01 Nov 2022

Practical tips to sell your house fast in Mallorca

Selling your house quickly and at a good price is possible, even though we are living in a time of rising mortgages, if we follow these recommendations learned over the years.

Although there are many ways to reduce the average time it takes to sell a property in Mallorca, it is true that there are certain things we can do to speed up the selling process.

We must remember that the market in Mallorca is beginning to change its upward trend and with the rise in interest rates, which will make mortgage payments on average 19-26% more expensive, many owners will begin to put second homes on the market first, as they will not be able to assume the rise in rates without worsening their quality of life, and then first homes, as the rise is substantial.

Therefore, if you have already decided that you want to put your house on the market in Mallorca there are a number of tips to try to sell it in a month if you are disciplined.

Reacting quickly to the market

To begin with, we must be clear that the most important thing is to react quickly and take the decision as soon as possible to put your property up for sale, now that it is still possible to find mortgages at fixed rates of around 2-3%, as these will soon be going up. This is one of the main pieces of advice given by Rosa Ramón of Equus Mallorca.

If we focus on Palma de Mallorca, the whole city is in high demand in general and it is possible to sell in a short time if you follow the right steps. Another key is to put yourself in the hands of a good real estate agent to avoid paperwork and not waste time.

Relying on a good estate agent

Selling a house often involves a radical change in our lives that can generate stressful situations, so it is essential that the selling process is as pleasant as possible and without headaches. "The real estate agent is the professional who knows the market, has proven experience, and can sell your home quickly and for the best possible price, in good times and in bad.

Bear in mind that, when you hire a real estate agent, you will have the means at their disposal and large databases with extensive statistical knowledge. They have at your disposal any information that can help you in the steps of buying / selling your house or flat in any part of Mallorca.

It is recommended not to put the house in the hands of too many estate agents because it causes the property to depreciate in value.

In order to be able to sell the house, it is important to know what is for sale, at what price and what people are looking for. Equus Mallorca has a list of hundreds of buyers and daily analyses the market in terms of quality, product and price in each of its characteristics to be able to advise you on any doubts or problems you may have.

 Practical guide on inheritance

If we want to sell a property we have inherited in Mallorca, it is necessary to follow these five steps to know whether to accept or reject it.

Always go to the notary: This way we will know if a will was granted during your lifetime and in this way we will know which part of the inheritance corresponds to each one of you and which assets will be inherited, among other legal aspects.

Do you know if there are any debts on the inheritance or property? The second point to take into account is to know if there are any debts that could cause more problems than benefits. So, in case of doubt, it is always advisable to accept the inheritance with benefit of inventory (it gives us time to find out if there are any debts and, if this is not of interest, to reject the inheritance).

Taxes: uf... they weigh a lot. In this case we will have to pay the Inheritance Tax. It is highly advisable to know all the clauses as, in many cases, there are aids, exemptions for certain aspects and even tax reductions.

Know the market: before awarding you the property based on a price, know what prices exist on the market so that there are no last minute surprises to sell as you expect.

If you are planning to sell the property you have inherited: seek professional advice from experts. If you are at the point where you want to sell a property and you don't know how to get out of the inheritance and avoid conflicts between the heirs, the advice is to go to professionals who can carry out all the procedures and know these matters well.


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