A guide to buying property in Mallorca
Real Estate Tips on Buying Property in Mallorca
Buying property in Mallorca as a second residence abroad is for many the fulfillment of a lifelong dream but it can also be a highly daunting prospect.
How does the property buying process work?
How does one go about buying property in Mallorca?
How do you secure a home you want to purchase?
What kind of residence do you want?
Is Mallorca suitable to your lifestyle?
Where buy property in Mallorca?
You have already decided you will be buying property in Mallorca, a villa or a townhouse perhaps, somewhere on the Island, not sure exactly where in Mallorca yet, but knowing you want to buy a house in Mallorca is a good start.
You are buying a new lifestyle in Mallorca after all and with a bit of luck, a new home.
So location is important!
A good start is to go north...
Holiday villas, town houses and rustic country homes
The choice is quite varied, in terms both of what type of property in Mallorca you wish to buy and where.
Most buyers moving to Mallorca will opt for a villa, a detached residence usually in the countryside with a private pool and gardens.
You will need a car, though it is possible to find villas within walking distance of town. You need to be clear on what you are looking for and what you can afford.
There are a huge variety of properties on the island, depending where you are; townhouses down cobbled lanes, penthouse apartments near the sea, country homes set in a rolling fields of olive groves, there are bungalows by the sea, small whitewashed houses in the ports of the coast and luxury estates in the hilly residential areas above town. Some will opt for staying near town, in villas with private gardens within walking distance to the shops and cafes, while others are in search of a more secluded abode, tucked away into the landscape.
The selection is as varied as the clients who visit us, from rustic Mallorcan farmhouses with modern interors to modern state of the art mansions with infinity pools there is a property in Mallorca to suit the most eclectic tastes.
House hunting in Mallorca
So, we have ascertained you want to buy a villa in Mallorca, now the fun begins.
A professional estate agent can help you with the entire process from finding the best property on the market to negotiating and making a final offer, helping you understand the different types of properties available and how to get the most out of property viewings. Your professional real estate agent will take you to see all the different kinds of property in Mallorca available, the vast selection of holiday villas and fincas dotted around the countryside, the town houses and apartments, bungalows by the sea and sprawling country homes in the countryside.
From offer to completion
Buying property abroad is a big step and a long term financial commitment and you will need good legal and fiscal advice.
We can put you in contact with a mortgage broker and offer help with all the red tape and paper work, buying property in Mallorca, costs, fees and taxes, legal and fiscal taxes, solicitor´s, notary´s and surveyor´s fees, building licenses and architects plans, the list goes on and you need an estate agency you can trust to negotiate all the red tape.
You have found the property in Mallorca that you want to buy and you don’t want to lose it.
Once the vendor and the buyer have come to an agreement on price, payment conditions and other agreements they regard appropriate, a private contract with deferred completion is signed, which is legally binding for both parts. Normally after signing the contract a 10% fee of the purchase price is paid.
The next step, and the most important and official, is the signature of the Public Title Deeds, which in Spain must take place in front of a Notary. By signing the Public Deeds the official transmission of the property in Mallorca to the new owner takes place.
Buying property in Mallorca to let
Buying property to rent is one of the most common reasons people are buying property in Mallorca.
For one, it is a good financial option, helps pay off the mortgage while still remaining your second home abroad. It is also a complicated affair and requires you have a reputable estate agency on your side. Sol Mallorca Real Estate´s rentals section has been working with rental properties in Mallorca for over 30 years and can help make the process of buying and then renting property in Mallorca easy and hassle free.
Designing the house of your dreams
Some of the most interesting properties to buy are often in need to a refurbishment, a new roof, an extension or a pool in the patio outside. Buying property in Mallorca is one thing, but for it to be your ideal home in Mallorca then it will require a little TLC. Refurbishing and renovating property in Mallorca can be lengthy and costly and terribly frustrating. It is wise to be well informed from the start.