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The trend is now to buy off plan properties in Majorca it is is worth considering if your main investing goal is to earn extra income and you do not need immediate occupancy of the Majorca property. Buying off plan property is simply purchasing property in a new development before completion. The developers will ask you a ten per cent deposit for reserve the property. During the building period other payments must be done, normally a maximum of thirty per cent can be asked by the property builder. The construction of the new property may have not started yet. Some properties are sold even before a license to build on the property has been obtained.

You should refrain from that does not have a license to build without the assistance of an estate agent unless you are very knowledgeable in this area of real estate. The benefits of investing in properties are the ability to obtain properties at a low price without having to invest a lot of cash initially for the deal. In order to effectively gain from buying properties in Majorca, you have to be aware of Mallorca new developments still in the initial planning stages. Mallorca Properties

The earlier the planning, the more likely you are to get a good deal. The developer will not have a lot of information to offer buyers but will want to sell as many off plan as possible to help possible Buyers Guide Off Plan Majorca Properties The first step i The first step in purchasing a Mallorca off plan property is to hire an estate agent. Be sure to select a Mallorca estate agent who has experience in this type of property. You will also want to consult with a lawyer to make sure you understand all the legalities involved. Once you have found a site where you would like to purchase, you will need to submit a down payment fee to the developer.

All fees given to the developer must be secured by a bank. This protects the buyer of in case the project is not completed or takes an excessive amount of time to complete. Majorca Property property is always priced below the real market value, sometimes up to thirty percent below.

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