looking to buy a holiday home

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love minorca
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looking to buy a holiday home

Post by love minorca » September 22nd, 2016, 2:41 pm

Hi all
we are looking to to buy a holiday home in siesta mar 1, cala'n porter
we have been here 4 or 5 times now and really enjoy it every time and the time has come that we want to be here more and more.
i just wanted any advise on any hidden pit falls, form starting to buy the property to the cost of having a apartment there i.e. maintenance charges or can i do it myself, cleaning charges or can i find my own cleaner, is there a limit to what times of year i can go or can i spend christmas there (going anytime), have the spanish got an equivalent to the poll tax or any other taxes
we have our eye on a property but just wanted a bit more info from people that have already done it .
any help and advise would be greatly appreciated
pete x

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Sue Adderley
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Re: looking to buy a holiday home

Post by Sue Adderley » September 26th, 2016, 3:36 pm

Hi There

I'm afraid there's lots you need to know if you're thinking of buying on the island. :???:

Firstly, I think in general you should bank on spending an extra 10% on top of your purchase price for solicitors fees etc.

If you're buying in a communal block of apartments, or a villa with shared facilities, you'll have to pay a yearly maintenance charge, which can vary each year depending on the amount of maintenance/repairs taking place. Obviously, if it's not a communal property you'll either have to maintain it yourself, or find a local company. I'm afraid I don't know anything about the Siesta Mar, but the estate agent should have all the details, or be able to point you in the right direction.

I would imagine that if you buy a property, you can use it at any time of year. However, please bear in mind that at the moment the only direct flights to the island between the end of Oct and end of March are with Monarch from Gatwick, and apparently they're on the verge of going bust as we speak! :eek: You'll also need to take into consideration that the vast majority of the bars/restaurants close down at the end of Oct in all the resorts, and there may only one or two places open (or none at all) until the season restarts around Easter. Even in Mahon many places along the harbour close over the winter, so if you haven't visited out of season it could be a shock to you! Saying that, we visit every year for Xmas and love it, but it is a completely different experience from the buzz of the summer months!

There are taxes for emptying the bins, and other local charges (which are usually a few hundred Euros per year payable to the local council in March and Aug), but they're certainly no-where near the cost of the UK poll tax! Also, each named property owner will need to pay a yearly non-resident's tax (which is usually a couple of hundred of Euros per year, based on the rateable value of your property).

You'll need to get a Spanish bank account, an NIE number, to register with the local council for your bill payments, and most importantly, get a good abogado (lawyer-type person) who won't rip you off!

Our experience when buying was that Bonninsanso (estate agent) sorted us out with a solicitor (Joaquin Comas in Mahon) who dealt with our NIE number and supposedly set up all the necessary direct debits with the bank (for the local taxes). However, he didn't do it properly and we ended up with several unpaid bills and he overcharged us something scandalous for submitting the non-resident's tax forms. So, after recommendations from other UK buyers we now use Fernando Caballero Visser (in Mahon) as a solicitor. He does our yearly resident's tax returns for 75 Euros each, and the other bloke was charging closer to 400 each! But we've also received advise from him on other issues, such as wills and inheritance tax, and he didn't charge us a penny! He speaks fluent English, as does his secretary. His email address is info@clmabogados.com

I know it seems a lot of hassle, and it CAN be, if you don't use the right people/get the right advice to begin with, but we still think that buying a place on the island was the best thing we ever did!

Sue :toasting:

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missy82
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Re: looking to buy a holiday home

Post by missy82 » September 27th, 2016, 9:41 am

Sue,

Do you have anymore information about Monarch going bust? we're flying out on Thursday with Easyjet but flying back with monarch...

Could we be stuck out there (What a shame! :grin: )

Apologies that this does not have anything thing do with buying a home! (Though hopefully we will do too one day!)

the mad buyer
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Re: looking to buy a holiday home

Post by the mad buyer » September 27th, 2016, 10:19 am

More info on the 'flight' board.
Stories are like fairy gold, the more you give away, the more you have

clubjoker
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Re: looking to buy a holiday home

Post by clubjoker » November 17th, 2016, 3:15 pm

Excellent advice from Sue.

I'd recommend getting a couple of books (available from Amazon) on buying property in Spain, differences to UK, etc. Will pay for themselves many times over if they give you just one useful idea!

I'd second Sue's recommendation of CLM Abogados. Toni (of CLM Abogados) was my lawyer when I bought a house in 2014.

Keep us posted!

John

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