Jun 15, 2022

Looking for a house in Mallorca? Some facts!

Buying a house in Mallorca can involve a lot of work because of the many obligations you have as a buyer. We can help you avoid making costly mistakes by putting you in touch with the right people. 
 
How does a real estate agent in Mallorca work? 

To be a real estate agent in Spain you don’t need to be registered, have a license, have a title, pass an exam, or have a real estate agent certification. Anyone can become a real estate agent, but not everyone will be good at it. 

Do you really need a real estate agent? 

If you are wondering whether you need a real estate agent to buy a house, the short answer is no. You may be hesitant to work with an estate agent because you don’t want to be saddled with agency fees, but normally buyers don’t pay an agency commission – sellers do. 

What specifically do you need to watch out for? 
Some of the most common pitfalls when buying a property in Spain are deposits, purchase taxes, problems with off-plan properties and properties being built illegally. As you start looking into buying property in Spain, you may well come across some of the many stories of purchases gone wrong.

How much tax do you pay in Spain when buying a house? 
The purchase of a property in Spain comes with the payment of transfer tax (on average 10%), notary fees (€700,-), registration fees (€500,-) and valuation fees (approx. €800,-) 

How much downpayment do I need for a Spanish mortgage? 
For a Spanish mortgage you generally need a minimum deposit of 30% of the purchase price of the property, with lending rates currently starting at around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, whichever is lower. 

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