A Las Palmas penthouse is everyone’s dream property in the city because of the extra light, the views and the quiet.
They are so popular that many estate agents in the city have a queue of people waiting to hear about new penthouses. This is especially true if they have outside space and a good view.
As you can appreciate, top floor properties tend to sell fast so if you’re looking for a Las Palmas penthouse apartment, here’s my guide to finding and buying a quality one.
Step 1: Choose a good estate agent and work with them
Because penthouses are scarce and sell quickly, you need eyes on the ground in Las Palmas to let you know as soon as something comes up.
Pick a Las Palmas estate agent with access to the shared property (MLS) database and use them as an exclusive property finder.
Why go exclusive?
Agents with MLS access can show you almost every for-sale property in the city. So you don’t need to contact lots of different ones.
Instead, you just pick one good agent and let them do all the work involved in checking out properties and arranging viewings.
The agent will work hard for you because they know that if you buy, they will earn their commission.
On the other hand, if you contact multiple agents, they will just try to sell you their own properties without putting in the time to find other options.
Here’s how to choose a good agent in Palmas Property.
Step 2: Have your finances ready
Because many penthouses sell fast when they come onto the market, it’s a massive advantage if you have the finances in place to buy quickly. I advise all my buyers to have at least the 10% deposit accessible and to have a mortgage pre-approved with their bank or a local bank.
Step 3: Do your homework
Most Las Palmas penthouses (áticos as they are known locally) are perfectly legal and you can buy them without any hassle at all.
However, there are some things that you have to look out for when you buy a top floor apartment.
Is the view guaranteed?
When considering a Las Palmas ático, it’s always worth checking what’s between you and the view. If there are old buildings that could be developed in the future, you could lose your view and your privacy. If you’re planning to rent your penthouse when you are away, building work nearby can also affect your rental yield.
Get detailed information about building plans for the area in the Town Hall on Tuesday, or ask your local estate agent to check for you.
Is the entire penthouse registered
These days, building regulations in Las Palmas are clear and fairly strict and modern buildings are above-board.
But because it wasn’t always this way, some older properties have been added to over the years and not all owners update the information in the official registry.
However, just because a property isn’t accurately registered doesn’t mean that it can’t be updated. It depends on when the work was done and whether it conformed to building regulations at the time.
The golden rule is that you should always insist that the seller update the registry information before you buy a Las Palmas penthouse.
If some or all of the modifications can’t be registered, it isn’t necessarily a problem, especially if you are a cash buyer. However, if you buy with a mortgage the banks will only lend on the legally registered area of the property.
As with everything, good local advice is the key to assessing the situation.
Community rules and terrace access in Las Palmas
With most Las Palmas penthouses, you buy the property and you own the terrace. However, in some buildings the terrace is owned by the communidad (the tenants association) and you own the exclusive right to access and use of your section of terrace (known as ‘uso y disfrute’).
It’s always worth checking that the communidad rules are clear and that your exclusive use of your outdoor space is in the communidad paperwork.
Buying a Las Palmas penthouse the hassle-free way
As you can tell, quality independent local advice is essential if you want to buy a penthouse apartment in Las Palmas in a hassle-free way.
There are often local regulations, communidad rules and idiosyncrasies to check out and if you don’t speak Spanish or understand the local system, it can get tricky.
You need someone on the ground who is looking after your interests rather than just pushing for the sale.
As a professional Las Palmas estate agent, it’s my job to make sure you find the right property and buy it the right way. I look after your interests all the way through the process. Please feel free to contact me any time…