How to buy the perfect property in Mallorca
5 Ways to find the best property and make a good investment buying real estate in the north of Mallorca
Finding the perfect home for sale in Mallorca mostly comes down to TWO ESSENTIAL FACTORS: your estate agency and your research.
Your property agent
This is possibly one of the biggest money transactions you are likely to ever make, and in a foreign country and language.
Your real estate agent is important because he/she is your professional guide and advisor, the person who will help you find the right property to buy, arrange viewings and who will walk you through the buying process, making sure you get the best deal and the best advice along the way.
Doing the research
Doing some research yourself is wise, mainly because it means you won’t be relying completely on your real estate agent.
Let’s face it; you are far more likely to find the perfect property if you have gained a personal understanding of the area you are buying in, the local property market, what your options are and the ins and out of the Spanish legal system and real estate buying process.
But there are other things you can do to make the buying process work for you.
5 WAYS TO FIND THE PERFECT PROPERTY IN MALLORCA
1. Be flexible about the type of property you are looking for and the location
It is often true that your initial idea of the perfect home in Mallorca is either unavailable or more attainable in a different part of the island or in a different area. For example, you may want a house by the sea, but buying property on the coast is much more expensive and you will be in the most crowded part of the island. If you consider buying property a little further inland you will gain in privacy.
Another thing is that people often buy a house in Mallorca with the idea they’ll be receiving constant visits from family members and friends, only to find that they spend most their time alone in a property that is either too large or remote or both, and entirely unmanageable for them alone.
Look at all the different options and buy primarily for your own needs.
2. Tap into local know-how - Get to know the foreign community on the island
The stories and mistakes of veteran property buyers in Mallorca will be of immense help.
Speak to foreign residents and home owners in Mallorca, browse through property blogs, ask your friends and if you can, spend as much time on the island as you possibly can talking before you buy property in Mallorca.
Learning from foreign residents already living on the island will give you invaluable information on how best to go about finding a property, where to look for the perfect home, and also, where not to.
Knowing what to look out for in the Mallorca property market is as much part of the process, after all, some things cannot be learnt from a book or a property guide!
3. Property viewings - Taking time to look at the options
Finding the property that best suits you requires time. This is not something to do in a hurry!
Most people try to view possible homes to buy while they are on family holiday on the island and this can lead to expensive mistakes, as well as messing up their holidays, of course.
That is not to say that a holiday can't be combined with a few window browses through property agencies and possibly even a house viewing or two if you are extremely well organised, but investing in real estate in a foreign country is such an important decision and one to be taken with caution.
If you are serious about buying property in Mallorca, choose a professional real estate agency first and then arrange an exclusive viewing trip to the island.
4. House letting in the area you like most
A good way and possibly the only real way of getting to know somewhere is to live there.
Consider renting a house on the island before you buy, this will give you an invaluable insight into the realities of lifestyle, climate, different areas, accessibility and what your priorities are.
This can be combined with those family holidays we were talking about earlier, but consider it as an important part of your property research.
The benefits of this are many and it will prepare you for future house buying negotiations and choosing the right property for you.
5. Buying the house to suit your lifestyle
A professional and trustworthy property agent will have your best interests in mind and will want you to find the perfect home, get the best possible deal and make the buying process as clear and straightforward as they can.
Therefore, it is important that you communicate what you are looking for.
As you begin to acquaint yourself with Mallorca and discover the different areas you like most, you may find that your preferences and priorities shift; location, house size, house type, neighbourhoods, etc...
There may well be a whole range of factors you were previously unaware of which suddenly seem hugely important.
A relatively small town house may may be more appealing when you get to know the town, or the luxury villa in the countryside may be more accessible than you previously thought, in one area your budget may get you far more than in another, and a little refurbishment on that ramshackle seaside apartment could possibly turn it into the perfect holiday home.