{"id":3859,"date":"2021-11-24T13:32:48","date_gmt":"2021-11-24T12:32:48","guid":{"rendered":"https:\/\/www.vogueproperties.com\/blog\/?p=3859"},"modified":"2021-11-24T13:32:50","modified_gmt":"2021-11-24T12:32:50","slug":"5-initial-steps-for-buying-a-property-in-mallorca","status":"publish","type":"post","link":"https:\/\/www.vogueproperties.com\/blog\/5-initial-steps-for-buying-a-property-in-mallorca\/","title":{"rendered":"5 initial steps for buying a property in Mallorca"},"content":{"rendered":"\n

Property buyers always need to keep a level head. <\/h2>\n\n\n\n

But that can be difficult when faced with a dream property surrounded by over 200 beaches, Mediterranean weather, and gorgeous Mallorcan scenery. <\/p>\n\n\n\n

Luckily, the process of buying a property in Mallorca<\/a> is much simpler when you take the right initial steps.<\/strong> Below, we\u2019ve rounded up some tips to get you started. However, these initial steps can vary depending on where you are in the buying process and your current situation, so make sure to do thorough research.<\/p>\n\n\n\n

Start your research<\/strong><\/h3>\n\n\n\n

The property buying process in Mallorca will probably work differently from that of your home country. So, it\u2019s better not to make assumptions.<\/strong><\/p>\n\n\n\n

For example, the area you look in may be subject to specific regulations; rural land is sometimes zoned for agricultural use. Likewise, buying or building properties near military defence points is restricted and subject to authorisation.<\/p>\n\n\n\n

Also, if you\u2019re considering renting out your property, it\u2019s a good idea to look into local letting laws. Properties must have an ETV license in order to be eligible for tourist lets, and these are only granted under certain circumstances. <\/p>\n\n\n\n

For buyers based in the UK, the Foreign, Commonwealth & Development Office (FCDO) have created a useful guide<\/a> about what to expect from the buying process. Their information includes key points to consider, such as residency requirements, mortgage options, how long it takes, overall costs, etc.<\/p>\n\n\n\n

\"Property
Beautiful Villa in Port Andratx<\/figcaption><\/figure>\n\n\n\n

Define your budget<\/strong><\/h3>\n\n\n\n

Experts usually recommend allowing for an additional 10-15% on top of the property price. This amount should cover the taxes and fees associated with buying a property in Mallorca.<\/p>\n\n\n\n

The final cost will depend on the type of property you buy.<\/strong> For instance, stamp duty and VAT need to be paid on brand new properties, while transfer tax is applicable for previously owned properties.<\/p>\n\n\n\n

Knowing your upper limit will allow you to focus on relevant properties during your search.<\/p>\n\n\n\n

Get a good team in place<\/strong><\/h3>\n\n\n\n

It might be tempting to try and save money with a DIY approach to buying a property in Mallorca.<\/strong> But it\u2019s not a recommended strategy. You wouldn\u2019t go through with a property transaction without a reputable solicitor in your own country, and it\u2019s not a good idea abroad, either. Trusted, local professionals such as lawyers<\/a> and estate agents can help make the process smoother and avoid costly mistakes.<\/strong><\/p>\n\n\n\n

The Spanish Land Registry talk about this as getting your team in place, with your lawyer as your \u201cmost important team member\u201d. Your team should speak your language, be qualified, insured, reliable, and experienced in the local market. <\/p>\n\n\n\n

Regarding local lawyers, the UK FCDO says:<\/p>\n\n\n\n

\u201cWe strongly recommend that you choose an independent lawyer who specialises in Spanish land law (urbanismo). Independent means that they work on your behalf only and are not also looking after the interests of the agent or developer<\/em>.\u201d<\/p>\n\n\n\n

Get an NIE\u2026<\/strong><\/h3>\n\n\n\n

An NIE is a mandatory foreign identity number,<\/strong> which stands for N\u00famero de Identidad de Extranjero. <\/em>Having an NIE<\/a> means you can open a bank account, sign documents, and undertake the necessary steps for buying a property. You may or may not be issued a TIE, depending on your residency status.<\/p>\n\n\n\n

The Spanish Land Registry<\/a> says obtaining an NIE is often one of the first things buyers do after agreeing on a property. You will need to present specific documents and pay a small fee. If you\u2019re unsure about the process or whether you already have an NIE, your estate agent or lawyer may be able to help<\/p>\n\n\n\n

\u2026and a bank account<\/strong><\/h3>\n\n\n\n

Usually, buyers will need a Spanish bank account sooner or later. Opening one sooner can avoid issues and delays down the line<\/strong>. One of the reasons for this is Spanish money laundering laws which can make it problematic to pay for a property directly from your UK bank account.<\/p>\n\n\n\n

Again, if you\u2019re unsure about this it\u2019s best to seek professional advice that\u2019s tailored to your situation.<\/p>\n\n\n\n

\"Property
Property in Port Pollensa<\/figcaption><\/figure>\n\n\n\n

Vogue Properties <\/strong><\/p>\n\n\n\n

We operate as a full-service<\/a> estate agent in Mallorca. Established in 1998, we offer real estate expertise in the North of Mallorca, West Coast of Mallorca, and Palma de Mallorca. <\/p>\n\n\n\n

Whether you\u2019re looking for country homes, townhouses, investment opportunities, or luxury villas, we can help.<\/strong><\/p>\n\n\n\n

Browse our portfolio of luxury holiday <\/a>homes<\/a> to get started.<\/p>\n","protected":false},"excerpt":{"rendered":"

Property buyers always need to keep a level head. But that can be difficult when faced with a dream property<\/p>\n\t\t

\n\t\t\tread<\/span><\/path><\/g><\/svg><\/a>\n\t\t<\/div>","protected":false},"author":2,"featured_media":3342,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,36],"tags":[27,5,24,34],"class_list":["post-3859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mallorca","category-mallorca-property","tag-living-mallorca","tag-mallorca","tag-mallorca-properties","tag-mallorca-real-estate"],"yoast_head":"\n5 initial steps for buying a property in Mallorca - Vogue Properties<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\t\n\t\n\t\n