or agreed-upon repairs.

• Ensure all included appliances are in working order.

11. Finalize the Purchase and Move In

At the notary’s office, you’ll sign the deed (escritura) and officially become the property owner. Once completed, it’s time to settle in and start enjoying life in beautiful Tenerife!

At DOM Tenerife Real Estate, we’re committed to making your property purchase seamless and rewarding. Let us be your trusted partner in this exciting journey. Contact us today to take the first step toward owning your dream home in Tenerife!

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