Why buy a house in Mallorca?
Why would you want to buy a beautiful new house in Mallorca, in the stunning north coast?
Why buy a house in Mallorca at all for that matter...
It is a huge financial investment, possibly your largest expense so far, and on top of this, you are undertaking it in a foreign country and in a foreign language.
Armed with right knowledge and the help of someone with experience in the business of buying and selling property on the island, you can start making your dream a reality and buy a house in Mallorca.
Why buy a house in Mallorca when you can rent?
First of all the long term let market in Mallorca is pitifully inadequate and in the north of the island, where you are probably looking to buy, you will find it is practically nonexistent. Locals do not rent, they tend to live in the family home as long as possible and then move in to granny's flat, or a family owned property, and the properties which aren't lived in are invariably rented as holiday homes during the summer.
Why buy a house in Mallorca North?
Best you take a trip over to the island and see for yourself. There are other areas which are also nice, like Palma and the villages deep in the mountains. But of course it isn't quite the same thing. Palma city is an urban metropolis, the capital of the Balearic Islands and a buzzy cosmopolitan hub. It's a great small city if that's what you are after. And the tiny mountain villages are seriously remote.
Pollensa, in the northern corner of Mallorca, and its sister town, the Port of Pollensa, are easily accessed from the airport and 45 minutes to Palma, but sufficiently off the beaten track to allow for a sense seclusion. Infrastructure, services and amenities are of a high level in the area, and if you can't find what you're looking for, Palma is always right there, a short drive away.
Add to this the magnificent location of the town, at the foothills of the island's vast Tramuntana Mountains and 6 Km from the sea and you have the perfect spot for your new home in Mallorca north.
Why buy a house in Mallorca - As a second home
There is a big difference between going on holiday and having a second home in a holiday place. It is mainly about a sense of belonging and the freedom of being able to get away at any time and be in a place which is home too.
So, why buy a house in Mallorca as a second home? I'd say, because Mallorca is a wonderful place to spend half your life, or your kid's holidays and it is a great place to escape to and relax. But as a holiday destination, there is huge demand on rental villas and hotels, availability and flights. If you buy a house in Mallorca however, you can visit anytime, without having to pre-book or arrange anything. Simply grab the keys, hop on a flight and go.
To buy a house in Mallorca as a second home is also a marvelous opportunity to diversify your lifestyle, widen your children's horizons, spread your investments and create a possible retirement home for yourself in the future.
Why buy a house in Mallorca - To let as a holiday home
Buying a house in Mallorca can also provide you with a second income or at the very least, you can make your new property pay for itself, by letting it as a holiday home while you are not using it.
There is such a well established professional network or letting agents on the island now that you can easily find someone to look after the business side of things, dealing with reservations, bookings and property maintenance, and ensuring your house in Mallorca is well managed and looked after while you are off the island and ready for you to enjoy when you arrive.
Why buy a house in Mallorca - As a property investment
And then of course there is the investment in an Mediterranean island which just seems to get more popular and more exclusive year by year. If you can afford it, buying a house in Mallorca can bring you higher returns than practically anything else. A safe investment and highly sought after, Mallorca properties get snapped up quickly, so you have to move fast and ideally have a trusted agent on the ground keeping an eye out for you.
Why buy a house in Mallorca - and how to get a mortgage
Before you even speak to a real estate agent, strengthen your credit. To do this get a free copy of your credit report and you will be able to see exactly what creditors see. The higher your FICO score the better interest rate you will get and this can dramatically alter the amount of money you pay over the life of your mortgage. Pay off your credit cards, get pre-approved to get the money you can pay and apply to lenders within a 2 week timeframe so as not to upset your credit history.
By being pre-approved for a loan mean the lender is almost certain to give you the loan, which in turn means sellers and the real estate agency can all feel confident of the sale going through. It also means you have a clear idea as to how much you can spend on a house in Mallorca, and won't accidentally start pining for a house you can't afford.