Beautiful beaches, numerous sights and wonderful weather –MallorcaIt is not without reason that it is one of the most popular travel destinations for Germans. The sunny island attracts thousands of tourists every year and is ideal for a relaxing summer holiday. But the Balearic island is now not only in great demand among travelers and more and more people want to buy a house directly on Mallorca. Do you also want your own retreat and would like to spend every summer on the sunny island? Whether it's a holiday home, an apartment or a luxury villa right on the beach - there are a few important aspects you should consider to ensure that buying property in Spain goes smoothly. We will explain to you below what these are!
Set your priorities
Would you like to buy a house in Mallorca? Great! Since buying a new apartment is always a major investment, you should give yourself plenty of time to choose the right property. Take your time to think about which criteria your dream home should fulfill. Unlike in this country, most willMallorca real estatealready sold in furnished condition, which makes buying the house much more comfortable and relaxing. If the apartment is primarily for your own use, then you can purchase it according to your individual requirements. However, if you want to rent out the apartment, you should pay attention to its rentability. In addition to the size and facilities, the location also plays an important role. Since the Spanish building regulations sometimes differ from the German ones and the condition of a house is difficult to assess for laypeople, it would make sense to have an expert report prepared.
Buying a house in Mallorca: NEVER apply
NIE (Nùmero de Identificaciòn de Extranjero) is the Spanish tax number for foreigners and without it almost nothing works in Spain. You not only need the tax number to buy a house on Mallorca, but also for many other matters, such as opening an account. The number costs around 15 euros and you can apply for it either locally or at the Spanish consulates in Germany. While the consulates usually take 2 to 3 weeks to process, you will usually receive the tax number in Mallorca on the same day. To apply, you just need to fill out a form and submit a copy of your ID card.
A Spanish current account is essential for buying property in Mallorca
The second important step when buying a house in Mallorca is opening a Spanish bank account. Normally the purchase price of the property in Spain is paid by bank check from a Spanish bank at the notary appointment. A Spanish account is also very important for debiting the running costs of the apartment, such as electricity, water and internet, and also involves fewer additional costs.
Buying a house in Mallorca through financing possible?
Many people who want to buy a property in Mallorca wonder whether they could raise at least part of the purchase price through a bank loan. As a rule, you could also apply for financing in Germany, but unfortunately this is rejected by most German banks. The reason for this is that they cannot assess the real estate market in Mallorca and do not want to take the risk in the valuation and transaction. You have better chances with large banks that have branches or partners in Spain. The good news is that you can also apply for the loan from a Spanish bank and, as a foreigner, use it to finance 70% of the purchase price. Before the commitment is made, the property value and the legality of the customer are checked and various factors can influence the interest rate.
Thoroughly inspect the property before purchasing
You haveYour dream apartmentalready found? Congratulations! However, to avoid any unpleasant surprises when buying a house in Mallorca, you should check the property thoroughly. It is best to hire a lawyer who will thoroughly check all documents relating to the property. In order to rule out possible damage, it would also make sense for a competent appraiser to take a closer look at the property. After all the details have been clarified, you can conclude a reservation contract or option contract with the seller. With theReservation contractThe seller undertakes to keep the house free for you for a small reservation fee. If you decide to purchase, this will be credited towards the purchase price. Unlike in Germany, in Spain preliminary contracts or even oral agreements are legally binding and for this reason the reservation contract should always be checked by a lawyer.
ImOption contractAll important conditions are recorded and it can be anticipated in the notarized purchase contract. The option period is several weeks and during this time the contracting parties should meet all the necessary requirements. For the purchase option, you as the buyer must pay a fee of 10% of the purchase price, which will be credited later. If the property purchase fails for reasons for which the buyer is responsible, the option fee is forfeited in favor of the seller. And if the purchase cannot take place because of the seller, then he has to pay back double the option amount to the buyer.
