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<\/p>\nBuying a property often raises many questions, particularly regarding your financial situation. It is important to find out in advance about the costs involved in buying a property in Mallorca and how financing works.<\/p>\n
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Financing<\/strong><\/p>\n Equity plays a key role in property financing. The more money you put into the purchase yourself, the less you have to borrow. If you are a non-resident foreigner, you should have equity capital available when buying a holiday property. The financing enquiry is processed by a Spanish bank. <\/p>\n Keep an eye on ancillary purchase costs.<\/strong><\/p>\n When buying a property, various additional costs arise in addition to the purchase price. These include notary fees, land transfer tax and land registry fees, as well as the fees of a lawyer, translator or Gestoria, who can guide you through the sales process.<\/p>\n As incidental purchase costs cannot be included in the financing enquiry, they should also be covered by equity.<\/p>\n <\/p>\n Ongoing costs<\/strong><\/p>\n In addition to one-off costs, consider ongoing property costs. These include house fees, maintenance reserves, property tax and insurance, for example. Make sure you include these in your monthly budget planning.<\/p>\n You should also plan for an additional financial buffer to cover any unforeseen expenses. Repairs or maintenance work may be required at any time and should be included in your budget.<\/p>\n <\/p>\n Taxes<\/strong><\/p>\n The non-resident tax (model 210)<\/em><\/strong>is an annual tax levied on the income of individuals who do not reside in Spain. This regulation also applies to property owners. Anyone who owns property in Spain but does not live there must submit a tax return, regardless of whether the property is rented out. This mainly affects foreign investors and individuals with a holiday or second home.<\/p>\n The amount of tax is based on the cadastral value (Valor Catastral) of the property. <\/p>\n Conclusion<\/strong><\/p>\n Calculating your property budget is a crucial step on the way to owning your own home. Take the time to analyse your finances carefully and consider all aspects of the purchase. This will help to ensure that you are looking in the right price range, and that you will be able to finance and enjoy your property not only today, but in the future too.<\/p>\n If you need further support, we are happy to assist you as experienced estate agents. Together, we will find the perfect solution for your new home!<\/p>","protected":false},"excerpt":{"rendered":" Die Entscheidung, eine Immobilie zu kaufen, ist oft mit vielen Fragen verbunden \u2013 vor allem, wenn es um die eigene finanzielle Situation geht. Hierbei ist es wichtig, im Vorfeld dar\u00fcber informiert zu sein, welche Kosten beim Kauf einer Auslandsimmobilie auf den K\u00e4ufer zukommen und wie eine Finanzierung auf Mallorca funktioniert. \u00a0 \u00a0 \u00a0 \u00a0 […]<\/p>","protected":false},"author":3,"featured_media":7124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[159],"tags":[],"class_list":["post-6599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wissenswertes"],"yoast_head":"\n
\nPlease also remember that you will need a Spanish tax number (NIE) for property financing in Spain before you buy. Apply for this in good time, or contact us \u2014 we will be happy to help.<\/p>\n
\nThis value is then used to calculate the notional rent.<\/p>\n