Even it goes without saying, some things fall into oblivion in mediterranean climate and from the impression of sun, sand and sea. It gets very quickly hard for you to visit properties which do not meet your expectations in any way, just because the major criteria have not been discussed and identified in advance together with your real estate agent.
In a first step it makes sense to define the following parameter:
- Region and property type (for instance town house, apartment, finca, chalet, villa). If you attach highest importance to privacy and calmness, your best choice will most probably be a classic finca instead of a chalet or an apartment.
- Define your budget including associated purchase costs of 11 to 14 % (real estate transfer tax, legal and notary fees etc.) It is market standard in Spain that property agency fees are borne by the seller.
- The question of future usage: it matters and thus it makes a difference whether you want to move to Mallorca or if you want to use your new home primarily for holiday purposes. For all-year living seasonal-independent infrastructure is a must have.
- Take benefit from professional experts for your search and instruct a reliable real estate agent in accordance with your preferences. Professional real estate agents are regularly screening the market in order to identify interesting properties (including portfolios of other agencies ?)
- Take the time for site visits and do not plan too many of them per day. With well prepared pre-selection four to five per day is the maximum. Don’t forget to review the day carefully, take notes in order to decide on the basis of facts.
- Having found the home of your dreams, consult the lawyer you trust to check the legal situation of the property in detail.
- We recommend to think about an appropriate purchase structure at a very early stage, preferably together with your tax adviser and an experienced local Gestoria since subsequent changes can get very expensive. It is important to know your future tax status in Spain and to carefully consider it. At this stage you will also need an account with a local bank and the spanish tax number (N.I.E.). Gestorias can arrange this things for you. They are specialised in executing all kind of official processes. We recommend to select a reputable, multilingual Gestoria as early as possible.
- Even if you would like to move into your new home immediately, do not sign any papers without release of your lawyer and don’t make any deposits without contracts. Even though the current market can be described as a sellers market, both serious seller and reputable real estate agents will provide sufficient time to prepare things without unreasonable rush.
Together with the right partners and reasonable prudence, your Mallorca home will give you great pleasure.
Disclaimer
The content of our website has been compiled with meticulous care and to the best of our knowledge. However, we cannot assume any liability for the up-to-dateness, completeness or accuracy of any of the pages.