Reply To: Buying in Mallorca – listed prices – how much do you pay?

Spanish Property Insight Forums Spanish Property Forums Property Questions & Answers Buying in Mallorca – listed prices – how much do you pay? Reply To: Buying in Mallorca – listed prices – how much do you pay?

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SurveySpain
Participant

As Ulf says, research the market. Where demand is strong and properties few, there will be little discount unless the property is overpriced. But sellers may wait for the market to rise to meet their expectations. Survey Spain have been analysing property prices, Asking v Actually Paid for the last 17 quarters and found the amount reducing quarter by quarter. surveyspain.com/blog/market-report-1st-quarter-2018. This is a general average and when it comes down to it, its eyeball to eyeball with the seller/buyer and who has the stronger ‘hand’.

One thing you can do is get a RICS building survey of the property. Then you have a report, not only of the physical defects, but also of the deficiencies in the legal, planning and tax description as hinted at by Toni M. With that you can go to the seller and point out that the price they are asking is for a good property, but theirs has the defects, etc listed in the report and thus the price should be lower. You can save many times the cost of the report and it means you know exactly what you are buying.

A market valuation can also be given and make sure that its NOT a banking valuation. Bank/mortgage valuations are nearly always below market, even if carried out competently, as they deduct the costs that the bank will incur should it have to take the property if the loan is not repaid, plus some other rules imposed by the Bank of Spain.