Buy property in Majorca - Pay attention to it
The sunny Spanish island of Majorca is the favorite island of the Germans. No wonder that more and more people are choosing not to spend a holiday in Mallorca for only two weeks, but instead want to buy a property there. If you also plan to purchase a holiday home, apartment or villa in Mallorca, there are a few things you should know about. We have summarized the most important information for you so that nothing can go wrong with your real estate purchase!
Before the desire for a property in Mallorca becomes a fixed plan, it is important to find out about the exact legal situation , Mallorca belongs to Spain, which is why you are bound to the Spanish law when purchasing real estate. There are some peculiarities when you want to buy a property in Spain:
- As a German citizen, you benefit from the freedom of establishment within the EU, so you may acquire real estate in Spain.
- The purchase contract for a property does not have to
- Equally valid is a contract that is only written informally with a glass of wine in the evening on a napkin
Such purchases are of course to be treated with caution. Check all documentation before purchasing. This includes confirming that a property is not bound by any third party rights or providing proof that the owner of the property is actually the one from whom you wish to purchase it.
Do not save in the wrong place. If you do not speak Spanish well, you should hire a trusted and knowledgeable translator to translate all of your records into German.
That's the only way you know what you're signing.
Ask for incidental and follow-up costs
If you already have a certain property in your heart, you should take the time to ask for specific details before making the final decision. Have all the documents shown before you actually give the verbal or written commitment to purchase. Insist on having access to existing contracts with electricity and water utilities. Pay attention to remaining terms and the amount of running costs. Also check the amount of property tax.
You should be careful, especially if a property has multiple owners and should continue as a community of owners in the future. This is true for example when buying an apartment. Inquire before the purchase about the contractual relationships that apply within such a community.
In case of doubt it is always a good idea to seek legal assistance in order to be able to better estimate the incidental and consequential costs.
How much do you want to focus on residential property in which country?
Source: Ernst & Young (540 companies and investors, 2011)
If you do not have a specific property yet you should take your time to select a suitable object. Because, of course, the purchase of a property is always a big investment, which quickly includes several hundred thousand euros. A meticulous consideration and planning should therefore always precede the purchase.
We recommend that you create a priority list. Make a note of all the points that are of particular importance to the property on your favorite island:
- Number of rooms
- Kindergarten, doctor, supermarket or restaurant infrastructure
- Proximity to specific locations
- Sea View
All these aspects are mainly related to the location of the object. Of course, the price also has an impact on that. But not only location and equipment decide on the financial. A major factor is also the current market situation, because the financial and real estate crisis has of course not completely gone without a trace of Majorca.
In addition to the location, you should, especially in the case of land even before the visit inform about how a Sewage system can be realized, whether a telephone and Internet line can be moved and whether the water supply is right.
Apartment, Penthouse, Villa or Finca?
Mallorca has many different properties. You should therefore first decide on a particular species. First of all you have to choose if you want to buy only a flat or an apartment or if it should be a house. Where on Mallorca the word & quot; house & ldquo; once again must be differentiated more precisely: In addition to magnificent villas you can buy on Mallorca namely beautiful fincas. A finca is usually a holiday or residential house in the rural style, which has the typical Balearic design. Often, a pool and a large plot of land are also part of it.
Which region do you prefer?
Mallorca is a very beautiful but also versatile island that offers a suitable region for every demand. Party friends will be close to popular nightlife venues such as Ballermann & ldquo; feel most comfortable. Resting Badenixen, however, come in regions with beautiful beaches and without much hustle and bustle at their expense. Only your personal preferences decide which region of the beautiful island of Mallorca is best for you.
Tips for the visit
Once you have found an object that you might like, you can make an appointment. Pay attention to possible moisture damage, the quality of the windows and ask absolutely, when the last refurbishment was. Check if air conditioning and heating are available.
Take a close look at the house as well as the surroundings. Where is the nearest supermarket and how far is it to the sea? Does the neighborhood work well? Is the property rather lonely?
If you are really 100 percent satisfied with the property being inspected, price negotiations can begin with the owner.
Mallorca is Germany's favorite island so it's no wonder is that more and more Mallorca fans come up with the idea to buy a property there. When buying property on the Spanish island, however, there are some things that should be considered, especially from the legal side. You should also set up a priority list in advance and decide whether you want to buy a finca, an apartment, a penthouse or even a villa.
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