Negotiating the price of real estate in Tenerife.
During your search for real estate in Tenerife, you have often determined in advance what your budget will be to invest. The procedure to buy a property here is different than at home and you need to be informed of how to buy in a correct way your property in Tenerife. The barometers for pricing in Tenerife are slightly more subjective than those in your own country. Of course, there are also estimates here that are made by estate agents or by independent valuers. But the “right” price of real estate in Tenerife is a lot less objective than in the rest of Europe for example. After all, you buy a country house, but also and above all… The sun! The fact that the price of real estate in Tenerife is not always proportional to what you get for it is a logical consequence.
That is why negotiating the price of real estate in Tenerife is often different from that in the UK or in other countries.
Initially, negotiating the price of real estate in Tenerife that you want to buy is fairly similar to that at home. There is an asking price and there is what the current market value tells us that the property is or should be worth. If there is a big difference here, then you immediately have a strong argument to negotiate the price.
Other objective factors for negotiating the price of property in Tenerife are, for example, that the property has been for sale on the market for a long time, that the price is adjusted regularly or is offered every now and then by another real estate agent. These are all factors that will play into your favor as a buyer when negotiating the price of real estate in Tenerife.
It is also good to know that most apartments and houses here are very often sold with the furniture. Furniture and appliances are of course not free and always represent a residual value. The seller will want to get as much as possible for this, while the buyer will want to give as little as possible for this. And immediately we found another point of negotiation. Will the property be sold with or without furniture and are they included in the price or not? For example, if you don’t like the furniture, you can always make a lower offer than the asking price excluding the furniture.
The golden age of bidding heavily below the price is nowadays almost a thing of the past. So don’t expect to be able to bargain for about half of the market value, this is a utopia at the moment.
Negotiating the price and selling conditions can be stressful if you really want to buy it, certainly if there are also other interested parties… That’s why I will end with this: if you really want to buy the property, go for it quickly, don’t wait too long and don’t offer too much of the price!