Looking to buy

Started by pete84, May 22, 2016, 19:05:17 PM

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pete84

Hi all

I am new to this forum me and the mrs are looking at buying a property in fuerteventura either in caleta de fuste or corralejo or anywhere near / inbetween. We have been talking about it since we first went to fuerte in 2009 we are now in a position to take the plunge. I was looking for some general advice. Where would be best to have a look online to look at properties to get a general idea of prices in different areas. Also I know of an issue with renting in certain areas. Which areas are best to look at if im looking at renting. We will be keeping the property mainly as a holiday home and for members of the family to stay, but should friends want to stay where would I stand?

Thanks

Pete

RVEEE

The honest answer is that letting licences are harder to get than Unobtanium. Really, don't go any further if any sort of income is necessary. This applies to the entire island, although some areas are zoned touristic (or otherwise). It's a matter of debate as to which zone is easier to let; both are unlikely to be realistic without massive investment (to the Mayor's private fund).

Allowing friends to stay for free is OK.


justthe6ofus

Quote from: pete84 on May 22, 2016, 19:05:17 PM

Where would be best to have a look online to look at properties to get a general idea of prices in different areas.

I am currently buying through Gold Acre estates - they seem to be a pretty well known estate agent, with an office in Corralejo and they have their own website. Right Move also have a lot of Canaries property listed so it's worth a look on there to get prices and ideas.

Sales work differently to the UK with many estate agents listing the same properties so you'll see the same houses over and over.
You also need to add about 20% to the purchase price to cover taxes, lawyers, blah blah blah.

Gold Acre are good for giving advice and putting together a whole package so you're not left searching for a lawyer or translator etc. It's far from smooth sailing though in my experience so far.

I was advised that buying a more rural property would give me a better chance of getting a license to be allowed to rent it out. It is all up in the air though, nothing is certain - it's all 'probably' and 'maybe' so as RVEEE said, I'd think carefully if rental income is essential for you.

As I understand it, if you buy an apartment on a development that is managed then they will let it for you. I know next to nothing about this though as it's not relevant to me personally. I'm just mentioning things I recall reading when I was doing my own research so don't take my word for it. There's a ton of articles out there about it so if you do a google search I expect you'll find lots of info.

I imagine if you bought a place and advertised it on a website to rent out commercially you're going to be easy to find and stung for taxes and fined for not having a license, but casual lets to 'friends and family' - who's going to know whether you've taken payment or not? (just my opinion)


I don't know a huge amount but hope this is a helpful starting point.  ;D

Johnrgby2

#3
Quote from: justthe6ofus on June 01, 2016, 14:48:11 PM
Quote from: pete84 on May 22, 2016, 19:05:17 PM

Where would be best to have a look online to look at properties to get a general idea of prices in different areas.

.

Sales work differently to the UK with many estate agents listing the same properties so you'll see the same houses over and over.
You also need to add about 20% to the purchase price to cover taxes, lawyers, blah blah blah.

D


Add ons in purchasing is actually circa 10%, And I would also recommend Goldacre, they worked for us, also if you are looking to buy off resort IE more rural have a look at Bliss Properties, run by Martin Bliss and his wife Caroline, British and honest.

justthe6ofus

I'm so sorry, you're right - it's 10%. I was thinking in thousands rather than percentages!  :o

Windermeregolfer

Having just bought agree about the max 10% for taxes & legal costs,  our have worked out slightly under.  Agree Goldacre are very helpful if they have the property you want, unfortunately they didn't have anything to meet our spec.

Good luck with your search. 

gattaca66

As others have said, it's important to do your research before your plans are too far advanced. Rental etc has been covered, so just some thoughts on location. Think about what is important to you - maybe beach within walking distance, decent shops nearby, car or no car, rural isolation, mains drainage, good internet, newish or older property. There are a lot of places between Caleta and Corralejo, but although they may look fabulous value on paper they need to be carefully viewed! Surprisingly, weather can vary depending on location. In general, for instance, Caleta will be hotter/sunnier than places inland.

We stayed in various parts of the island to 'test drive' them before buying. Saw some wonderful properties inland, great value, but found it cool at night and couldn't stand the constant night-long howling of the local dog population...for others, though, it might be just what they want! For what it's worth, our shortlist came down to Corralejo or Caleta but we opted for Caleta because that's where we found the type of property we wanted. Absolutely no regrets after two years plus.

We've heard good reports re Goldacre, but we used Martin Bliss, of Bliss Properties, whom we found excellent from start to finish, helped with all aspects of our purchase. Good luck, sure you will find the right place for you!