The interest in buying a home has increased considerably in recent years and, specifically, the Canary Islands is among the Autonomous Communities where it has grown the most. If you are also thinking about buying a house in Fuerteventura what we are going to tell you below is of interest to you.
Are you interested in buying a house in Fuerteventura as an investment? Simply to spend your vacation periods? Are you moving to the island and want to buy your new permanent home? Whatever your situation, there are a number of considerations to take into account before making your purchase.
Fuerteventura has always been an attractive option to live, especially for people looking for second homes. It is one of the most beautiful islands of the Canary archipelago.
The standardization of telecommuting and the flexible work arrangements that many companies now offer has sparked the interest of local and national buyers looking to relocate.
Study the different zones
It is essential to carry out a preliminary study of the local real estate market in order to know it in depth and to be able to select the area that best suits your needs.
Your choice will depend very much on your buying motivation. That is, if you want to buy your new habitual residence, as an investment or vacation rental.
In Fuerteventura there are some areas where renting to tourists is not allowed and only long term rentals can be offered.
In other areas, on the other hand, tourist rentals are a great option. Although it involves more work and wear and tear on the property, it will undoubtedly offer you a better return than a long-term rental.
If you want to buy as an investment and you choose the right area, you will ensure that your house will be rented most of the year.
We have an article published in our blog where we tell you which are the most profitable municipalities of Fuerteventura to buy and sell housing.
Choose your real estate expert to buy your new home in Fuerteventura
Another fundamental aspect is the choice of the right real estate agency. It is the first step to ensure that the purchase of your new home in Fuerteventura will be a success and avoid headaches in the process.
Select 3 options among the most outstanding agencies in the area you are interested in and have a meeting with them. Ask other previous customers you know for their opinions and search for their
reviews on Google
. With all the information on the table, you will be in a position to choose your real estate agent.
Be wary of certain “professionals” who are multiplying on the island and who have no organization or location. They are unreliable.
Reflect on the type of housing you are interested in
The real estate market in Fuerteventura offers different types of housing.
The factors that influence the decision to buy one type of home or another are very varied. For example, the number of people living in the home, space requirements, lifestyle or personal preferences and tastes.
Each family has a lifestyle and, as a consequence, a type of housing that best suits their needs.
These are the types of houses that predominate in Fuerteventura:
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Detached villa: This is a dwelling isolated from any other building. They are usually built in quiet areas, mainly on the outskirts of cities.
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Semi-detached house
A house that offers many of the advantages of a detached house, but is built attached to another house on one or both sides. It tends to predominate in dormitory cities that have better connections with large urban centers. -
Villa: House with a garden in the countryside, generally isolated from others and used to spend seasons of rest or recreation.
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Village house: One or two-story dwelling without a plot or garden, although it may have an interior patio, usually located in a small municipality.
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Apartment or apartment: Dwelling located in a building with common areas and services.
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Duplex
Duplex: A dwelling that, within a building, has two floors connected by a staircase. - Land and plots: It is not a type of housing per se, but it is a space that allows you to build the house you need.
Take into account the associated costs when buying a house in Fuerteventura.
The purchase of a new home is one of the most important financial decisions in people’s lives. Since it commits a large amount of money over a long period of time.
If you are going to buy your new home in Fuerteventura, keep in mind that, in addition to the final price of the property, you will have to pay a series of expenses and taxes such as notary, notary, land registry and taxes depending on the type of property.
In the case of new housing, you will have to pay the Canary Islands General Indirect Tax (IGIC) which is 7% of the sale value of the property and also Stamp Duty (AJD) which is between 0.5 and 1%.
If a second-hand property is purchased, the Transfer Tax (ITP), which amounts to 6.5% of the value of the property, is applied.
In total, all these expenses represent an additional cost of approximately 10 – 12% of the operation. Our advice is to plan well this aspect from the beginning to have everything under control and avoid surprises.
If you want us to help you with the purchase of your new home in Fuerteventura, please contact us. At
Destiny Home we are specialists in real estate transactions and in the local market of Fuerteventura.
