Buying Properties in Majorca Guide

If you are planning on buying properties in Majorca, you should first familiarize yourself with the area of Majorca you are interested in. While buying a property in Majorca can be a good investment opportunity, there are many factors to consider especially if you will not reside in Majorca year round. The Majorca climate can be addicting but try to refrain from making an offer on the first property that catches your eye. Majorca offers a wide variety of property types such as villas, apartments, townhouses, and farmhouses. You are required to apply for a “residencia” if you will be living in your Majorca property for over six months a year. Becoming a resident of Majorca, Spain has many perks especially the lower taxes you will be required to pay. If you will not be considered a resident of Majorca, you will be asked to appoint a fiscal representative. The fiscal representative you choose should either be a resident of Majorca or reside elsewhere in Spain. This person will be responsible for handling tax requirements related to your property in Majorca.

You will also want to consult with a Majorca Real estate agent concerning the following fees involved in residing in Majorca.
1. Real estate tax
2. Wealth tax
3. Fees for Majorca trash collection
4. Utility charges
5. Water rates
6. Community fees if you purchase a Majorca property located in a development.

Majorca Properties Checklist

Before purchasing your dream home in Majorca, you will need to make several decisions especially if you plan on renting out your Majorca property for part of the year. Tourism is popular in Majorca and you will want to make sure your Majorca rental property offers the desired amenities.

1. Do you want a property located in the city or countryside?
2. How much yard space do you desire for your home?
3. Will your property be located on the coast or further inland? This can affect the price of your property.
4. Is your Majorca home located near a major health facility in the event of an emergency?
5. How close are you located to your neighbors? Privacy may be a concern for vacationing tourists.
6. How close is your property located to the airport?
7. If your property close to popular tourist attractions? While an isolated property may seem attractive to permanent resident of Majorca, tourists, are more likely to want a home located near restaurants, shopping, swimming, golfing, and other types of entertainment.

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