2. Before you buy
MALLORCA WELCOMES FOREIGN INVESTORS
The first thing you need to know, before buying property in Mallorca is that there are no restrictions on foreigners buying property in Spain, whether commercial, residential or land, and the Spanish authorities welcome the investment, making the process remarkably simple. You will not need to be a resident, only to register for a NIE, an Identity Number for Foreigners, which you can get in the local police station or Immigration Offices in the capital, Palma de Mallorca.
FIND AN ENGLIDSH SPEAKING PROPERTY AGENT
Most property buyers investing in Mallorca will choose to work with a local real estate agency. This is obviously not imperative but will ensure you have professional help at hand and avoid lengthy and often expensive mistakes in the process. Most real estate agencies in Mallorca employ English speaking staff and provide legal and banking assistance as well as dealing with the administrative process of buying property in Spain.
WHERE IN MALLORCA DO YOU WANT TO BUY PROPERTY
Choosing the area you wish to buy into is an alternative starting point yet as Mallorca is so small, your estate agency will usually have property for sale all over the island, regardless of where you opt for. A thorough understanding of the diversity of the island and the idyiosyncracies of each area is essential however, and will condition the kind of property you can buy, landscape and terrain, ammenities, services and accessibility to the airport and will affect the refurbishment and building regulations applicable to your property and the advantages and disadvantages of certain real estate investments.
RESEARCH THE ISLAND, THE MARKET AND PROPERTY TYPES
Finding the right property will take some buyers years of searching, while others just seem to walk into the perfect place on day one. Many buyers will often start searching with one kind of property in mind and end up choosing a completly different property in the end.
Researching the island, its different areas and the vast selection of real estate available will help you make the right choice, be an advantage when you are negotiating and ensure you get a fair market value for your money. A good method is no matter what your current reasons for buying are, always buy property thinking you will be reselling it again someday and consider your future buyers, what they will like and what may put them off.
FIND A GOOD PROPERTY LAWYER
Employing an independent English speaking lawyer is a key step in the buying process. Your real estate agency can put you in contact with all the English speaking legal offices on the island. If you have found a reputable and established real estate agency it is often easier to use the lawyer provided by your agency, this can speed up the process as they will be adept at working together.
ARRANGE A MALLORCA PROPERTY VIEWING TRIP
House viewings can be tiresome, and even more so if you do not live on the island. Although a viewing or two whilst on holiday can be fun, if you are seriously considering buying a property in Mallorca, a viewing trip over to the island is a worthwhile way to check out the area. Plan to see no more than 4-5 properties a day and keep a log on the pros and cons of each place. Mobile phones take excellent photos nowadays. A tape measure won't go amiss either, as our eyes can play tricks, especially after a long day of viewings.
RENT FIRST AND THEN BUY
Alternatively, rent a property in the area you are interested in buying in. This, if feasible, is possibly the best way of getting a clear picture of the area, local services and ammenities, lifestyle and seasonal changes. You can combine a family holiday, or invite friends to stay while you gain a thorough understanding of your potential investment, meet locals and ensure you make all the right choices.
Still having doubts ? Don't worry Ask Question