A common question that we hear most often from people who want to live on the island but can't decide which is best, "Should I rent or buy?" Some residents on the island often spend months, if not years, trying to figure out the answer. Below are a list of questions that may help you determine which is better for you.
Sign #1: You're ready to settle down
Sign #2. You’re done living paycheck-to-paycheck
Sign #3. You’re ready for more responsibility
Sign #4. You know what you’re looking for.
Question #5: Which Part of the Island To Settle? #
If settling on the island for the first time, most people don't realize that this island is like its own country instead of the big island in a chain of islands in the Mediterranean. The roads are well maintained and much easier to drive but getting from one side of the island to the other can take over an hour. If you choose to live in the east but your children attend schools in the southwest, that drive can get old after a week.
While Palma is the main city on the island, several towns have full services. We recommend looking at our village profiles to find the area that speaks to you. Most of the villages have Facebook pages where you can find residents and learn more about the area. After your individual case is assessed and where you will be driving to, what services you need easy access to and what you want to have in your village, you'll be better able to search online for a property.
Taking day trips to get a feel for the places is super important and fun! With COVID, many stores have shuttered for the season or are out of business. But most villages and towns on the island will return to full capacity within the next two to three years. Just find the place you like and then begin house hunting.
One Last Point #
To obtain Residency, you will need to either have a long-term lease or you will need to purchase a home. This decision is so much easier said than done. However, if you decide to stay on the island longer than 90 days at a time or 180+ days a year, you must have Residency. And if you decide to rent, you will need to:
- Have a lease in the name of the owner registered at the Ayuntamiento (Town Hall).
- The lease you sign must be in your legal name that adheres to the one on your legal documents. A company taking out a lease will not be compliant for Residency.
- You will then need to register at the Ayuntamiento as a legal resident of the town or village.
- You will need to have a formed stamped and signed by the local police showing you are registered.
Conclusion #
There is absolutely no right or wrong answer on renting or buying, except for you. The expat community is welcoming regardless of whether you are here for a fortnight or for forty years. People come and go but once you fall in love with this place, it will live in your heart. The best is to find a village, make long-term friends and know that this is a haven from the hectic pace of metropolitan living yet we have all the modern conveniences. Whatever your decision, stay in touch and share your story. We love hearing them!
Por Staff
2 junio, 2021
