Have you decided to move to Mallorca? Congratulations! Many would agree that it is one of the best decisions of your life. Whether you are dreaming of a beautiful holiday home, an exciting adventure or perhaps even a permanent move, you are in for a treat. But then comes the thing with the accommodation. Where to start? The big question a lot of people ask themselves, and us, is – should I rent or buy?
The answer is not always easy, but after 10 years as a real estate agent in Mallorca, I can give you some good advice and maybe help to sort things out a bit.
A decisive factor in the choice between renting or buying may be how much you know about the island. In your hometown you know every neighborhood, every area and know exactly where you would want to live or not. Coming to a new place can therefore be a little tricky.
Is your love for Mallorca quite new, then it might be a good idea to start by renting a home. It makes you more free to explore without major commitments, and gives you the opportunity to figure out what is best for you in your own pace, based on your criteria.
A rental agreement is made for maximum 3 years, but it is important to mention that it can not be terminated until after six months at the earliest. However, the range of long term rentals is more limited than if you were to buy something. It can also be difficult for a foreigner/non Spanish nationality to get a rental contract, since the landlords often require employment proof papers, and that you can show assets in Spain, as a guarantee you can pay the rent.
If, however, you have come to know our beautiful island, already found your favorite area and decided to get a place of your own, you have a fun and exciting journey ahead of you.
When it comes to buying a property, the market has more to offer and you can be more picky to find exactly what you are looking for. But of course, the commitment, responsibility and economic stake is bigger when you own your home.
Although if your heart has come to Mallorca to stay, buying a property is always a good investment in the long run, not to mention emotionally.
And if you, despite this amazing and vibrant island, still decide to move later on, there is always the option of putting your property up for long term rent!
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