Costa Teguise property buyer Case Study

Mike reflects “40 years or so ago the thought of traveling abroad for holidays was considered by most to be a real luxury; purchasing a holiday home abroad was indeed a remote concept. However, times have changed and with the advent of cheap airlines, package holidays, ferry connections and cruise liners making travel accessible to all, we have become a well traveled society.

Getting a foothold on the property ladder in Europe or indeed elsewhere has always appealed to us but the language barrier with inherent potential for misunderstandings, and the seemingly endless horror stories found in newspapers regarding planning, title and other legal issues encountered by buyers abroad, all contributed to reigning in our enthusiasm.

Holiday’s abroad are now a real feature of our lives, and over the years we continued to take a passing interest in properties but had not summoned the courage to take that final step. More recently however, the opportunity to take a second holiday ‘off season’ became more readily available, and in search of the most reliable ‘good weather’ we became regular visitors to the Canary Islands in wintertime. Our various holidays included Tenerife, La Palma and Lanzarote. Gradually we became very comfortable with Lanzarote, initially staying at Playa Blanca, however, as a result of the eventual explosion of building there we opted for the quieter environs of Costa Teguise with its nonetheless abundant variety of good restaurants, good walks, and easy access to the airport and Arrecife etc.

Along with the great climate, clean air, flight time and cost, cost of living, proximity to shops, restaurants, golf, cycling, surfing, and swimming, the hospitality of the locals was the crowning factor in convincing us to look for property for sale in Costa Teguise, Lanzarote.

We gave our requirements serious consideration. There were several points to be considered. Primarily and most importantly we have a son in a wheelchair and so accessibility (both within the property itself and to the surrounding services) was clearly going to be paramount. We were only interested in a property without stairs, with plenty of flat access, wide doors etc to make wheelchair life easier. Business takes me traveling through Europe weekly and, without the assistance of a helper most destinations can be written off as inaccessible: there is nothing worse than restaurants without wheelchair access or having to hike up and down curbsides just to cross a road. So an important factor in our choice of location was our discovery that for independent living Costa Teguise ticks most boxes.

Secondly, we considered how the property would be used and agreed that we had no interest in a buy-to-let, or in holiday letting: our intended use would be as a holiday home for the family and for friends. Initially we would use the property for shorter holidays but with the passing of time our intention would be to stay for periods of 3 to 6 months following retirement.

As have so many others in the past, we started to look at properties but nothing ‘jumped out at us’ enough to make us put in an offer.

A couple of years ago we spotted a few properties in Costa Teguise that we felt might be of interest - the first of which was for sale but not available to view due to letting (not a great selling point when typically purchasers only have a few days on the Island during which to carry out initial viewings). Typically the agent’s hands were tied, or in some cases they simply did not go the extra mile in order to maintain our interest. New builds at that time were plenty but the attitude of the developers and other sellers, especially regarding the asking price, was along the lines of ‘take it or leave it’: two years later many of those properties are still on the market despite often heavy discounting.

Finally we went to the Location Properties office and had an informal meeting resulting in our first viewing of the property that we now own. In respect of the location, the property was ideal but in need of considerable work. Some properties are so disappointing and are all the more so if given an undeserved glamorous description by an agent. The property we viewed however was in need of work but was appropriately priced to take renovation into consideration. We ‘felt’ this might be the one for us but were concerned with the reformations that we would need to carry out. Despite the informality of this first encounter, the team at Location Properties could sense our possible interest and they made sure to follow up and take things to the next stage. They gave us excellent direction in respect of possible exchange price along with all of the legal/purchase/tax costs.

We needed ideas for the property and this came by the bucketful in the guise of Location Properties owner, John Walsh. This did the trick for us and we felt hugely reassured that Location Properties not only understood our requirements and needs, but also wanted to make the complete process as simple as possible. We had a hundred questions about planning, builders, architects, N.I.F.s, bank accounts, notary, taxes, lawyers, accountants, service providers, where to buy furniture – basically, where to start with all of that. All of this and the thought of a substantial project in a foreign country could have given us an easy excuse to return to the U.K. and forget the whole thing for another few years. But with John Walsh and his team taking care of each step it all become less frightening and like most things done by true professionals they made the complicated appear easy.

Once we were satisfied that we could turn this villa into our ideal space, we made an offer which in due course was accepted. Immediately thereafter Location Properties set up a series of introductions with a lawyer, an Architect, Bank Manager, etc.: from starting out on a casual holiday we were suddenly meeting lots of new people. Without the input of Location Properties, whoever else might have guided us through each stage would have been a complete lottery (and we all know that lotteries don’t always produce the desired result). In fact it was important to have a reliable company pulling all of our requirements together in order to ensure a rather smooth entry to Lanzarote life. While we reminded our selves of the caveat ‘buyer beware’ we became confident that we were being introduced to reliable companies that had an excellent grasp of the relevant languages and knowledge of all the requirements to purchase property on the Island. On reflection Location Properties were the constant in the process ensuring that the complete buying experience was made as straightforward as possible.

After completion, Location Properties set up accounts for payment of utilities, Town Hall taxes etc. and introductions were also made to insurance and security companies.

Help was given in respect of tendering for the building contract and interviewing builders. Some exceptional ideas for clever layout and design were received from the connections made resulting in the transformation of a very small bungalow into a magnificent high-spec front-line villa with ease of wheelchair access to all areas of the property. Help with buying the kitchen, bathrooms, and pool was kindly given by John Walsh. Further assistance was extended when we had to start thinking about furniture, decoration, and bathroom fittings we were quickly given a tour of all the major industrial/warehousing sites in order to familiarize ourselves with the variety of companies and their products, prices and availability.

Once the choice of property was settled on, perhaps the most important choice was the builder. A number of tenders were requested from a variety of builders of various nationalities, each known to Location Properties and with very good reputation and work record. Location Properties helped to screen all of the bidders: an error here would have provided the potential for everything to go horribly wrong. Our final choice was with a local builder, INFOTURILAN with fantastic resources such as inhouse architect, local knowledge and contacts. The ‘boss’ Gustavo Ramos, who speaks fluent English and is (untypically) easy to contact, was quick to find solutions to any problem that arises, and always willing to go the extra mile to achieve client satisfaction. All in all it is easy to see why Location Properties included him in their original list of preferred builders. We chose not to have a penalty clause in the building contract as experience has taught us that you pay in the end. Because of our to-date experience with John Walsh, we appointed him as our project manager to oversee the development and minimize for our neighbors the inevitable nuisance a build brings with. We received constant progress feedback from John along with photos of the build a couple of times a week. Above all, the job was done properly, quickly, and with little touches specifically designed to facilitate our wheelchair requirements, all told we have a feeling of satisfaction with the whole process and of course with the end result.

Did we exceed our budget? NO. At least in terms of what we originally required, we matched our budget expectations. The drop of Sterling against the Euro was tricky, but hedged in the main (a contributing factor in our benefit was heavy discounting that merchants were willing to give on all materials due to the current crisis). However as the property came to life we had new ideas and saw new opportunities unfold (e.g. an exercise pool from ‘Aquadreams’ with lift chair, large pergola dining area with built-in mosaic table and stone chimney), and in this regard we did spend more than our original budget.

Looking back, it was quite some venture that we had undertaken and had we known all the possible pitfalls, we would have been pretty nervous. For us, it is impossible undertaking this project without the help of the Location Properties team. Conversion work is not everybody’s cup of tea, and of course simply buying a property ready to move into would have been quicker and easier, nonetheless by converting/renovating we not only have a great sense of achievement but we also have a property tailored to our very specific requirements and needs: it is difficult to imagine finding a second hand property that could suit us so perfectly.

Our confidence in both our estate agent and our builder has not been misplaced and we now enjoy wonderful holidays in our exceptional villa, spending time relaxing over a glass of wine at our outdoor dining area under the shade of our magnificent pergola, while taking in the restful vista over the sea. This is what we were looking for and we anticipate with pleasure many years of enjoyment for our family and friends at this great location.

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