Buying your New Home in Mallorca

Though Mallorca properties remain among the most sought after in Europe, there are still plenty of quality Mallorca properties for sale. Whether you want a holiday, retirement or permanent home on the secluded beaches or if you have an eye for Palma properties, Mallorca, there’s plenty to choose from.

In Mallorca you have it all. Great climate, nature in abundance, and quality Mallorca properties for sale at very reasonable prices.

Mallorca, and Spain in general, has been drawing house buyers for generations. Needless to say, the hot sunny days and relaxed lifestyle are a big attraction, but there’s more to Mallorca than that.

It’s history for one! Occupied since approximately 6,000BC it has been a Mediterranean stronghold for many races. Romans, Christians and Moors have all settled here.

In 1983, Palma became the capital of the autonomous region of the Balearic Islands, reflecting Spain’s place as an autonomous and democratic European State.

Investing in Mallorca properties for sale or having a dabble in Palma properties, Mallorca is getting easier. But there still should be some things you should watch out for.

Basically, if you are thinking of investing in Mallorca properties you will have the following to choose from:

An apartment – Perhaps the easiest to choose from. You can be guaranteed a newly built, modern property. Some will come with balcony, swimming pool and other perks.

A villa – There’s something about buying in Spain that makes a villa seem like the right choice. Whether newly built or a renovation, a villa can be a great property buy.

A townhose – Townhouses are available everywhere when you are looking for Mallorca properties. But if you are looking in a built up area, such as for Palma properties, Mallorca then this might be the option for you.

Rural homes – If you are looking for that old world feel then you might want to check out a finca rustica. These are mostly old farmhouses and will take at least some renovation, or at most a total rebuild. But there are great bargains to be had here.

Off the plan – Get in early and buy a Mallorca property off the plan. There are many Mallorca properties for sale of the plan and many quality developments to choose from. Off the plan homes will give you a full outline of your future home and you can often get ahead of the market by going down this road.

In light of the recent housing booms in the United Kingdom and Ireland, Mallorca properties and Palma properties, Mallorca sell at very reasonable prices. However, you should budget carefully. Mallorca properties range from anywhere between €150,000 and millions.

Investigate to see what your mortgage repayments will be, and if you plan to let the property, how much rent you will get. If you use the property just as a holiday home it is a good idea to rent it when you are not there.

Also consider other expenses when investing in Mallorca properties. You can expect to add 10% to the buying price of the property to cover legal costs, estate agent fees and other costs.

You can either get a mortgage in your own country to cover the cost of the property, or you can get a mortgage in Spain. If you are a UK buyer you should certainly get a mortgage in Spain as interest rates are much lower than in the UK.

If you want to make a serious offer for Palma properties, Mallorca, you will need to put down a deposit, usually €10,000. If your offer is accepted by the seller, then this deposit is non refundable so make sure you are happy with all aspects of the property before you make an offer.

You should make it clear that the offer is subject to mortgage availability and structural checks to make sure the property is sound.

If the offer is accepted, you lawyer will take you through the legal process of finalizing the deal and you can relax and enjoy your new Mallorca property.