If you are on the market for Mallorca properties then there is no shortage in choice. There are countless estate agents and websites offering both Mallorca properties and Palma properties, Mallorca. These range from basic studio apartments to lavish villas, so there is something for all budgets.
Whether you have fallen in love with Mallorca on your first visit or you have been coming here for years, you can rest assured that a Mallorca property is a sound investment.
However, any property purchase can have its pitfalls so here are some things to watch out for.
Make sure the Mallorca property for sale is structurally sound. It is not standard practice to have a survey carried out in Spain but it is a good idea, especially when buying an old property.
Have your legal adviser carry out conveyancing to check that all is in order with the ownership of the Mallorca property for sale and that there are no outstanding debts related to it.
Location, location, location. Consider whether the property is in close proximity to the facilities you need. Check out public transport, schools and amenities in the local area.
Make sure you have access to all the utilities you need. For example, it may be difficult to get internet access in more remote areas.
Before you begin to look at Mallorca property for sale, carry out a thorough investigation of what is on the market. There are countless websites that list Mallorca properties for sale and Palma properties in Mallorca so try to get an idea of the going rate for the type of property you are interested in.
Also, a good legal representative is essential when buying any property and especially if you are buying overseas. A good lawyer will ensure that the property is free from debts, negotiate with the selling party and deal with all issues relating to taxes and the transfer of the property to your name.
When it comes to completing the sale, you must sign an escritura publica in the presence of a government representative. This official document will serve as proof of the sale.
If you plan to invest in Palma properties, Mallorca you have the choice of paying for the entire property from your own funds or getting a mortgage. You can apply for a mortgage in your own country or there are many Spanish financial institutions that offer mortgages to foreigners.
Spanish banks offer mortgages to foreigners at slightly higher interest rates than residents pay. However, if you are based in the United Kingdom these should still represent a much better deal than you would get at home as European Bank interest rates remain low.
There are a number of different types of property on the market in Mallorca. These include apartments, townhouses, villas and old farmhouses. It is up to you to decide which one best suits your needs and your budget.
If you are an investor, finding the right Mallorca property for sale at the right price could be one of the wisest investments you ever make. As a holiday destination, it is one of the most popular in Europe so you will never be short of people looking to rent a home on the island.
Millions pass through Son Sant Joan Airport every year and there is also a busy ferry link to Catalan capital Barcelona. The number of visitors to Mallorca has been growing for decades and continues to grow.
In 1960, there were only about half a million visitors to Mallorca. By, 1997, this number had grown to almost seven million. In the last ten years, this figure has rocketed with an estimated 20 million people visiting the island each year.
The best way to find Mallorca property for sale or Palma properties, Mallorca is to go there yourself and see what is on offer. Spend three or four weeks on an island to get an idea of where you would like to live and view as many properties as possible.