Guide for First Time Buyers Malta
Purchasing a first property is one of the major events in a person's lifetime and while this can be a very exciting episode, it can also be a very stressful one. Sometimes stress is caused by assumptions and misguided information so it does help to be prepared for what it actually entails to be a first-time buyer. It helps to know that a dream home is rarely found at a first viewing, that dream homes are hard to come by and that not all dream homes are accessible. But do keep in mind, that you can well find your dream home if you have the right kind of assistance, the professional kind.
Let us start from the beginning. You want your own home. This means you probably already have in mind certain specifications! This page is meant to prompt you for answers of questions that you should asking yourself and preparing for a wonderful experience. Buyers in Malta take on average of four months to find a property or eleven property visits. If you are concise with your specs and are aware of your limitations than you should shortly be finding your first home.
Whether you are looking for a home / investment on your own or with your partner, JK Properties are equipped to satisfy your needs. If you are buying, you are also eligible to benefit from the maximum of €5000 subsidy for first-time buyers. Ask one of our agents for more information.
Size of your First Home
What space do you need? Is this just for a single person occupancy? Are you a newly wed couple planning a family? Do you already have your own family? Will you have extended family living in? Do you have a large dog? How many bedrooms? How many bathrooms? Do you need a garage for one, two or more vehicles? One you start answering these questions you need to start answering and writing down on a piece of paper so when you meet your estate agent, their brief will be as precise as possible. It is of utmost importance that neither yourself or your estate agent is sent down a beaten track that will only lead to disappointment.
Genre of Property
Penthouse, apartment, town house, maisonette, villa, house of character? Much depends on varied factors including whether you need space for your carpentry workshop, whether you need a spare room for your musical instruments collection, whether you have six cats, whether you have a disability which limits your mobility, and others. If you want your own independent front door you won't enjoy an apartment much, but then this might be within a block with a shared pool which might make you change your mind. This all comes down also to the answers of the next couple of questions to add to the list of answers that you need to be dead honest with yourself and your partner. It is your first property so it is of utmost importance to be as prepared as possible.
Do you need to be close to your business, work place or children's school? Do you want an away-from-it-all residence or do you like to live smack on the high street? Town, village, or the capital city? All come with their pros and cons and if it is new territory to you, it may be wise to tour the region you are interested in, mainly to identify what parts of the region's localities you really like. It's important you travel around and discuss this with your partner. You may also be looking to invest early and put the property for rent so in the meantime you may garner some income and pay part of your first mortgage. Location will make a difference on the potential rental yield you may achieve.
Budget for Your First Property
This will need careful examination because budgets cannot be stretched interminably and what looks liveable at a first inspection, may well be fraught with several hidden expenses that will take their toll on your pennies. You many want to research the possibility of taking a home loan. It would be advisable to visit different banks and find out what they can offer, based on your total income. You will be asked to present certain personal documents so it would be wise to make telephone enquiries before visiting the banks involved, to save yourself unnecessary time wastage and travel. If the loan would be shared between yourself and your partner, you will need to be both present to ask questions and answer them in return. Take note of any government funds or allowances which are issued from time to time to assist first-time buyers to purchase their first home or to invest in renovation projects.
Once you do your homework, you are ready to find yourself a serious agency and a knowledgeable agent to tackle your requirements. Your agent, because that is how you will soon start referring to him or her, will meet you to initially find out more about you, your lifestyle, your requirements, your budget and your queries. The agent should be experienced enough to give you basic advice linked to legal aspects of home ownership, advise you on finding a reputable notary and so on. He or she will select a number of properties for you to view, based on your selection criteria. You will be accompanied on viewings, taken on property tours, shown around and assisted in analysing the pros and cons of each viewed property.
Something may tickle your fancy. You will be tempted to make an offer and your real estate agent will be the first person to know of this, to advise you on what your best offer should be. He or she will present the owner with your offer and barter for you, clinching the best deal. As an estate agent we will be the first to know of your decision and to address the seller with the news about your choice. The agent will be the person to accompany you to the notary to carry out the promise of sale and finally, he or she will be with you when you sign your final deed of sale and shake hands as the keys are handed over to you.
Our goal as a leading estate agent in Malta and Gozo is to ensure that your needs are met with a professional service as well as the suitable properties. All our agents are professionally trained to guide you competently through the whole process. Below, please find a list of homes that maybe ideal for your first property.
Good luck and should you have any queries do not hesitate to contact us.