Buying a house in Mallorca has become a dream for many people. And who wouldn’t like to have their own house on this wonderful island?
Whether you are looking for an apartment, a luxury house, or a villa, you will have to consider many things before making a big decision like this. Interested parties should know the contractual conditions, the types of houses available, and the general market situation.
In this article, we will tell you 5 tips you need to know before you buy a house in Mallorca. Buying a property is a long-term investment that should therefore be carefully considered.
Here I will share some good tips to help you ensure you have chosen the right option for the right price. Hope they will help you!
In 2017-2018 fixed prices of houses and apartments increased not only in Mallorca but all over Spain. But the problem was that prices of houses and apartments in Mallorca increased the most, up to 17% more than in previous years.
Apartments are cheaper in Mallorca than a house. They have a smaller living space, often an open kitchen, and are located in populated residential areas or very close to the beach.
TIP 1: Check the geographical location of the property
The first and most important thing when you want to buy a property is the geographical location.
You must think carefully about the type of property you are looking for; prices vary depending on the location. For example, you are more likely to find cheaper houses if they are not close to the coast.
If I were you, I would write down my priorities when deciding what type of property best suits my needs and wants. I invite you to do the same as it will be very useful. You could also answer these questions:
- Do you want to be in the city, in a more rural area, or near the beach? Will I go just on my summer vacation, or will I live there all year?
- How much space do I need? Do I want a big or a small house? If I buy a larger property, would it be a better investment than a smaller one?
- What kind of amenities I’m looking for in a property? Do I need a pool, a gym, or a certain number of bedrooms and washrooms?
- How much can I afford to spend on a home? Am I willing to spend more money than what I have in mind?
When looking for a property in Mallorca, it is important to research the neighborhood beforehand. There are several ways to do it. One of the best ways to find out about a neighborhood in Mallorca is to join Facebook groups to see what people say about the different areas. You will want to make sure you feel comfortable in the place where you are going to buy your house.
TIP 2: Start doing a specific and deep research
Once you know the location, you can start doing specific research. This will take a long time as you will have to investigate houses with the amenities you are looking for.
You have to be sure to contact at least 2 or 3 different agents to get a good idea of the market at the time of your search.
As an advice, don’t be pressured into making hasty decisions by the selling agents. Try to put your priorities first!
Some of the most famous web pages where houses are on sale are: Idealista, Fotocasa, and Engelvolker.
TIP 3: Go and check the property yourself
Once you have found a few properties that follow your needs and wants and fit your criteria, it is time to start researching the properties themselves.
You have to make an exhaustive and concrete analysis that will help you determine if you really want that property. This step is essential to avoid surprises or disappointment after the purchase.
The first thing you should do is find as much information as possible about the property itself. For example, its history, previous owners, renovations or construction work, etc.
A significant factor that you should consider would be to investigate the property’s surroundings. Some factors that can influence your purchase are local amenities, schools, hospitals, if the beach is close, or public transportation.
Public transportation is very important when buying a property as it is vital to consider how you will get around.
Mallorca is not characterized by having the best public transport, so it is best to have a car to move around. But even so, it is advisable to check whether the property is well communicated.
If you want to know more about the different transport options in Mallorca and how it works, take a look at this article:
How to Get Around Mallorca: 9 Tips I wish Someone Told Me
TIP 4: Always consider professional advice
It is worth considering professional advice if you want to find the perfect property in Mallorca.
Several companies offer this service, and they can greatly help narrow down your research.
Once you have completed your research and the big viewing day arrives, you need to thoroughly examine the properties you chose. The new home must meet all your personal requirements.
If you have the help of professionals, they will provide valuable information about the local market and help you negotiate the best possible price.
If you are unsure where to start your search, a professional consultant can greatly help.
As a bit of advice, seek professional help and hire a lawyer before buying a property. Consulting a professional for their opinion on the property will be very useful. This could be a real estate agent, lawyer, or financial advisor. They will be able to tell you whether the property is a good investment or not.
Professional advice is not essential, but it can be a worthy investment if you are serious about finding the perfect property in Mallorca.
TIP 5: Make sure all paperwork is in order
Once you have decided to purchase the property that meets the characteristics you were looking for, many things must be considered.
Suppose you choose an agent to help you when looking for the best house in Mallorca. In that case, the agent will likely recommend a lawyer through the agency itself. However, it is always better to act with your lawyer to review the documentation before signing or paying a deposit.
Once you say you want to buy the house, the commercial agent will ask you to sign a reservation contract, and you will be required to pay a tenancy deposit for the chosen property.
You will also need to engage the services of legal counsel, and you should do this before signing any documents or paying the deposit.
Hope these 5 tips will help you to buy a property in Mallorca!
The best thing you can do is contact someone who knows about the subject, as well as people who have been through the same situation, as they will be the ones who can best advise you.
Buying a property in Mallorca can become a nightmare if you are not in good hands!