TO BE OR NOT TO BE?!...
Major Pros and Contras in Buying a Property on Majorca
Majorca.. is generally a great place to spend holiday with full range of activities, starting by lazy laying in the sun on the beach, every thinkable sport activities, especially golf, tennis, jet sky not to forget sea cruises and much more, cultural experience of traditional majorquin celebrations or markets and finally an outstanding gourmet highlights.
Indeed the island is absolutely unique in its composition - variety of landscapes from the pine wood to the white sandy beaches, Tramuntana mountains and impressive coves, waterfalls and lonely azul bays. Easy to understand many people spending here holidays start to actively think about making Majorca to the second home, or even completely move over. The question about the appropriate property is unavoidable. To buy or to rent first- is one of the most important questions.
This post is not meant to be an answer for the question, to buy or to rent, much more it gives some advices to many aspects, which shall been evaluated in order to take right decision according to a personal situation and needs.
|Quality of holiday||Depending on own investments and maintenance||Connected with some risks/ relationship to the landlord|
|Limitations in number and frequency of spending time on Majorca||No limitations||Yes, depending on availability and generally expensive rates|
|Financial advantages||Long- term obligations, covered by savings from hotels/rentals, and finally getting higher worth properties due to general price increase.||No long- term obligations|
|Advantages from touristic rentals||High financial advantage, by over 12 weeks rentals a year the annual costs of mortgage are completely covered||No advantages|
|Non-residential tax obligations||Limited over the incomes taxes from rentals and tax on property obligation||No obligations|
|Free choice of holiday location worldwide any time||Free choice, unless the property is not rented and so would be financially reasonable to spend holiday i||Free choice in dependence on availability and price rates|
|If in long term perspective moving to Mallorca for permanent stay possible, than||Highly recommended, since the property is paid off trough the time of ownership, giving later financial independency||Less reasonable in comparison to buying option|
|If knowledge about needs and infrastructure in long term perspective is insufficient||Less recommended in comparison to renting option first||Rather recommended, since by time of renting first the essential information and understanding of very personal needs appears|
Stay in touch for further posts. Your feedback is very appreciated.