Real Estate Mallorca Common Mistakes
Common Mistakes When Buying Property in Mallorca
Investing in a new home in Mallorca can be an exciting, but also challenging proposition. Getting the chance to realise your ambition of owning a property in a sunny climate with a distinct culture is usually well worth the time, stress and hard work of finding the right home for you.
It is vital that you understand and are aware of the pitfalls of buying a property in Mallorca at every stage of the process.
Do your research
The more research you can do, the better. Explore Mallorca away from the glossy Magazines and articles. Do as much online research as possible and consider not only the benefits but the downsides of your particular property choice or location in Mallorca. We recommend the best way to avoid being caught out by any of the above is to take independent expert advice. Join local Facebook Groups and search areas that you are considering.
Plan Ahead
Do not assume that it is as easy to buy and sell property in Mallorca as it might be in the UK if or when your circumstances change. It is recommended that when considering any property purchase you also consider your long-term use of the property and if it will still be suitable if your circumstances change, e.g. health and mobility etc.
There are lots of properties available; from houses, villas and apartments for sale in Mallorca. Consider how you will use your property and who will need access, This will help to narrow down your search when you are looking for a property.
Explore New Cultures
Whilst it may sound obvious, buying a permanent residence in Mallorca is
very different to spending a two week holiday or short city break here.
You will be living in a place that has a different culture and of course the language.
Not everyone speaks English in Mallorca. The island does have a great expat community, some areas have more English speakers than others. THat said there are a large proportion of islanders that speak Spanish, Catalan and German. Ensure that you are prepared to embrace the Spanish way of life as well as the language - and this includes making sure who represents you legally when purchasing your next home.
Financing a purchase
Obtaining a mortgage in Mallorca is an entirely different process to that of applying for one in the UK so expert advice should also be sought for this stage. Even with that covered, you must be careful and fully understand the process for transferring funds from your UK bank account to finance a property purchase in Mallorca. Read our Guide to buying a property in Mallorca.
The Additional Expenses?
Make sure that you are fully aware of all costs involved when buying a property in Mallorca. Alongside the initial purchase price, you must also account for costs such as regional purchase tax, registration fees, notary fees and then of course, the subsequent property maintenance costs. It is advisable to add between 10% and 12% of the purchase price to cover the initial purchase costs but you should always have these confirmed before progressing with your purchase.
What about Legal issues?
Regulations relating to property purchases in Mallorca can be tricky and are very different to those in the UK. Often these can vary depending on which type of property you are buying and in which area. Always remember to check the specifics relating to the actual property that you are intending to purchase and never assume that what goes for one area or type of property applies everywhere.