| Investing in real estate in Mallorca could be one of | | | | relatively high. Add 10 per cent of the purchase price |
| the most exciting purchases you make in your | | | | to cover legal fees and other charges. |
| lifetime. Whether you are investing or looking for a | | | | Ideally, you will have the funds to cover your new |
| home to settle down in there is plenty of choice of | | | | property. However, most of us have to borrow to |
| real estate on the Mallorca market. | | | | cover costs. You have the choice of getting a |
| While looking for a new home and sorting out the | | | | mortgage in your home country and using that to |
| paperwork can be a stressful experience, try to relax | | | | buy your home in Spain, or you can get a Spanish |
| and enjoy it as much as possible. After all, this is | | | | mortgage. Interest rates in Spain are significantly |
| Mallorca and there are few better places to relax. | | | | cheaper than in the UK so you could save a lot of |
| Try to combine you house hunting with a holiday. | | | | money with a Spanish mortgage. |
| Take a few days off to enjoy the excellent local | | | | If you find a home you are really interested in, visit |
| cuisine and beautiful scenery. | | | | as many times as possible and at different times of |
| Before you start searching on the Mallorca real | | | | the day. If possible, try to spend some time staying |
| estate market, try to seek the advice of someone | | | | in the area so you get an idea of the locality and |
| you know who has already bought in Spain. Get as | | | | have an opportunity to talk to some of the locals. |
| much information from them as possible so you | | | | If you decide that it is the property for you, you will |
| know what to expect. | | | | need to talk to a lawyer. Find a lawyer who is fluent |
| You will also need to enlist the help of a good real | | | | in both Spanish and English. You can expect to pay |
| estate agent and a good lawyer. Again, try to get | | | | about 1 per cent of the purchase price to your |
| some recommendations as a good real estate agent | | | | lawyer, but this is well worth it. |
| and a good lawyer will help make buying a home a | | | | To make an offer you should first have agreement in |
| much more enjoyable experience. | | | | principle for your mortgage. It is common to make a |
| Try to be practical about your needs. If you only use | | | | provisional offer that is subject to mortgage |
| your home for a few weeks each year you may not | | | | approval. The buying process in Spain can be slow so |
| need anything too lavish. Or if you plan on retiring in | | | | be patient. However, if you do see something you |
| your new home, you do not want a house with | | | | really like, be prepared to act fast as the market is |
| steep steps or that is hard to access. Try to figure | | | | competitive. |
| out the exact kind of home you need before you | | | | Once you have paid a deposit on a home the selling |
| start searching on the real estate market. | | | | process can begin. Once your lawyer has ensured |
| Also, try to find a good location. Prime property will | | | | everything is in order, you sign an agreement with |
| always be by the coast but even if you decide to | | | | the seller and pay 10 per cent of the purchase price. |
| buy inland, be sure that you have access to local | | | | The final completion takes place when you sign the |
| amenities such as shops and schools. | | | | title deeds in the presence of a Spanish notary, and |
| The fees and charges associated with buying Mallorca | | | | pay the remaining balance. |
| real estate, or real estate anywhere in Spain, are | | | | |