However, foreigners like you may not be as familiar with the place and its customs. That is why you should really take the time to look at information and tips on how you can buy a house in Mallorca. This article can help you in this regard. Below are some useful tips on buying a house in Mallorca.
>Get a good translator and legal counsel.
If you know that your Spanish fluency is not that good, it is better that you get a very reliable translator. She or he must be someone you know you can trust. Dealing with a Mallorca lawyer might be okay. But, also make sure that the counsel you will get is surely someone that has very professional ethics. The legal counsel would also help you verify if the real estate agent you are dealing with is registered to ABAI, ATP, API or RICS.
>Do an ocular of the property first.
You can rely on a real estate agent. However, it is still bets that you see the house or property with your own eyes prior to settling with an agreement. Doing an ocular allows you to really evaluate the house and its worth. It will also give you a heads up of the whole community where the house is located.
>Prepare money for fees and other expenses.
You should know that it is tradition to sign an agreement with the buyer once you have settled the terms of the sale. You should do this in the presence of a notary. Although it is common for sellers to shoulder the legal fees in this regard, you should still clear this aspect out. If the seller thinks that you should be the one to pay the notary fees, re-evaluate what you can in your agreement. Also, be prepared to pay 10% of the selling price once you have signed the agreement. It’s like having an upfront payment to the buyer.
>Check out the taxes.
There are taxes involving various kinds of properties. Ask the legal counsel you hired for the computation of residential taxes you should be aware of. If the house you are buying is not for residential purposes, you should check your budget for corresponding taxes. Best tip is that commercial properties generally have higher taxes. Also, bear in mind that some areas in Mallorca require community fees that you should also be aware of.
>Apply for the necessary permits.
If you are a citizen of the Swiss confederation, you don’t have to worry about this aspect anymore. Deciding to reside in Spain permanently would mean that you need to apply for a residence permit. Visit the Spanish consulate in your home country to jumpstart your application process.