tc22

I have noticed,as mentioned on here before, that the properties in tenerfie tend to be on the market along time.

Being in rented is better ,i suppose,when you first move there because then at least you can move around till you find your 'perfect' area,this is what i am intending to do,but don't want to stay in rented forever.

But what if you have brought then want to sell, having to wait a 1year maybe plus that must be hard?

It is concerning that it does take so long to sell a house there, how many of you who live/moved there are in rented properties and how may of you have brought a house?

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kelly

were renting at the mo. like you say not sure where on the island we want to settle.

i also think that due to recent events in the uk with banks and property prices. its going to have its affect here.

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C.I.M

Good idea to live where you think you want to buy.
You never really know how "perfect" that apartment/complex/town/ really is (or isn´t) until you´ve lived in it. Our rented apartment seemed perfect for the first week or two but we will now not be purchasing here for various reasons that have only come to light after living here several months.

Some properties will take a long time to sell - I´ve seen others go relatively quickly. Depends on which sector of the market your property is in.

It´s a great reason not to tie up all your cash in your property. Lots of people sell up, move here and buy a property outright.
There are a number of advantages to using a mortgage instead:

Keeps your cash in a good deposit account, this way the mortgage costs you nothing while you retain your financial flexibility.

There is also Inheritance Tax to take into account. The more you have on your mortgage the more you are reducing the IHT liability on the property. (I recommend speaking to an expert if you are concerned about this.)

Once you have moved here your ability to raise credit (get a mortgage) may be severely reduced - so give due consideration BEFORE you leave the UK/Ireland.

The knock on affect of the "credit crunch" has affected mortgage products to some extent - depends on who you´re banking with though.

(shameless plug )
Employ the services of a mortgage expert and you can´t go far wrong.

There are already reports that the US is recovering from this credit "blip" although others are more pessimistic.

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Cathy

yes I think it is also better to rent first until you find out where you would like to live and then you can find out about the area and it's residents. Get a better feel about the place.

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tc22

Didn't think that way,exspecialy with regards to Inheritance tax.

Was looking at buying outright there, we have a few rented properties in the Uk so with regards to keeping something here we are fortunate to be ale to do that.

When we are ready next year, i will look at all the options and of course seek proper advice!, thanks C.I.M

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fixer

i would say its better to rent first and find your ideal location as they say its location location that counts and if you buy the right house/apartment in the right location it will be easier to sell. david

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Apartments in Cristian Sur, Tenerife Sur and San Marino

C.I.M

Your other consideration before ever buying property outright is the cost of equity release in the future.

If at some point in the future, you are having some form of financial trouble or need money for some reason you will need to either sell your property or use equity release.

If the market is very slow, then selling may not be a feasible solution.
Equity release is a solution but it can be expensive. If you have insufficient income, in the banks view, to support the equity release mortgage, then your only option is self-cert equity release. So, again, there is a solution, but again, it can be an expensive one. You don´t want to be sat in Tenerife in 10 years with a €300,000 house but no money to put food on the table - this DOES happen, believe me!

Taking plenty of time to decide exactly what your priorities are today and will be/could be in the future could save you a lot of hassle and money. And be pessimistic rather than optimistic when you consider what may happen. Think about it like this:
The chances of something unexpected and bad happening - 15%.
The chances of something unexpected and very bad happening - 5%.

Which sounds like a fair enough risk BUT, if 1,000 people in your shoes moved to Tenerife and did exactly the same as you, 150 would have something bad happen and 50 of them would have serious problems. How many expats live here? Adds up to a lot of unexpected problems.
Having money available, or being fully insured, when these things crop up often helps. Find a GOOD insurance broker once you get here and make sure you have comprehensive but good value cover.

I remember an alarming statistic from an insurance seminar I attended once -
"The average adult has a 1 in 3 chance of suffering some form of critical illness before the age of 60."
So the risk to a couple is well worth mitigating.
Sorry for such a depressing post but do give due consideration to this side of life - you never know when its going to punch you in the face.

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tc22

I TOTALLY agree, i am lucky that i don't have to worry about this, but not everyone is the same.

What important points you have raised, and your advice and knowledge on this will probably help someone on here more than you think

Thanks, will be in contact when we move over next year

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dede

we still rent here after being here for four and a half years. we still have a property in the uk and rent that out and have been fortunate to have had the same tenants in. people say to me why dont you sell and buy here but there is just something telling me not to rock the boat and leave things as they are. the rent i get for my house in the uk covers everything that needs covering so to us its just like swaping homes in a different country and costs us no more to live here. maybe one day i will decide to take the plunge but for now i am leaving my options open. also we have lived in a couple of places here now and each time i have thought "yes this is a lovely place to live " and then something has happened and we have decided to move so i was glad that we hadnt bought there. but everyone has their own veiws on this subject and these are only my views.

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if interested quote the forum
for a 10% discount on the postage to Tenerife

SweetChariot

Just like us...lived in 4 Towns in 6 years and each time nearly bought then something has happened and we have up rooted for the better...

at lastwe think we have found the ideal town for us and are looking at the buying options...