A new-build in Tenerife: what to check before you buy from a developer
A new apartment in Tenerife with a pool, a terrace and an ocean view sounds perfect. But before you sign with the developer there is far more to check than the marketing render: timings, the specification, the paperwork, the payment schedule, purchase costs and the handover itself.
Buying a new-build from a developer in Tenerife has plenty of advantages: a modern development, a pool, a terrace, often a beautiful view, and the chance to pick the exact apartment you want.
But before you buy, there are a few things worth knowing.
It is best to buy early, before building work starts
Many developments are sold before construction even begins. That is often the best moment to buy: the choice of apartments is at its widest and prices can be better than at later stages.
Bear in mind, though, that delays to completion are nothing unusual in Tenerife. Read the contract, the build schedule and the handover date carefully – and add a few months.
Costs are slightly higher than on the resale market
On a new-build bought from a developer, taxes and purchase costs are usually higher than on a resale property. Factor them into your budget before you choose an apartment.
The specification? Not always what you expect
A new home does not automatically mean a flawless finish. The quality and execution of some work can differ from the standards you are used to at home.
That is why the handover inspection matters so much. Go through everything in detail and report any defects. Some of them can still be put right after handover, under the developer's liability.
Check what you are actually buying
Always go through the memoria de calidades – the specification. The kitchen, appliances, bathrooms and fitted wardrobes may be included in the price; loose furniture usually is not.
It is also worth checking the developer, the project documentation, the payment schedule, the completion date and the terms of the contract.
And one more important thing
If you found the development through the developer's own advertising, do not rush to leave your details in their contact form. You may be registered as a client sourced directly by the developer, which can later rule out working with the agent of your choice. In many cases the developer pays the agent's fee, so you can have professional support at no extra cost to you as the buyer – provided the terms are agreed in advance.
The bottom line?
Don't buy a beautiful render. Check the developer, the documents, the specification and the completion date – and inspect the property thoroughly at handover.
Because the visualisation may be perfect.
But it is the real apartment that will be your home.
At Dom na Teneryfie we guide our clients through the whole purchase – from choosing the development and the apartment to the handover itself. Looking for a new-build in Tenerife? Get in touch.
