BUYING PROPERTY IN THE CANARY ISLANDS
GoldAcre Estates can help you find the perfect property whether you are a local to the islands or looking to purchase property overseas. We provide a service that takes you right the way through the purchase process with friendly experienced consultants.
If you are a local purchaser we can help you upgrade or downsize your property needs. Looking to move to another island? We can help not just with the purchase of your new home but also the sale of your old one.
Don`t be nervous if you are a first time buyer, we can also help with the financial side of the purchase.
If you are an overseas purchaser, the Canaries are famous as a world class holiday destination and many visitors are finding the islands the ideal place to purchase a property in the sun for either holiday use, as an investment, or even as a new home.
Whatever your reasons to purchase, with over 3000 hours of sunshine a year, frequent low cost flights to the rest of Europe, and a laid-back, safe lifestyle, the Canary Islands are proving to be popular with property buyers.
Buying a property abroad can be a daunting task, so GoldAcre Estates have established a company to provide you with the very best client experience for buying your home in the sun.
Our aim is help you right the way through the purchase process and still be there for you after you have moved in. Please read the following articles on how to purchase a home in the Canary Islands and how GoldAcre Estates can help find the right property for you.
How we can help you ?
GoldAcre Estates was formed to help you find your perfect home and look after you right the way through the purchase process. We have developed a concept in property buying that will look after you and help you deal with those little unexpected situations.
Read how we can smooth the buying process so you can enjoy the house hunting.
Why the Canary Islands ?
All the islands offer something unique yet still provide the Canarian lifestyle that they are famous for. Read a little bit about each island and why they are so popular.
We are fortunate to live in a constant sunny climate just off the coast of the African continent. However that means property in the Canaries is designed quite differently from one in Sweden for example!
LCanary Islands Financial Guide and Understanding all the financial implications is important and something that we at GoldAcre Estates take very seriously..
Do I need to be a resident of Spain?
No, but you will require an NIE number. NIE is an abbreviation for 'numero de identidad de extranjero', which translates as 'Identification number for foreigners'. The main purpose of the NIE in Spain is for fiscal control. GoldAcre Estates can help you obtain this of course legislation is always changing so email us at firstname.lastname@example.org for the latest information.
What is a Notary?
A Notary is a person who has had special training and passed examinations to qualify them to cover a large range of legal matters, not just property ownership transfers. Once a document is signed by a Notary he or she becomes legally responsible and is duty bound to enter the details into public records.
Are the Canary Islands in Spain?
Officially the Canary Islands are a Spanish archipelago, (located just off the northwest coast of mainland Africa), thus having the status of being part of Spanish territory. Politically the Canary Islands are a 'Spanish Autonomous Community' and an 'Outermost Region' of the European Union.
The Canary Islands have 13 seats on the Spanish Senate, 11 of which are elected, as well as a president of the Canary Islands.
Listed as being an EU Outermost Region means that they are outside the European Union Value Added Tax (VAT) area so the islands are allowed to set their own taxes which are very low compared to the rest of Europe.
The Canary Islands are the most populated and economically strongest territory of all the outermost regions in the European Union.
Geographically the islands are part of the African Continent.
Do I need to be in the Canary Islands to purchase a property?
Once you have chosen your 'place in the sun' and have acquired an NIE number you can assign 'Power Of Attorney' (POA) to your lawyer who is allowed to act on your behalf for the sale of that property.
You do not have to be on the islands to arrange 'Power of Attorney', GoldAcre Estates can explain how to arrange a POA with an independent lawyer. You can also arrange for a more comprehensive POA which will cover more than just the purchase of property.
How much does it cost a year to run your chosen property purchase?
This is a difficult one to answer as it depends on the price, size, type and location.
However, each client who decides to purchase through GoldAcre Estates will receive a basic outline in writing of the approximate costs involved in maintaining that their new home for one year. This will include taxes/rates, insurance, water electric and any other cost peculiar to that property. If a mortgage is involved then we will of course also advise you on the annual cost to service the loan.
How do know what we've bought is truly ours?
Once you have decided to purchase you will be required to sign a "Reservation Contract" and leave a reservation payment.
The contract will be in Spanish and English. At the time of signing the contract and placing a reserve, the property will be taken off the market and the owner informed as to your intention to purchase.At the time of reserving the property we will advise you when the 'Purchase Contract' should be signed; usually about 28 days after signing the reservation contract and of the amount to be paid at this time.
My main home is not in the Canary Islands. Can I obtain a Spanish Mortgage?
Yes. You will, of course, have to apply for a Spanish mortgage, and if you meet the requirements of the lender for the loan, then a mortgage will be offered to you. The process is similar to the rest of Europe but for a more detailed explanation on Spanish mortgages Please read our guide.
How do I pay a reservation fee on a property?
This can be done by cash or by credit card. Most people opt for paying by credit card as this is safer than carrying cash and the company issuing the card provide various security protection. If you have a Spanish bank account then you can pay by a direct transfer. If your home bank is not in Spain you can still pay by transfer but this can be a lengthy process and could delay or even lose you the sale.
How is electric & water charged and how can I pay it?
Electric and water in the Canary Islands is metered and you pay for the amount consumed. The bills for both can be paid at a local office or by direct debit.
Occasionally some developments with a community are billed for the whole development and the community divide the bill between the residents, which is paid to the community administrator as part of the communal rates.
If you have any questions on purchasing property then send them to us and we will find the answer for you and add them to this list of FAQ to help others.