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Finding The Right Mallorca Property

Apr 12, 2008
Looking for a property to buy is difficult if you are a first-time buyer. The process of applying for a mortgage, searching for a property and going through the hassle of making all the finalised agreements and payments leaves one feeling extremely exhausted and out of pocket. Then follows the prospect of maintenance, bills, mortgage repayments and possibly renovations, to add to your many years of stress.

Perhaps I am painting a bleak picture, after all those who are lucky enough to purchase their own houses will have benefited from in making a long-term investment. Buying a property abroad proves to be more popular than buying in the UK. Mallorca, Spain, is amongst the more popular destinations to buy a property, with many Mallorca property prices made affordable for even first-time buyers.

The Mallorca property market has risen, given that Mallorca is the most popular destination in the Balearic Islands. This is the time to go ahead and buy a property seeing that prices have remained steady and offers include one-bedroom flats to large villas starting from 80,000 Euros upwards. What people tend to receive from buying a home in Mallorca is constant sunshine, brilliant panoramic views and an abundance of tourist attraction areas.

Furthermore, Mallorca property is a good investment for people not looking to live in Spain but looking to make some money on simply renting out the property to tourists. Often this is a good way of covering all cots and poses as a good holiday base. There are more advantages of people buying here due to the high tourism rate in the Balearic Islands. This is the most visited part of Spain and can attract potential investors to make their move in the property market.

However, there is a flip side, which can change ones perception on the buying process. Spain has very different rules and regulations for people buying a property. Those from abroad will need to meet to certain criteria's before going ahead and searching for that dream home. As much as the prospect of living near the beach and hearing the calming waves of the sea is appealing, the costs involved and fees to pay during the purchasing process will need to be researched properly.

Many make the mistake in seeking advice from real estate agents they have never heard of, which can be a problem especially if you do not the system in Spain. All potential buyers must seek out their own independent solicitor and research estate agents prior to looking for a property. In addition, information on land registration, contract fee, contract stipulations and property registration should be obtained, as no buyer will have full rights to the property until all procedures have been followed fully.

All residents must follow the legal procedures and buy a licensed property only. Failing to do this will be detrimental to your chances in a buying in Spain. Furthermore, one must understand fully the legal aspects and have all paperwork proofread by their solicitors and wait for their permission before signing the contracts. You should ideally prepare yourself for a good length of time before going ahead and purchasing the property, in the end this will benefit and help you should anything unexpected happens.
About the Author
Anna Stenning is an expert on the Mallorca property market, having researched for a new home in this area.
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