Guide for First Time Buyers in Malta
Many people consider the decision to purchase property - one of the biggest decisions one will make. This is hardly surprising when you consider the responsibilities that come with this decision. One needs to be aware of the process of purchasing a property, the expenses and charges involved, and what methods would simplify their buying process - even more so when it’s the case when a first-time buyer is purchasing a property.
Confirm Your Budget
It is important to have a budget in mind before searching for first properties in Malta or Gozo. Several people have borrowed funds in order to finance their purchase. If this is the case, the bank is able to give you an indication of your borrowing limit based on your salary, factoring in other expenses you may already be committed to. Remember that this is only an indication so be sure to search for properties priced below this figure. Ask your specialised first-time buyer agent to show you properties below and above with space to negotiate to your threshold. It may be prudent to deduct costs of other items, such as furnishings, notary fees and so on so that you have a more accurate figure. It is recommended that you visit your local bank and confirm the amount the bank will be able to borrow you. If you are buying a property with your partner, you will be in a position to combine the joint income. Read this page for more specifics on home loans in Malta.
Property Needs, Wish List and Searching
Once you have a budget in mind, you can start hunting for a property. To simplify things, we would suggest you make a list of needs and a wish list and follow that up by going online and searching for your minimum requirements. You will eventually narrow this down to properties you’d like to view. The next step would be to contact the RE/MAX Malta real estate agent and schedule viewings for the same or next day. Several people opt to work with a real estate agent for the simple reason that this scheduling is undertaken by them. Aside from this, a real estate agent will accompany you on your visit to the properties and will have the market knowledge when the time comes to haggling the price or negotiating any specific terms.
Make sure you mark the properties you like and remove the ones that didn’t meet your expectations. Ensure you thoroughly inspect the property – any defects or lack of maintenance may allow you to negotiate in property price. Along the way, you will start to understand what type of property you may achieve in purchasing and may start adding those items from your wish list to your search. You will start asking your self questions like “What if I were to purchase a property with heated floors? Would it break the bank? This scenario will be a trial and error until you find the compromise between your needs and wants. It is confirmed through a recent Real Estate Insights report in 2015 that buyers take on average of four months to find their property so if you fall within this category you will have found your first property in Malta before you know it.
Signing your First Promise of Sale
Once you have found your ideal property, you can make an offer. Check how much similar properties are selling for in the area before proposing a price. Should the vendor agree, remember that the agreement is - so far - verbal, and despite being given in good-faith, it is non-committal. Once you have agreed on a price, a date is set for signing of the Promise of Sale (“Konvenju”).
Drafted up by a notary, this is a contract between the buyer and seller where several terms and conditions are laid out in writing. The contract may be subject to several conditions; for example, the seller may need to finalise certain details or jobs in relation to the property; as the purchaser, you may wish to have the property evaluated by an architect for any structural defects and may only purchase the property should it be of sound structure. Other conditions could be related to the permit of the property or that you actually manage to secure financing for the property. In only certain cases may a promise of sale be extended provided that both parties agree.
The contract would also include a date for signing of Final Deed, and such date would serve as a deadline for both parties. For the purpose of the Promise of Sale, the notary represents the government and is impartial between both parties. Once the Promise of Sale has been signed, you will be asked to pay a deposit (usually 10%) to the seller, and a further 1% provisional stamp duty to the notary. A copy of the contract is then given to both you and the seller. The notary would then need a further 6 weeks to carry out searches on the property – verifying the legal title, ensuring there are no loans taken against said property, and that the vendor is able to sell the property.
Signing the Contract
Should all the conditions written in the Promise of Sale be satisfied, the parties then meet to sign the Final Deed. This would be read out by the notary and again signed by both parties. At this stage, you will need to pay all pending balances - including the remaining balance on the property, the remaining balance on stamp duty (presently only 5% above EUR 150, 000 up until end of Dec 2016) and 1% fees to the Notary Public. The contract is then registered at the Public registry, and the keys to the property are handed over to you – a proud home-owner. Your next headache is moving all your personal items to your home!
The process of property-hunting may take anything from one week to several months, and is dependent on your urgency to find a property. Should you be in a hurry, or are planning ahead of time it is important to bear in mind that property searches and signing of contracts take an average of three to six months’. Feel free to contact us so we can be part of your planning process.
Why Choose RE/MAX for Your First Property
At RE/MAX Malta, the first time buyer market is just one of the real estate markets that we have specialised real estate agents working with customers on a daily basis. Our know-how of the market, comprehensive database of properties and reach of twenty-two offices and over 250 estate agents located around the Malta and Gozo will surely be an asset to your property search.
Each office of ours has a number of fully qualified first-time buyer sales associates available to attend to your call. You will find that our associates are very professional and will not waste your time. We are proud to say that we do our utmost to listen to your every request and take the time to guide you through the process. Our associates are also assisted by state of the art technology which alerts them specific properties come available on our database that match your search criteria.
You may find our weekly updated list of properties for First time buyers useful or you may like to receive property update emails of properties that come through our database that match your criteria. If you have a chance, we also have some interesting articles that describe the actual experience of first time buyers in Malta on our blog.
MARSA - New on the market 7 roomed ground floor MAISONETTE situated very close to a major Shopping Complex. Two different possibilities can change this place into either a one bedroom residential property or an office/clinic due its layout. Unconverted. Freehold! Negotiable! ...read more
An excellent opportunity for investors and first time buyers! A selection of 1/2/3 bedroom maisonettes and apartments offered on plan and to be finished to high standards (with the exception of internal doors) by around March 2018. Optional lock up garages stating from €15,000 ...read more
VICTORIA - This small TERRACED HOUSE is ideal as a small holiday home or pied-a-terre thanks to its price and views. Property offers entrance into a lounge and kitchen. This first floor has 2 bedroom while a spiral stairs leads to two additional rooms (ideal as living area) plus a fantastic terrace ...read more
FGURA - Bright and spacious APARTMENT, forming part of a small block of three units. Layout of this property consists of an open plan kitchen/living/dining upon entrance, bathroom and three bedrooms. Further complimenting this property is a balcony and a back terrace. Property is being sold semi-fi ...read more
ZEJTUN - An attractive and highly finished ground floor APARTMENT situated in the tranquility residential area in the heart of this excellent location. Accommodation comprises of a sitting/dining room, kitchen, three bedroom main with en-suite, bathroom, terrace and a one-car optional garage. ...read more
1ST FLOOR APARTMENT located in a good area, to be sold in shell form. Layout comprises an open plan kitchen/living/dining room, 3 good sized bedrooms, and main with en-suite, bathroom, front and back balconies. ...read more
FGURA - Luxuriously finished two double bedroom PENTHOUSE. Property consists also of medium sized welcomng hall. Large open-plan leading to asunny front terrace boasting of distant sea views and the three cities. Guest bathroom and large back terrace. Property is now being offered in finished st ...read more
QALA - Situated close to all conveniences is this charming unconverted Farmhouse retaining original features and enjoying country views. Property consists of three rooms downstairs a central courtyard a very large garden with space for pool and deck plus space for a surrounding garden. External stai ...read more
SANNAT - Located close to amenities is this larger than normal brand new ground floor apartment enjoying a welcoming and spacious open plan kitchen/living/dining area, central courtyard, three double bedrooms, en-suit shower, family bathroom, laundry and back yard. Offered in shell form with common ...read more
Spacious three bedroom Apartment located on a quiet street and close to all necessities. Property is in an advanced shell form but includes plastering and external apertures. Large open plan, kitchen / living / dining, 3 bedrooms (main with en suite), bathroom, front balcony and rear terrace. ...read more
€100,001 - €150,000
LUQA - Larger than usual two double bedroom one ensuite semi-basement MAISONETTE. Property consists also of a spacious kitchen/dining area, seperate living, guest bathroom, laundry room and large back yard. Property is being offered in shell form - 90.5sqr meters, garage optional at €14,800. ...read more
ZEJTUN - A great opportunity to acquire this larger than usual APARTMENT forming part of a new block located close to all amenities. Accommodation is in the form of a large open-plan kitchen/living/dining, three bedrooms, two bathrooms, front balcony and a back terrace. ...read more
ZABBAR- Ready to move into 2/3 bedroom TOWNHOUSE situated on the outskirts of this village enjoying a cosy and comfortable accommodation in the form of living area, separate kitchen/ dining (fitted), guest toilet, 2 double bedrooms (possibility of 3rd) main bathroom, terrace and own full roof. ...read more
QAWRA - New on the market is this apartment measuring 138sqm forming part of a new development and is to be finished to high standards and specifications including double glazing, ceramic tiles, galvanised railings, bathrooms, doors and more. Layout consists of an open-plan kitchen/living/dining roo ...read more
ZURRIEQ - On the market is this good sized shell form third floor penthouse flooded with natural light forming part of a new elegant block centrally located in this sought after village and close to all amenities. Property comprises of a spacious and comfortable open plan living/kitchen/dining compl ...read more
€150,001 - €250,000
QORMI - Set right in the heart of this quaint village is this semi-converted house of character having a number of distinctive features. Entrance from a wide arched door into a spacious sitting room which leads to a large kitchen/living/dining and a small pantry at the back. Stairs leads to the firs ...read more
HAMRUN - Two maisonettes connected consisting of a Class 4 shop on the lower floor and a two bedroom Maisonette on the first floor, including the airspace. ...read more
SANNAT - No money has been spared on this elegantly finished elevated ground floor maisonette, being offered full furnished and ready to move into. Accommodation offers an open plan kitchen/dining/living area with a fully equipped kitchen with quartz wall and top, two double bedrooms, common bathroo ...read more
QORMI - Very large and spacious PENTHOUSE full of natural light, enjoying wide terraces on both sides and consisting of a kitchen, dining and living open space, two bedrooms (main with ensuite), a study room, guest bathroom and a washroom that may be turned into a third bedroom with its own faciliti ...read more
GHARB- A massive duplex PENTHOUSE enjoying 5 double bedrooms and own airspace. Ideal for a large family or those who love open space. 2 lock-up garages compliment this large property. Sold shell with common parts and lift included in the price. LARGE AND SPACIOUS. ...read more
€250,001 - €350,000
BALZAN: New on the market. Ground floor Maisonette measuring 214 Sq.m with a large facade located in a quiet area. The property is complete with a large front garden, spacious rooms throughout and large private back garden. Two double bedrooms (main with en-suite) and a single bedroom, spacious lo ...read more
IBRAG - A very well located Maisonette in a very nice part of this town. The property, which is South facing and enjoys plenty of sunshine, is very modern and is ideal for 1st time or 2nd time buyers. It has two bedrooms, bathroom en-suite, box room, back yard and a spacious kitchen/living area. Pr ...read more
GZIRA - In this Modern Development one finds this spacious three bedroom Apartment being sold highly finished and furnished including kitchen with appliances. It consists of a good size Kitchen/Living/Dining area, main bedroom with en-suite, a good sized second and third bedroom, main bathroom and l ...read more
QORMI- Double fronted TOWNHOUSE situated in a sought after area of this town. Accommodation comprises of a wide entrance hall, formal sitting room, large dining room, kitchen/breakfast, pantry, box room, spare toilet, study, back yard and cellar. On first floor one finds three rooms that can be conv ...read more
Qormi. Very well kept finished full of light terraced house situated in a very good quite residential area on the outskirts of this village. The layout of this property is in the form of entrance hall leading to a living/kitchen room, followed by the guest shower toilet, family room, a good sized d ...read more
€350,001 - Upwards
MARSASCALA - A luxuriously finished and furnished APARTMENT being part of a new and elegant block served with lift. Accommodation comprises of a bright and spacious open-plan, kitchen/dining/living leading to a front balcony enjoying magnificent and amazing unobstructed sea-views. A short corrido ...read more
QORMI - New to the market, highly finished Three Bedroom TERRACED HOUSE . Accommodation comprises of an entrance hall leading to a sitting room, open plan kitchen, fitted with appliances and parquet flooring/living/dining, two bathrooms, one embellished with a jacuzzi, two balconies, washroom and ro ...read more
ST. JULIAN'S - Luxuriously finished and furnished, Modern APARTMENT comprising of a kitchen/living/dining, two double bedrooms, main with a shower en-suite and a guest bathroom. Property is fully air-conditioned and is complete with all modern day gadgets, parquet flooring throughout, designer light ...read more
GZIRA - A two bedroom apartment situated in an block of 10 with magnificent views of Valletta and Manuel island from the front Balcony. The property layout consists of welcoming entrance hall , open plan kitchen/living/ dining overlooking the front balcony, 2 double bedrooms,main with en-suite, fami ...read more
BIRZEBBUGA-Opportunity to acquire on unconverted Townhouses and natural light and enjoying a massive, beautifully landscaped garden. The total foot print of the house and its garden is about 650square meters approximately. Making it one of the last remaining outstanding houses in Birzebbuga .The gro ...read more