Mallorca, for me one of the most beautiful and at the same time most practical islands in the world. Perfect for buying a property in Mallorca. Why?
Mallorca always impresses me, be it the beaches, the bays, small old villages or the Tramuntana mountains. The proximity to the DACH region naturally brings many advantages for the island, be it German doctors, construction companies or other service providers. I think life on Mallorca is much more relaxed than in Germany. Maybe it's the island lifestyle, the nice people and their mentality, the good weather or the food?
Enough raving - how can you gain a foothold in Mallorca and buy a property? There are a few things you need to know before you head off on your search.
Step 1: Define your dream home
Imagine you're sitting on your terrace in the morning with a café con leche. But where exactly is this terrace? In the middle of the hustle and bustle of Palma, where you are woken up by the first honk of the day, or in the idyllic solitude of the Tramuntana mountains, where your neighbors are probably a few mountain goats? And what would you like? A chic villa, a cozy apartment or a traditional finca that is as charming as it is high-maintenance? Take off your rose-tinted glasses and find out what really suits you.
We know the island very well and can go through the pros and cons of the regions and property types with you. Find out everything you need to know about buying real estate in Mallorca at a café.
Step 2: Budget planning - or how much dream home can you really afford?
Sure, it's tempting to imagine a villa right by the sea, but what does your budget say? So: don't just include the purchase price, but also the additional costs. Yes, that's right: notary, taxes, renovation costs (because the old finca has a mind of its own) and the constant upkeep - a house remains a hungry creature after all. Fortunately, not quite as hungry as inflation.
Step 3: Financing and legal matters - don't panic, but you need help
It may sound tempting to just go ahead and buy, but buying real estate in Spain is not a do it yourself project. Financing works a little differently in Mallorca, and there are also different requirements and conditions here.
It may make sense to speak to your tax advisor or lawyer at an early stage to prepare an appropriate setup. If you already have a Spanish lawyer, very good. We always recommend this when buying a property. Why? More on this later.
In order to buy a property in Mallorca, a few formalities must be observed, for example you need a NIE number. This is a foreigner identification number which, by the way, does not trigger any tax liability.
We work together with good law firms and can therefore offer an all-in-one solution to make your property purchase in Mallorca as smooth as possible.
Step 4: The search begins
Online research on Idealista is the first step to buying a property in Mallorca - and yes, it's fun.
However, make sure that your property is in the right area when advertising. Take a close look at the pictures and, if necessary, have a video or 360° inspection of the property sent to you. Of course, this is not always possible - but it doesn't hurt to ask.
For the search, we recommend estate agents who are transparent, have expertise and do not want to sell by hook or by crook. You can ask your estate agent about the condition.
Hi, we are Misar & Partner and we want long-lasting customer relationships. This is not possible if the customer is not happy after the purchase.
Step 5: Viewings
Now it's time to arrange viewing appointments. Put your estate agent's organizational skills to good use and take a look at your properties. If you don't live on Mallorca, plan a short trip to Mallorca. Flight, rental car, hotel - that's all you need for now.
You should pay attention to a few things during the viewing itself. You arrive at the property, at best the estate agent is already there and you talk briefly. What impression does the estate agent make? He represents the house, so that should fit.
Now to the property:
When buying a property in Mallorca, ask yourself: Do you like the area? Do you like the surrounding houses? Remember the feeling you get when you enter the property. What does the house smell like? It shouldn't smell of damp, because defects could be lurking here.
Check the roof and (if available) the cellar, as well as the ceilings and walls of the house. Everything should be dry here.
How do you like the rooms? The room layout? The furnishings? The sea view? The brightness? Communicate this with your estate agent. The more feedback the estate agent gets, the more precisely they will know what you want. Go through the house again on your own after the viewing. Imagine what it would be like to live here. Visualize everything very precisely. If everything fits and your gut feeling is also positive, that's a good sign for the property and for you.
Take your time when deciding to buy the property. This is a big decision that should not be made on impulse. Many estate agents will then tell you that they have 5 other interested parties for the property who have all made an offer to buy and you have to make a decision tomorrow. Of course, there may be other interested parties, but I wouldn't rush into it.
Does everything fit with the property? Congratulations! If not: Off to step 4!
Step 6: The decision
Have you found the perfect house? Congratulations! Now it's time to reserve it. With the reservation fee, you take the property off the market while you go through the paperwork with your lawyer and your bank. It's like an engagement - not quite married yet, but the rings are almost on the table.
In Mallorca, it is common practice to agree an option to purchase the property. Here, a certain percentage of the
property at once and you have the exclusive option of buying the house at a later date.
Step 7: The purchase - contracts, stamps and a bit of a thrill
Now it's getting serious. Your lawyer checks everything twice and three times: Is the property really free? Are there any outstanding bills or surprises that could come back to haunt you later? If everything is okay, it's off to the notary. Here everything is signed and the money flows. Usually with a bank check. And then you have the key to your new Mallorcan paradise in your hand. Congratulations on your real estate purchase in Mallorca!
Step 8: After the purchase - water, electricity and internet, please!
You have the key, but your house still needs a bit of attention. Register with the local authorities and make sure the electricity, water and internet are running.
Step 9: Settle in and enjoy - peace and quiet at last, right?
Now the best part begins: settling into your new home on Mallorca. Get to know the neighbors (the mountain goats count too), explore the island and enjoy island life. The decision to buy a property in Mallorca had a few hurdles - but when the first time you sit on your terrace at sunset, you know it was worth it.
Welcome home
The path to owning your own home in Mallorca is definitely not a sprint, but rather a relaxed stroll with occasional stumbling blocks. But with the right planning and a good estate agent at your side, the project will succeed.
Welcome to the sunny island!
Misar & Partner is a Misargroup company with over 30 years of experience in the real estate sector. We know what is important and go the extra mile for our clients.
Get in touch with us for a free consultation for your dream property in Mallorca.
