18/01/2022
Most people dream of buying a home in Tenerife and know exactly what they are looking for and what they would like to spend on the mortgage, however, they do not consider several important details.
If you aren’t familiar with all the complexities of purchasing a home in Tenerife, you may have future financial regrets. Here are the top five mistakes that first-time homebuyers in Spain often make.
1. They don’t take into account all of their options such as short or long-term rentals.
2. They don’t consider costs other than the property price and down-payment.
3. They don’t get a home inspection. A home inspection is no way to cut the costs of buying a home.
4. They fully expect their home to appreciate in value in a few years.
5. They don’t consider the debt-to-income ratio before looking for a lender.
If you’re a first-time or novice home buyer in Tenerife, it’s imperative that you spend some time with an expert, such as a trusted property consultant, before rushing into the home-buying experience. Today, many home buyers abroad rely on websites and may get a false sense of the true values of homes in the area. A great consultant can give you a reality check on home prices in different areas of Tenerife and they keep up with changes in current market values and how the various mortgage companies do business...