Apartments in Ibiza town: tips for choosing the ideal one
When we buy a flat, our ultimate satisfaction depends on how much attention we pay to our buying strategy.
It is common for people to venture into buying a property with great enthusiasm, but after the complications that can (and will) arise, the experience becomes stressful. So what to consider when buying a flat in Ibiza Town? At RE/MAX Isla Blanca we have decided to publish some great and easy to put into practice tips for buying a flat in Ibiza.
1. CALCULATE YOUR REAL BUDGET
Always remember that the price of a property can never exceed the sum of the amount of your mortgage loan plus the savings you specified for it. This is an obvious message, but we have noticed that when many people buy flats in Ibiza Town, they end up exceeding this amount because they are deluded by the illusion of a flat that meets all their expectations.
Now, how much mortgage do you have to ask for? It is important to note that when you buy a flat in Ibiza, do not exceed 40% of your monthly income. Add to this the additional costs which can mean paying an additional 8% to 12% of the sale price of the property. Up to 40% of your monthly income will be the "ideal monthly payment" for your mortgage.
In our opinion, the first tip for buying a flat in Ibiza is this, because living comfortably will allow you to make the most of your investment.
2. ADDITIONAL COSTS
In general, the total cost of buying a property in Ibiza can range between 8% and 12% of the purchase price, including the following:
- Taxes: ITP 8-11% or 10% VAT + 1.5% written court action fee.
- Mortgage cost: 0% (from the new mortgage law) or 0,5% of the mortgage loan amount (if you hire a mortgage broker).
- Lawyer/consultant fee: 1%.
- Notary and land registry fees: 0.1 % - 0.5 % (or less)
- Bank charges: various
The exact numbers and variations can be found in our buyer's guide.
3. CHOOSE THE AREA WITH COMPELLING REASONS
The city is widely known for its World Heritage Site, divided into Dalt Vila (Old Town) and the modern extension of Eixample. In addition, Ibiza has two popular beaches, Talamanca and Figueretas, just a few minutes' drive from the VIP area of Marina Botafoch, which brings together luxury frontline flats and penthouses. As you can see, Ibiza Town has countless areas and neighbourhoods in which to live, but there are some additional factors to consider:
Emotional factors (closeness to parents, relatives, friends, "lifelong" neighbourhood...) and objective factors (price of the area, transport, parking, green areas, shopping centres, city services...) come into play when choosing an area to live in.
Both are important and must be weighed up when buying a flat in Ibiza.
As for the objective criteria, you should evaluate the following:
- Access to your workplace and the transport available in the area. This can save a lot of time and money.
- Shops, food services and entertainment facilities.
- Health services.
- Schools, colleges and kindergartens.
- Easy area to park a vehicle.
- Recreational areas, outdoor activities and sports facilities.
4. PREPARE THE NECESSARY DOCUMENTATION
When buying a property in Ibiza, the following documents are required before signing the title deeds:
- Original DNI or passport
- Original NIE/TIE (common foreigner identification number and tax identification number)
- Bank cheque or proof of bank transfer. According to payment conditions. According to payment conditions.
- Spanish bank account details
- Receipt of payment already made.
5. TO BE ASSISTED BY A REAL ESTATE AGENCY
Information about the real estate market is readily available nowadays as people are better equipped to find data and compare.
If you can invest enough time for such an important investment, if you are choosing the most reliable sources of information, if your negotiation skills are fine-tuned, if you have the right tools and professional training to deal with each situation on your own, you can choose to buy the property outright.
If your answers to these questions are: "No, the truth is that I can't dedicate the necessary time to buy a flat in Ibiza", "I don't know where to get real information about the market"... then we recommend that you do not hesitate to seek professional help.
At RE/MAX Isla Blanca we will never close ourselves to a free consultancy, so... Take advantage of it! We can advise you and help you find the ideal property in Ibiza town. We can assure you that with us you will save time and money, we are the best option on the island.
Our telephone number is +34 871 51 50 15, we are waiting for your call.