Are you one of those who are dreaming of being the first to move into a brand new home? To feel the sensation of something completely fresh, where everything is unused, untouched and without as much as a scratch or a stain.
Or maybe you really like the feeling of knowing there were people before you who created a home in the very place which is about to be yours? Knowing that there is a history in the walls and memories in every room.
Whether you dream of something new and modern, or to move into an established community, there are pros and cons. Among others, the costs can differ when you decide on buying one or the other.
If you are buying a new development, there will be other costs than if you buy an existing property. Instead of paying transfer taxes, you pay a 10% VAT.
The purchase price for new developments can often be a bit higher than if you are going for one in current condition, but if you buy in an early stage, so-called off plan, there is the opportunity to divide the financing in several steps with a soft payment plan. Not to mention, you will have the 10-year construction guarantee.
Also, buying into a new development normally gives you more time and possibility of forward planning.
Bright, airy and high standards sure sound good, but Mallorca also has a lot to offer when it comes to beautiful, old buildings. Dark woods, beamed ceilings, patterned original floors and rustic shutters. It is certain a charm that is hard to find in a brand new house.
When buying an existing apartment you are given the opportunity to actually see and feel what you are paying for. You can not compare floor plans and sketches to stepping over an actual threshold. Although, in this case it is entirely the buyer’s responsibility to check the condition of the property. The seller has no obligation to provide information regarding this. Always make sure to do a proper inspection.
Worth mentioning is also the so-called ITE inspection that is required in many municipalities in Mallorca, including Palma. Structures, facades and technical installations will be checked on buildings older than 50 years. If the house you are interested in buying was built during the current years, you should be aware that an inspection might be made or already has been made.
No matter your preferences – old, new or barely built – all that matters in the end of the day is that certain apartment or house which gives you that oh, so special feeling.
Carin Isgård – CEO & business owner