Posts from — March 2009

This has to be one of the best reduced price property bargains in Tenerife.

A two bedroom apartment of 63m2 in the popular Canarian town of Cabo Blanco. We have said before but will say it again, your money goes so much further when you are buying from Spanish agents at “local prices”. These towns and villages are set on the periphery of the large resorts of Los Cristianos and Las Americas and a great place to pick up a cheap, well specced apartment to come here and live in.

These properties are a great purchase for those looking to relocate to Tenerife and are true credit-crunch busters. It has been a hell of a long time since you could pick up a quality 2 bed apartment in Tenerife that didn’t need completely gutted. We are talking STUDIO prices here so these represent truly outstanding value for money.

Cabo Blanco is a great base for a working family with easy access to the main resorts of Los Cristianos and Las Americas where many will be travelling into work. It also has good public transport links, bars and cafes and a large supermarket – always handy.

We have put together an exceptional mortgage deal on these apartments. Up to 40 years interest only at 65%. This means a mortgage of only 45,500€. The monthly payments will be an ultra affordable €115 per month!!! This is easily much cheaper than renting (although the rate is variable even if the Euribor shoots back up to last years high of 5.5% you will still only be paying €260 per month.

In addition to being great little family properties that wont break the bank, these will also make fantastic buy-to-lets given the ultra-low mortgage payments. Two beds of this standard in this area will bring in around €475 per month. Easy, low maintenance profit and the type of property that will make you a very decent capital return when the markets recover. Maximum lending on these is 80% and we have outlined the costs using an 80% mortgage below but for the money the 65% mortgages allow the best returns due to the full term interest only element.

• Buy the two bed for €69,990 cash (plus 10% costs, approx. €7,000)

Or

• With an 80% mortgage (€56,000) and €14,000 cash (plus 11% costs, approx. €7,700)
  Mortgage payments of approx €132 per month interest only or €230 per month capital repayment.
  
• Consult our Tenerife Mortgage Calculator for further details

Reduced price properties in Tenerife are coming in thick and fast. 2009 is shaping up to be the year of bargain property in Tenerife!

Following on from our last listing which showed an amazing 3 bedroom bargain Tenerife property for 105,000€ we continue along the theme of finding the bargains outside of the touristic areas . Looking at the outlying Canarian towns such as Valle San Lorenzo and San Miguel de Abona we can find some very attractive reduced price property. Your money goes much, much further when you are buying from Spanish agents at “local prices”. Thankfully we have a number of Spanish agents who we work with so can bring these excellent prices to expatriate buyers.

These properties are ideal for families looking to relocate to Tenerife. The most common mistake people tend to make when moving to Tenerife is that they spend way too much money. The either use up far too much of their savings on a property or they take a mortgage whose monthly payments are far too high.

These Canarian towns can solve this problem – here we have a two bedroom apartment in the popular town of Cabo Blanco for only €88,000. Close to Wingate School, Cabo Blanco is ideal for a working family with easy access to the main resorts of Los Cristianos and Las Americas where many will be travelling to work. It also has good public transport links, bars and cafes and a large supermarket – always handy.

Obviously the main attraction is the low, low price which will leave you plenty of money tucked away in your savings account. Mortgage payments will be easily affordable – cheaper than renting in many cases and the properties will also make good buy-to-let investments. You can also pick up the one-bedroom apartment here for a mere €75,000 – a truly phenomenal price for a property of this quality. So what are you waiting for??!

Both of these properties are ideal for the long-term rental market. Two beds in this are will bring in around €475 per month and the one bed around about €400.

• Buy the two bed for €88,000 cash (plus 10% costs, approx. €8,800)

Or

• With an 80% mortgage (€70,400) and €17,600 cash (plus 11% costs, approx. €9,680)
  Mortgage payments of approx €170 per month interest only or €293 per month capital repayment.
  
• Consult our Tenerife Mortgage Calculator for further details

You want something even cheaper???

• Buy the one bed for €75,000 cash (plus 10% costs, approx. €7,500)

Or

• With an 80% mortgage (€60,000) and €15,000 cash (plus 11% costs, approx. €8,250)
  Mortgage payments of approx €145 per month interest only or €250 per month capital repayment.
  
• Consult our Tenerife Mortgage Calculator for further details

This has to be one of the cheapest 3 bed apartments in South Tenerife. An absolute bargain of a property!

This will sell – and fast! Reduced property in Tenerife is what we like to focus on but this fantastic reduced price Tenerife property is in a class of its own. A snip at 105,000€. It is located in the Canarian town of San Miguel, close to Wingate school (handy if you have kids who will be going there) and a 5 minute drive from the  central hub of Las Chafiras.

This price is going to be very difficult to beat unless you want to buy a run down shack!. So whats the catch? Well we have been to see it and as far as we can see – there really isn’t one. The description is accurate, the property is spacious at 88m2.

The apartment itself is brand new, very nicely finished – the kitchen is particularly impressive. The doors and wood finishings are attractive and the area itself is peaceful yet convenient. A great example of the difference between “tourist prices” and “local prices”.

This property would be more suited to long term rental. It is low maintenance and would bring in a minimum of €550 per month. A good buy-to-let property and solid addition to any investment property portfolio.

• Buy for €105,000 cash (plus 10% costs, approx. €10,500)

Or

• With an 80% mortgage (€84,000) and €21,000 cash (plus 11% costs, approx. €11,550)
  Mortgage payments of approx €202 per month interest only or €350 per month capital repayment.
  
• Consult our Tenerife Mortgage Calculator for further details

Another week and another bargain Tenerife property. If a are a regular subscriber to our Tenerife Property Blog you will have seen the distressed sale 2 bed detached villa in Torviscas Alto, Tenerife for a bargain €170,000.

If you thought that was a steal then this is even better. A 4 bedroom detached house on the same complex has just come up for a quick sale. The owner has knocked off another €100,000. So, what would you expect to pay for a 4 bedroom house in the middle of the south of Tenerife? €450,000? €500,000? What about €282,000!!!!

Thats a pretty unbelievable price. If you are sat waiting for the real bargains to appear and really want to pick up a distressed sale, take advantage of the credit crisis – this should be the kind of thing you are looking at.

It has been on the market previously for €450,000 so that is a massive saving of €168,000.

The villa rental market here is booming and this is well-placed and much sought after rental property on a popular complex. Long term rental is low maintenance and would bring in at least €1,400 per month for this type of house.

• Buy for €282,000 cash (plus 10% costs, approx. €28,200)

Or

• With an 80% mortgage (€225,600) and €56,400 cash (plus 11% costs, approx. €31,020)
  Mortgage of approx €560 per month interest only.
• Consult our Tenerife Mortgage Calculator for further details