Choosing a Majorca property can be a fun experience, but also an opportunity to get carried away! How you choose your Majorca property should depend on a number of factors, as we discuss here.
There are a great number of towns and villages on the island in which to find your dream Majorca property, however most of the island doesn’t come cheap!
Where you choose to buy your Majorca property will depend on a number of factors. First and foremost is your budget – there’s no point in looking at properties which cost €1 million if you only have a budget of €100,000 although that’s not to say it wouldn’t be fun looking at them anyway! It’s always easier to get a little carried away when you’re looking at properties in a foreign country, but you really must set yourself a budget and stick to it, after all, if you have to secure a mortgage you won’t be offered one if the figures don’t stack up.
Your budget will determine to a large extent where exactly you can buy a Majorca property. The island is becoming more and more expensive as it develops from a typical tourist destination into a chic and classy place to own a second home and as such there are many ‘exclusive’ villages and towns around the island now. Places like Deia and Andratx are highly sought after, so with a limited budget it’s unlikely that you could buy here.
There are still towns in which you can pick up an affordable Majorca property too though, and with a little research you can determine whether these might be the right places for you.
An important factor to consider is who are you buying this Majorca property for? If you’re solely looking for an investment, a place to rent out, your requirements are going to be quite different to if you’re looking for a holiday home for yourself and your family.
Even with an investment property there are still many things to consider – location is very important: many people will be visiting Majorca for the sun and the sea so you may want a Majorca property on the coast. On the other hand, Majorca has some stunning mountain scenery too and there will be demand for a quiet and peaceful retreat up in the mountains. A place like this may command a higher weekly rental rate, but could possibly be a little more difficult to rent out if it’s very rural.