CIUTADELLA - Avda Conquistador 72, 07760 Ciutadella
Tel. (0034) 971 482 200
Fax. (0034) 971 480 404
MERCADAL - Via Ronda 6, 07740 Es Mercadal
Tel. (0034) 971 154 168
Fax. (0034) 971 15 4 197
Es Castell – C/ Victori 76, 07720 Es Castell
Tel. (0034) 971 357 753
Buying or selling a property is the largest single financial transaction most of us make in our life. We only have one chance to get it right!!
First and foremost, always take professional advice.
ESTATE AGENTS: When looking for estate agents, look for the sign, API. This is your guarantee of a qualified, legal, registered, fully insured with professional indemnity insurance and licensed in Spain to act as an Estate Agent.
LAWYERS: Always, always, always, use one. I can supply you with a panel of local English-speaking lawyers who will advise you independently through the whole sale/purchase process.
FISCAL ADVISERS: The laws relating to Capital Gains Tax and Inheritance Tax, both in Spain and the UK, are becoming ever more complicated. It is essential that when buying or selling that you speak in advance to an expert who understands both Spanish and UK tax laws. One such expert now lives in Menorca and is available for private consultations. Please contact me for more information on the above, on mortgages, bank accounts and property insurance.
Before investing in any property you should decide what you want your property to provide. Is it a holiday home or for permanent living? If for holidays, how near to the beach do you want to be? Are you a boating or windsurfing fan? What are the needs of the family? Do you want a quiet resort or one with lots of activities for the family? Do you want an apartment or a villa? Will the property be rented out to produce an income to cover running costs and be an investment? Some properties are easier to let than others.
If you want a permanent home, should you buy in a resort where at the end of October everything closes, or do you want to be in an all year round community with shops, banks, bars, and restaurants open all year? If you are coming to live in Menorca, have you been here in the winter?
Other matters you must consider during the purchase process are annual taxes that you have to pay in Spain, running costs, maintenance and management costs, etc. Before buying make sure you have asked the question, “How much?” to all of these items.
Selling a property.
The same basic rules apply as for purchasing.
Use API registered Estate Agents
Speak to a fiscal adviser before putting the property on the market, find out what will be the tax implications, both in Spain and in the UK if you are resident there or taking the funds back to the UK.