FAQ
My little "consultation hour"
Welcome to my "First Aid Center":
I've collected some of the most frequently asked questions in this place.
If you have any questions, you can contact me at any time.
What speaks for buying a property in Fuerteventura?
Answer:
Fuerteventura, and especially the northern part of the island, became very attractive for potential buyers. Being a unique travel destination, many buyers consider this luxury island near the European continent as a safe, profitable and very interesting travel destination.
Buying/investing in a property is always based on two basic principles: trust and price. And both are met positively on Fuerteventura.
1) Fuerteventura offers properties at interesting prices
Compared to the rest of Europe and Spain, you can buy property in Fuerteventura at a lower price and in a more idyllic setting. The previous economic crisis has caused many properties to appear on the market at very interesting prices, and this opportunity includes all types of real estate, apartments, houses, villas, duplexes, plots of landuand commercial areas, etc.
2) A variety of different nationalities
One of the things that makes Fuerteventura so interesting is that it is a destination where many nationalities live together in an integrated way. It is absolutely possible to become a part of this "melting pot" and integrate into the local society of "majoreros".
3) Optimal connection to every European country
The island is easily accessible with many flight connections from any point in Europe, allowing direct flights without major complications at very reasonable prices. This means that those who buy a property do not have to go through complex and long journeys to get to the island.
4) Fuerteventura, profitable real estate
The list prices and the opportunities to exploit properties make investing in real estate in Fuerteventura very profitable. Whether for holiday rentals, second homes or as a destination for digital nomads, Fuerteventura reinvents itself and offers business opportunities very much in line with today's reality, achieving profitability rates much higher than any other destination. In the near future, what we all hope, normality will return and after the Covid-19 pandemic situation, tourism could even grow, which will double profitability.
5) Cheap mortgages and interest rates for non-residents
The interest rate here is considered to be low, opening up the possibility of obtaining a mortgage loan and therefore access to higher quality real estate at a very reasonable cost. There are also interesting offers for non-residents.
6) A safe and cheap environment
Fuerteventura is a very safe environment socially, legally and economically as it is located within the European Union and its rules are applied with the same determination as in the rest of Europe, giving the buyer legal certainty to defend their interests.
The existence of notaries, land registries, lawyers, real estate agencies, translators, financial institutions, land registries, courts and other public administrations provides easy access to legal and legal resources so that the investments made are guaranteed. Other destinations outside the European Union cannot claim the same.
The cost of living and the tax system make it a very cheap destination compared to other destinations in Europe, which invites to consider the possibility of residing temporarily or permanently on the island of Fuerteventura as a very interesting option.
7) Space, the greatest luxury
The island offers a luxury that is virtually unavailable in the rest of Europe: space galore. The island is protected in more than 70% of its territory under natural protection, it lacks big crowds and buildings like in other similar destinations and you can enjoy massive space that invites to rest and enjoy a unique environment. It's possible to be practically alone on a beach in Fuerteventura in August.
8) Covid-19
The Covid-19 pandemic situation has not brought anything good to our lives, although it has made us think about looking for other values in our lives. The pandemic situation on the island has reduced compared to other places in Europe, leading many to look to this island where we could spend this time in a more acceptable way, without having to face so many restrictions on mobility.
9) Lack of new production and new properties to develop
Island and community planning as well as Canarian land legislation are very restrictive in classifying new plots for new urban developments, which on the one hand improves the environment and landscape and on the other hand reduces the supply available, which increases prices. The lack of new promotions or major developments will continue for many years to come. We all like to live in a very exclusive environment away from big agglomerations.
10) The climate, the surf and the sea
Fuerteventura has a mild climate all year round with sunlight almost every day of the year. Neither cold nor hot, and above all permanent sunshine 365 days a year. The average temperature is between 20 and 26 degrees all year round. Probably more than surfing activities, it's the ocean that manages to mesmerize those who visit us or those lucky enough to live here. The color of the sea has such an allure that it is impossible not to notice its constant presence. Strolling on the beach or observing the sea from any corner of the island brings pleasure you never tire of.
11) Love
Many people seem to have fallen in love with the island (and some have even fallen in love on the island). We all let good memories influence the choices we have made in life and will make in the future. And when that crush sets in after a first visit to the island (as many have described), that moment and/or feeling was ultimately one of the main reasons for buying a property in Fuerteventura.
CAN YOU GUARANTEE A SUCCESSFUL SALE?
Answer:
Whatever the personal reasons for selling your own property here on Fuerteventura, here are a few tips:
You can do it yourself or hire a broker, me. You should set your price and expect to find an interested buyer. You are the one quoting the price, so consider the costs and expenses involved to get a correct net amount.
When you are selling a property, you should be aware that the ball is in the buyer's hands and they must carry out all the checks to ensure a good conclusion of the sale. You should provide all the necessary information about the property, receipts for tax payments and utility contracts to ensure you have a valid title.
Unfortunately, more often than I thought, I found that many titles had some flaws that had to be fixed before they could be sold.
As an example, here are the differences between the area indicated in the title and the area indicated by the land registry (which must be remedied before the sale).
But sometimes there is also a pool that is not specified in the title. Or an additional area that has not been legalized.
Also, some other "minor imperfections" may need to be addressed to ensure the legality of the sale. This has to be done by the seller as he is the actual owner unless the buyer accepts these "little incidents".
If you have a mortgage, at the time of completion you should call the bank and go to the notary to sign the mortgage cancellation and receive the outstanding debt. In these cases, the buyer will write two bank drafts, one to the bank for the money owed and the rest to yourself. The cost of this will be borne by the seller.
Once the buyer has completed the necessary due diligence checks, a deposit is paid or a private contract is signed. By making this deposit (usually 5-10% of the agreed purchase price) both parties secure the mutual "binding promise" for the final purchase/sale.
If the buyer withdraws from the purchase, he loses his deposit. If you, the seller, fail to keep your promise, you may be required to pay the prospective buyer twice the deposit as compensation.
The transaction is completed at the notary when the full price is paid and ownership of the property is thereby transferred to you as the buyer.
Annotation:
I save both myself and my customers time and nerves if I don't even include "stressful objects" in my portfolio and therefore neither advertise nor sell them!
CAN I RENT MY PROPERTY TO OTHER PEOPLE?
Yes you can. You can opt for long-term rentals or short-term rentals (holiday homes).
Long term rentals are a good idea to generate income from your property and avoid the management associated with a holiday home. Although the income is lower, the security is greater.
In any case, there are a few basic tips to keep in mind when renting out your property in this way. And the first is a good contract that protects you and already takes into account everything that might happen.
Having a good lawyer by your side will also help you when you are left with no other option but to go to court to resolve disputes with tenants.
You might be wondering if you can let your property to vacationers?
The answer is yes, you can!
However, you have to observe some legal and tax regulations. Make sure you get the paperwork in order before you start advertising your vacation home. If you advertise your property and allow rental guests into your holiday home without holding the required license called a 'Vivienda Vacacional', you can be fined heavily.
Note three basic elements:
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The location of your property within a complex with other properties. Be aware that your homeowners association may have some restrictions on this activity.
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The general use of a complex, e.g. B. for tourism purposes, can affect the idea you are planning.
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The physical condition of the house and the items in it.
Regulations for renting holiday properties in Fuerteventura:
Before you start advertising your holiday home, you should apply for a holiday rental license “Licencia Vivienda Vacacional” with the Cabildo of Fuerteventura.
Once you have your first rental clients, you should comply with police department regulations and properly register all of your rental guests.
Also, don't forget to tell your insurance company about your rental activity, as they may need to change your insurance policy.
It's not just about taxes or licenses, there are other aspects to consider such as complying with safety permits, getting proper insurance and the ever-changing tourism regulations.
MAKE CONTACT
O. Schlolaut
real estate agent
C/Valle Llano Del Perro 4
35649 Caldereta (Las Palmas)
Fuerteventura
Spain
+34 608 360 694 mobile
+34 828 900 571 office