The Buying an apartment is a big decision, especially when it is located abroad. More and more people from Germany are deciding to emigrate to Mallorca, even though this brings with it great challenges. For this reason, we would like to tell you what you should consider when buying a property on the Germans' favorite island.
The perfect place for the property
There are many beautiful areas on Mallorca that are located in the middle of a dreamlike landscape or near one of the many beaches. Which region is best suited for you depends entirely on your personal preferences. Nevertheless, you should not be rushed into a purchase, but should definitely consider the following factors:
- In what location would you like to live in the future?
- What fascinates you about a particular region?
- Should the property be used as a primary residence or a vacation home?
- What leisure activities are available in the area?
- What shopping facilities are nearby?
- Would you like to live centrally or in a remote area?
- What are your expectations regarding the property's amenities?
- Do you want to rent out the property or live in it yourself?
Anyone looking for a property to rent out should pay attention to high-quality furnishings, which will subsequently have a positive effect on income.https://pixabay.com/de/photos/geb%c3%a4ude-die-architektur-mallorca-500337/
Clarify and prepare formalities
There are many high-quality properties on Mallorca, which can impress with luxurious furnishings and a spectacular view. Anyone interested in buying such a property first needs a Spanish tax number for foreigners. This is not only required for the purchase itself, but also for a number of other formalities. You can obtain the “Número de Identificación de Extranjero” for a fee of about 150 euros, both through a Spanish consulate in Germany and locally on Mallorca. Those who decide to apply for the tax number on Mallorca usually receive it within one day. If, on the other hand, the tax number is applied for at a consulate, the waiting time is up to three weeks. When applying, the respective applicant only needs a form and a copy of their own identity card.
In addition, a Spanish bank account is also of great value for people who are planning to buy a property on Mallorca. This is not only needed to transfer the purchase price to the seller, but also for other matters, such as furnishing the property or paying ongoing costs.
View and check the property
After deciding on one or more properties, you should inspect them yourself during a viewing. You should definitely take a very close look, as the climate on the island poses a very special challenge for properties. For this reason, you should always look at these things:
- Are there any visible signs of damage to the property, for example due to moisture?
- In what year was the property last renovated?
- Does the property have a heating system, a fireplace, or a stove?
- Does the property have air conditioning?
- What is the condition of the water pipes and the electrical system?
- What is the condition of the property's windows?
- What is your impression of the neighborhood?
Check the purchase contract
Before signing a purchase contract, it should always be checked carefully. You should always allow enough time for this so that nothing important is overlooked; you should deal with the following points in particular detail:
- Is the seller the owner who is authorized to sell the property?
- Is the property financially encumbered?
- Are there any existing rental or lease agreements?
- Is there any tax debt on the property?
- How high is the property tax?
- How many square meters is the plot?
- Is there a proper land register entry?
