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How to Decide Between Renting or Buying Majorca Properties

By Edited Apr 27, 2016 0 0

Majorca is one of the most beautiful and historically interesting islands in the Mediterranean ocean. While it is a territory of Spain, the island is also part of the Balearic Islands chain which includes other beautiful destinations like Ibiza and Minorca. The island is known not only around the Mediterranean but also around the world for its exceptional cuisine, beautiful views and long history as a tourist destination. The roots of that reputation go back as far as the Romans, who used the island as a colony for salt mining and olive tree production, as well as a training ground for soldiers. Today, the island is a prime destination for tourists from around the world to relax, take in the sun, and enjoy the beauty of the Mediterranean. If you, like so many, are a lover of this special place, you may be asking yourself if it's better to rent or buy Majorca properties. In this article, we'll discuss two main considerations that can help you make this decision and make the most of your time on the island.

First, consideration for renting or buying Majorca properties is how much time you anticipate spending on the island. If you see yourself spending four or more months of the year on the island, it may be financially worth your while to consider purchasing the property. Due to the popularity of the island, prices in prime locales may make purchasing for only occasional use prohibitive to certain individuals. If you anticipate only spending one month a year on the island or would like more financial freedom to travel around to different vacation spots, then buying may not be the right financial solution for you.

However, the caveat to this generalized consideration is the potential for using purchased property for rental income. You may want to consider purchasing a property, even if you do not plan on spending significant amounts of time there, in order to reap the rental benefits of the island's popularity. Please note that there are specific renter regulations for nonresidents that may affect your interest or ability to do this, however if you have the means this could be an excellent source of not only a vacation property but income as well.

A second consideration for renting or buying property on the island is whether you have one particular spot you enjoy above all others. One of the benefits of renting property on each vacation is you have the ability to sample daily life in different regions of the island. On one visit you may choose to rent near the main city, while on another visit you may choose to rent further off into the interior. However, if you have a town or a portion of the city that you look forward to returning to on each visit, buying maybe a better option for you.

In a way it almost doesn't matter whether you choose to rent or buy one of the fabulous Majorca properties; what matters is that you find a way to get to the exceptional island to experience all of the history and culture it has to offer. What's shocking is that in spite of its popularity among many tourists, there are still entire cultures that know very little about the special place and the people who inhabit it, like the United States and South America. If you decide to rent or buy on the island, be sure to invite your friends so they can spread the word about the wonderful travel opportunities that exist here!

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