Buying a property is for most people the biggest deal to do in their lives. Buying abroad can feel extra nervous when you do not know the local laws and regulations. We at Nexthome Mallorca has a very long experience in the real estate business in Mallorca and we collaborate with the best lawyers and notaries. We are with you throughout the whole buying process and guide you through all the steps that you should be able to feel maximum security.
Before you contact a real estate agent and go on a viewing tour you should think through a few things:
Should I buy? Read through our description of the different areas and their pluses and minuses! Choosing the right area where you feel at home is fundamental. If you want to live on Mallorca most of the winter you probably chose Palma, if you play much golf Santa Ponsa be an excellent alternative, if you want to hike in the mountains Soller is better and so on.
Think through whether you should finance at home, for instance by increasing the mortgage on your present property or if you need a loan in Spain. We convey mortgages with very good conditions. To have the financing ready before you come to Majorca makes it easier to negotiate the price using rapid conclusion as an important argument. We have contact with several local banks and can help you arrange a mortgage.
On Mallorca we only have individual viewings of properties. This means that we meet at our office in Palma or that we will pick you up at your hotel and go together to see the properties you have selected.
When you find your ideal property we can help you negotiate the best price. It's a buyer's market right now, but you should be aware that Mallorca is an attractive island. Usually, there is some bargaining and how much price reduction you get depends on how acute the seller needs to sell. However, do not expect as great discounts as on the Spanish mainland.
We will give you an overview of your future operating costs, all to give you a good estimate of your total costs.
When you and the seller have agreed on the price and on other terms, it is time to write an option contract. The option agreement covers the price and also other conditions such as the completion date, if furniture is included in the price and more. When you sign the option agreement you also make a down payment, in most cases 10% of the price.
If you buy an older property, you should have the property inspected by a surveyor before the purchase. Next Mallorca Real Estate can recommend English speaking certified property inspectors.
On the closing date, we go together with you and possibly your lawyer to the Notary where you finish the purchase and get the keys and access to your new property. Under Spanish law, all property transactions are made up by a notary. This is one extra check that everything is done properly.
After the deal, we can help you - if you like - with all the necessary contacts for the maintenance of your property: booking gardener, pool maintenance, etc.. All to make your ownership as smooth and safe as possible.
In connection with a real estate business on Mallorca, there are costs in addition to the price. The biggest extra cost is the tax on property purchase: 8 - 10%.
There are also expenses for a lawyer, notary, stamp duties etc. Expect totally 10 - 13% in addition to the agreed purchase price.