Ben1986

Good evening Expats and potential Expats,

I'm a first time buyer and looking to get an apartment in Palma, Mallorca.

I work on superyachts and want a nice place to park my bags when I'm on leave, that'll also be able to bring in a little income while away at sea.

I'm off to Palma later this week for three weeks, just to get a feel for the place and check out a few places within my budget.

I look forward to sharing my experiences with you, good and bad, in the hope that it'll help anyone in a similar situation to me.

Hopefully a few of you will be able to answer any questions I might have during the process.

Best Regards,

Ben

PS. I'm new to forums, so if I breach forum etiquette, please kindly let me know!

Good evening all,

I'm planning on buying my first property in Mallorca in the very near future.

I work on a superyacht and have 4 months leave a year. Therefore, the other 8 months (or even more if I go travelling, or stay in the UK) I'll rent out my property.

I've been in touch with the overseas guides company and a number of mortgage brokers and estates agents; but only to get information as I'm in no hurry to buy until I fully understand what I'm getting myself into.

I have two questions:

1) Which areas in or near Palma offer the best letting potential?

2) I have a fair deposit saved up in sterling. I'm considering using a currency broker to exchange it into Euros while the rate is favourable, but this will be into an offshore account with 0% interest. The other option I'm considering is splitting it between a Santander 123 account and their ISA (both sterling), which currently have 3% and 1.75% interest respectively, and leaving it there until I find a suitable apartment (which could be a year from now, earning me a nice bit of interest). What would you guys do?

Any advice or comments would be appreciated...even if I disagree haha.

-Ben

bakedbean

Hello Ben and welcome to the forum

Your best place to get some advice would be in the Spain section of the forum. You can follow this link and it will take you there: Spain - British Expats

All the best with your plans.

SchnookoLoly

As bakedbean said, your best bet is to head over to the Spanish forum and go from there. Good luck!