The Right Thing??

[MoMike]

Newbie here.

Well it looks like we're going for it!!!

After years of dithering, we are about to sign a contract for an apartment in PP. It's all very exciting but also a big obligation.

ARE WE DOING THE RIGHT THING?

 

[Belladonna]

Of course your are MM! The prices are increasing steadily at the moment so its a good investment anyway. There are plenty of agencies who will help you with renting it out for a little bit of extra income too. We invested many years ago in two apartments in Alcudia and have just sold them to finance an apartment in Llenaire. Although Mallorca is an expensive Island compared to what you could buy on the mainland, look at how better it is!!! Congratulations!! Enjoy!

 

[klad1]

I understand your apprehension, it is a big step, but I can honestly say it is the best thing we ever did. Good luck.

 

[sandy]

Us too, don't dither, go for it !

 

[smiddy]

The Right Thing

if you can afford it, then don't hesitate, think of all the the money you'll save on holidays over the years, plus the value of the apartment will go up. We only let ours to a couple of true friends over the summer and this more than pays the running costs. Wish i could point out some of the down sides, but there ain't any.

 

[debz1]

Re: The Right Thing

We bought our apartment 2 years ago after (unknown to my hubby) I had set up some viewings while on holiday. We had been thinking about it for a while but I just gave him that little extra shove and we went for it!

I can honestly say it's the best thing we ever did ..and hubby now tells everyone how he wishes we'd done it years ago! The feeling of 'going home ' whenever the mood takes you (most months to be honest!) is fantastic.

I'm sure you won't regret it..have fun!

Debs

 

[mallorcaboy]

Re: The Right Thing

Without doubt you are doing the right thing, even if, as has been said before you end up selling, you will have increased your investment. However, don't forget that if you do sell, you are liable for Gains Tax, so don't sell too early. Also, a word of caution re letting. Strictly speaking, you are not allowed by law to commercially let residential property. Although there is only a small chance of the Tax man (not tex-mex-man) from finding out, you might find your neighbours would object, especially if they live there permanently. But letting to friends is what most of us have done over the years, and the income certainly is helpful towards the running expenses. Good luck

 

[trinitycottage]

Re: The Right Thing

Dear Mallorcaboy

We are building a villa to let and where unaware of this law, please could you provide me with more information. We where planning to let it through an agency from April to October, only taking a couple of weeks twice a year for us.

 

[mallorcaboy]

Re: The Right Thing

I am unaware of the exact legislation, and I think it relates mostly to apartments. Things like fire regulations, etc., but they would certainly need a licence. All earnings would need to be declared for tax, obviously. Any queries should be directed to an Administrator like Ana de la Cruz who should be able to direct you.