Cala Millor and the surrounding area combine Mallorcan charm. Not only the 1,8 km long sandy beach, which has been awarded the “Blue Flag”, contributes to this.
Rough nature, historical areas, gastronomy and urban flair through the nearby city of Manacor result in an attractive combination. In addition, Cala Millor has a wide range of real estate available.
Where to find suitable real estate offers
Advertisements for real estate in Cala Millor, for example, can be found quite traditionally on real estate portals.
Certain real estate companies or brokers also specialize in Mallorcan real estate trading and are therefore a good place to go.
There are even real estate offers in classified ads on the internet. In general, it is worth contacting experienced brokers or real estate agencies.
There are also many German agencies available, especially on Mallorca. With a reputable real estate company, the contract terms and the condition of the property are right.
There are also no unpleasant surprises, such as possible financial burdens on the property.
If you want to buy a flat, an apartment or a finca, you should of course not miss the opportunity to inspect and examine the property in detail.
This applies regardless of who made the sales offer.
Real estate agents in Cala Millor - who bears the brokerage costs?
The brokerage fees or any commissions are usually borne by the seller. However, there is freedom of contract, so brokerage costs can also be incurred for buyers.
Here it only helps to check the contract conditions carefully beforehand. The amount of a broker's commission is about five to six percent of the sales price.
What should you generally pay attention to when buying a property?
If you want to buy real estate in Cala Millor, you start with the classic considerations. These relate first to the location, in this special case, for example, direct or close to the beach or proximity to the hinterland.
In addition, there are considerations as to whether the property should be used exclusively for one's own use or whether it should be rented out as a holiday home. The two factors mentioned usually already result in the potentially possible types of real estate. In addition, there is the desired equipment, for example in the form of a garden or pool.
These considerations show which properties are suitable and the financial effort involved.
Before a purchase can even be made, prospective buyers must apply for a Spanish tax number.
It is known as “Número de Identificación de Extranjero”, NIE for short. However, this means only a minor bureaucratic hurdle.
A corresponding application can be made, for example, via the Spanish consulates in Germany. A form and proof of identity, such as an ID card, are usually sufficient for this. The number will be assigned after about two to three weeks.
The process can be drastically shortened directly on Mallorca and usually only takes one day. A small processing fee is charged for the entire application and approval process. This amounts to around 15 euros.
It is worth setting up a Spanish account in order to be able to process the later purchase and additional costs.
This is particularly related to the payment method. Payment of the purchase price is usually made by bank check.
It is therefore necessary that this comes from a Spanish financial institution. In addition, a Spanish account is also useful for further purchases and costs and saves unnecessary additional costs.
What are the additional costs
In addition to the purchase price, which depends on the type of property, the following additional costs are incurred when you buy a house or apartment.
First, there are taxes. In Mallorca buyers pay either Value Added Tax (IVA) and Stamp Duty/Notarization Tax or Real Estate Transfer Tax.
VAT applies to the first-time sale of residential real estate (first occupancy). With the exception of the Canary Islands, it is nationally uniform at ten percent.
The costs for the stamp or certification tax are one percent of the purchase price.
If the property is at least a second sale, the real estate transfer tax applies to the buyer.
This Impuesto sobre Transmisiones Patrimoniales, ITP for short, already includes stamp duty. In this case, no VAT applies. The real estate transfer tax to be paid depends on the amount of the purchase price.
A staggered system applies to the Balearic Islands and thus also to Mallorca. The lower limit is eight percent for properties with a purchase price of up to 400.000 euros.
With an amount of one million euros or more, it is eleven percent.
Although entry in the land register is not mandatory for a property, it is highly recommended.
Because the entry of the title deed in the property register is considered the only secure form of property in Spain.
The notary and land register costs incurred for this amount to around one percent of the purchase price.
Tips for the notary appointment
The time for the notary appointment depends on the condition of the property, i.e. used, new or under construction. An example: If the property is used, sign your title deed about one to three months after the purchase contract.
For new builds, buyers should not sign the deed at the notary public until the developer can provide written proof of completion of the property.
At the notary appointment, buyers must carry the required documents such as a valid ID document and tax number.
For a real estate purchase or the signing of a deed at the notary, it is advisable to have a legal check by a lawyer.
Since most notaries read the contracts in Spanish, it is advisable to have a translator present. Some notaries also insist on it.
How do you usually pay the seller?
As already mentioned, payment of the purchase price is made by bank check as standard. This happens at the agreed notary appointment.
Before the notary appointment, buyers should still make sure that there are no ambiguities regarding the payment method. Attention: If a down payment was made before the sale was completed, this is subject to VAT.
However, it is generally better to avoid private contracts with down payments.
Property purchase in Cala Millor
Cala Millor has an excellent infrastructure. From basic services to various sports and entertainment options, there is everything that promises a pleasant stay. Since the area touristy is highly frequented, there are no difficulties in renting out a property as a holiday home.
There is also a wide range of different types of real estate from traditional fincas to modern residential complexes.
The relatively low real estate prices are another argument for buying one Property in Cala Millor.
FREQUENTLY ASKED QUESTIONS:
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Real estate offers in Cala Millor can be found on real estate portals, with specialized brokers or agencies and in classified ads on the Internet. It is advisable to contact experienced brokers or agencies to avoid unpleasant surprises, such as possible financial burdens on the property.
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In Cala Millor it is usually the seller who pays the agent's fees, but there is freedom of contract so the buyer can assume these costs. It is important to check the terms of the contract carefully beforehand and note that the broker's commission is around five to six percent of the sales price.
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In addition to the purchase price, buyers must expect taxes such as Value Added Tax (VAT) and Stamp Duty/Certification Tax or Real Estate Transfer Tax. An entry in the land register is highly recommended and causes notary and land register costs, which each amount to around one percent of the purchase price. It is also advisable to have a legal check carried out by a lawyer and a translator at the notary appointment.