Guide to buying a villa in Mallorca

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Guide To Buying A Villa In Mallorca

• A Unique Mallorca Real Estate SL

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Buying a villa in Mallorca can be a better
investment than buying an apartment. The recent
market fluctuations have forced many villa owners
to sell their properties urgently as a result,
some purchasers of villas were able to buy
properties at very competitive prices. The rental
potential of a villa in Mallorca is high compared
to apartments, as they can be holiday rented
island wide, and their value tends to rise even
more. However, before purchasing a villa in
Mallorca, it is always important to have a good
understanding of the market. Buying a villa
through a real estate agent could be an advantage
since they are well informed on the market
trends. The following guide should help you to
find a villa that will suit your needs.
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1. Hire the services of a real estate agent with
a good reputation

• The option of hiring a real estate agent is
  preferred especially for buyers who do not speak
  Spanish fluently. The agents that are based in
  Mallorca have the best knowledge of the island as
  to where the best villas are located. Hiring an
  Estate agent will also adjust your
  pre-disposition and financial power to your
  needs.

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2. Perform a thorough evaluation of the villa
before making a payment

• You should know the real value of the property
  before deciding on the limits of what to pay.
  Study the state of the villa in the past years
  and try to foresee how it will be in a future
  short-term. Reputable real estate agents should
  be able to perform an estimated valuation of the
  villa's price. The area where the villa is
  located should also be evaluated regarding the
  price of the ground and the nearby properties.

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3. Familiarize yourself with the villa's expenses

• Purchasing a villa doesn't just mean making
  payment to the owner of the property. You need to
  consider the expenses you will have once you move
  into the property. Consider performing a complete
  study to find an estimate of your monthly and
  annual expenses once you move into your new
  property. Good real estate agents will conduct
  the study and come up with close estimates.

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4. Make sure that everything is in order

• There have been few cases in Mallorca whereby the
  properties being sold were built on the
  un-inhabitable land. It is crucial to confirm
  with the seller that the villa has a legality
  certificate to avoid future problems from
  arising. You should also verify whether the
  seller is recorded in the land register.

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5. Besides hiring a real estate agent to help you
during the purchase process, the following legal
persons should also be involved

• Solicitor the solicitor will confirm whether
  the information provided by the seller of the
  villa is correct. The solicitor will also attend
  the signing of the Deed of Sale at the notary's
  office.
• Tax advisor tax rules in Spain differ from the
  rest of Europe. You should hire a consultant to
  guide you on tax payment.
• Notary the notary is responsible for issuing
  the notary of the Deed of Sale.
• Lending institution this is important when you
  purchase the villa with the help of a loan from
  the bank.

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