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5 buying tips for the current market

April 21, 2012

Top tips for making sure you are best placed to get the right property at the right price.

Five buying tips for the current mallorca property market

There’s no doubt it remains a buyers market but this doesn’t mean you can take leisurely picks of the most outstanding opportunities. Here are some tips for securing the right property at the right price.

While the Spanish property market remains under considerable pressure, there are increasing numbers of prospective buyers looking for good properties at competitive prices. They generally have a mid to long term view, regarding mallorca as a desirable place to own a property but with limited supply.

Inevitably, these buyers gravitate to the best opportunities. So, while the market is slow, the best opportunities tend to get snapped up quickly. Here are five tips that will help you get the property you want.

  • Be decisive: Be clear as to the location(s) you would like and which are the essential criteria for your property. Don’t get side-tracked by “bargain” discount offers that don’t match. If a property ticks all the boxes and is a good opportunity, avoid delaying decisions in the hope of there being a host of alternatives.
  • Be sure of your budget and financial position: Banks in both Spain and the UK are still very restrictive in their lending policies. Many deals are falling through due to finances not having been checked in enough detail beforehand. Sellers are aware of this, so this is a key element in your offer.
  • Have a lawyer in place: This is essential to being able to secure a property swiftly.
  • Show your offer is serious and solid: Present your offer in as solid and tempting-a form as possible. State that you have finance in place, a lawyer on board and are prepared to complete as quickly as is sensible.
  • Consider a reservation contract: Depending on circumstance, it might be worth agreeing a reservation contract to take the property off the market. In practice this is not a 100% guarantee the property cannot be sold to someone else but in most cases it will stop this from happening.

You should also be familiar with the buying process. See: The property buying process in Mallorca

For further information on the current state of the property market in Mallorca, see our latest update here: Latest Mallorca property market update, June 2012.

If you are looking for a property buying opportunity in Mallorca, our service will give you on-the-ground representation with a depth of experience and contact base that will put you on the front foot in your search. Contact us for more information.

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