It’s often easy to under-estimate the cost of buying a second home abroad. There might be extra costs involved in the conveyancing, or nasty surprises that need fixing or sorting out.
But for Natalie and Dave who have bought an apartment in Costa Teguise, Lanzarote, it has been a pleasant surprise that running their ‘perfect’ home is not as expensive as they thought it would be.
The couple of Wiltshire who met at university have been visiting the Canary Island every year, many times with their two children, who are now grown up. “We just love how relaxed it is, the climate is perfect and there are plenty of flights,” says Dave, 57.
They weren’t really in a position to go shopping with a £200k budget until they sold their ground-maintenance business and had also become freed up to think about the next stage of their lives.
The couple had tried to find a property when on visits to the island. “But when we emailed estate agents we didn’t hear back. I don’t think many take you seriously unless you are there in person,” says Natalie, 50.
She decided they needed some expert help. In November 2023 they flew out with A Place in the Sun TV crew and Jean who helped them find a property with a stunning sea view on a complex near the Radisson Blue Resort. Although it was on sale at £148,000, they got it for £141,300.
They report that the conveyancing process went very smoothly – through Sue Cox Inmobiliaria and ALL LAW solicitors in Costa Teguise – and they used A Place in the Sun Currency to transfer their funds.
“It could have been completed in a month if we’d wanted to, but we waited until after Christmas to January when the flights were cheaper. In Spain we all had to sit down together – the sellers and a translator too – on completion day,” says Dave.
“The English vendors just walked out of the property with a suitcase so it was great to have everything to get us started,” he adds.
But they’ve not just kicked back and put their feet up. They’ve since gradually replaced things as they’ve decorated: put in a new kitchen and bathroom, painted the doors, put up a pergola on the terrace, and rewired the property, upgraded the drains and spending around €15,000 in total.
The property costs less to run than they thought, having been used to the sort of household bills that are the norm in the UK.
They pay €120,000 community fees a month, which might not be on the lower end of the scale, but their property is on a very well-kept development with a swimming pool and beautiful landscaping. “Electricity is a lot cheaper than in the UK – at €25 per month, plus water is €25 too,” says Dave. TV/phone package is €30. Council tax is €330 per annum (not per month!) and rubbish tax is €50, also per year.
The couple visit every couple of months and might do more often if they didn’t have to worry about dog-sitting. “We get a flight for £20 but the dog sitting costs over double that per day” says Natalie, although they do have some part-time work commitments back home.
They don’t rent it out although Lanzarote can produce some good year-round returns for home owners, as one previous couple of househunters found.
“We’re not quite ready to retire and move out full-time,” says Dave. “Most of our neighbours are 60-plus, and the development is always peaceful – we never have to rush for a sunbed by the pool.”
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