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.
€ 50,000 to € 100,000
XAGHRA - A selection of 2/3 bedrooms APARTMENTS forming part of a new development which is presently under construction. Units to be sold in shell form inclusive of common parts. Typical layout offers entrance to a good sized kitchen/dining/living area, leading to 2 or 3 bedrooms and main bathroom. ...read more
SANNAT - Forming part of a newly built block is this first floor APARTMENT, ideal for first time buyers or as a spacious holiday residence. Layout offers entrance into a living area, combined with kitchen/dining room leading to three bedrooms (en-suite) and main bathroom. Sold shell with common part ...read more
XEWKIJA - A spacious and naturally bright APARTMENT, forming part of a corner block and being sold in shell form. Layout is in form of an entrance to a kitchen/dining/living area combined, 3 double bedrooms, main with en-suite facility, bathroom, and a balcony. Serviced with a lift. Last TWO REMAINI ...read more
QALA - This MAISONETTE is being sold furnished and enjoys a good standard finish. Layout comprises of a combined modern fitted kitchen/living area, shower room and two bedrooms. Close to village square. ...read more
QALA - Situated in an idyllic alley is this unconverted farmhouse enjoying peace and tranquility and yet a short walk to the square. At present the house consists of 3 large rooms and 3 small ones, a sunny courtyard. Plot measuring 30Sq. Mtrs which is situated across from the property is also avail ...read more
PAOLA - New on the market is this two Penthouse situated in a quiet street near all amenities enjoying an open plan kitchen/living/dining room, a bathroom and both front and back balconies. Optional interconnecting garages available underneath the block. ...read more
This brand new one bedroom apartment being sold at an extremely competitive price. Property comprises of one double bedroom, main bathroom and an open plan kitchen/living/dining. Property also enjoys many amenities within walking distance but yet is situated in a quite road. Priced to sell fast!! ...read more
BIRKIRKARA- One bedroom apartment to be sold on plan in shell form. Excellent for first time buyers or as a rental investment. Freehold. ...read more
New on the market to be sold on plan is this new project a stone's throw away from Marsalforn bay. Layout includes open plan kitchen/living dining area,2 bedrooms, 2 bathrooms. To be sold in shell form with common parts and lift included. Completion date in shell form December 2019, Common parts May ...read more
HAMRUN- On plan, one bedroom studio apartment. To be sold in shell form. Optional garages available. Freehold. ...read more
€100,001 - €150,000
TARXIEN - APARTMENT; Brand new on the market, this 3 bedroom apartment is situated in an excellent area. Property comprises of a large open plan Kitchen/Living/Dining Area, main bathroom, 3 double bedrooms, main being served with ensuite bathroom. Property is served with a lift and is sold in shel ...read more
HAMRUN - Apartments situated in a new block being offered finished including bathrooms and doors. Accommodation in the form of a kitchen/living/dining room, 1 bedroom (but can be converted to two bedrooms) and bathroom. Property is freehold. ...read more
Qormi - Larger than usual Apartment forming part of a new block in a favourable area of this prestigious village. Layout comprises of a good sized open plan living/kitchen/dining room, guest bathroom, back balcony, two double bedrooms (main with en-suite) a large front balcony. Common area is fini ...read more
Situated within walking distance to all amenities is this 2 bedroom apartment built in the 70's but renovated 2 years ago and currently tenanted. Layout consists of a kitchen, separate living dining overlooking a large 40sqm back yard, 2 bedrooms, one double/ one single, shower room and a boxroom. P ...read more
Floriana - Two separate Maisonettes being sold together, potential to connect them to form one unit. Maisonette 1 consist of two large rooms which have been converted but left empty. Maisonette 2 consists of a compact kitchen/ living/ dining and a guest bathroom. Plus a large bedroom found at mezzan ...read more
€150,001 - €250,000
GHASRI - a 60 Feet wide fronted unconverted Farmhouse brimming in features, vaulted rooms and a central courtyard. Entrance onto a central courtyard, leading to a large vaulted room ideal as living area, another similar room is ideal as a kitchen/dinning, a garage, and 2 other small rooms. Upstair ...read more
St.Venera - New on the market is this elevated first floor maisonette. Property comprises a welcoming living room, separate kitchen, bathroom and two large bedrooms, study /washroom leading onto a back terrace and a front balcony. This property enjoys a 53sqm ownership of half of roof which one coul ...read more
ST. PAUL'S BAY - Finished to high specifications and fully furnished. Corner away from Portobello promenade is this second floor apartment. Offering an entrance hall leading to an open-plan kitchen/living/dining room. A main bathroom. Two bedrooms main with an en-suite. Front terrace and a back balc ...read more
MARSASCALA - A Duplex furnished Maisonette in a quiet area of Mscala yet close to all amenities with own roof and ready to move into. This lovely property comprises of an open-plan kitchen/dining, sitting room with front balconies and back terraces, two guest bathrooms, two bedroom and another room ...read more
MELLIEHA - New on the market, larger than usual Apartment forming part of a prestigious new development located in a quiet area enjoying great views of this lovely village of Mellieha, of Gozo and sea views.
Layout of the property comprises of a welcoming open plan kitchen/living/dining, three d ...read more
€250,001 - €350,000
ST. PAUL'S BAY - Finished to high specifications and corner away from Portobello promenade is this corner fifth floor apartment. Offering an entrance hall leading to an open-plan kitchen/living/dining room. A main bathroom. Two bedrooms main with an en-suite. Front terrace and two side balconies. Op ...read more
PIETA - New on the market is this brand new 3 bedroom duplex apartment, having a 30sqm open plan kitchen/ living / dining, and guest bathroom on the first floor. On the second floor one finds and 2 double bedrooms and another bathroom. The property is built in shell form however it will be sold fini ...read more
Very good size apartment situated in a block of only 6 unit. Accommodation consists of a kitchen/living/dining room, two bedrooms, bathroom, spare toilet, box room, front terrace enjoying sea views and a 3-car garage included in the price and use of roof. Property is situated in a good location, ver ...read more
QAWRA - New Block of 3 Bedroom APARTMENTS over 150m² with back yard on the outskirts of Qawra with country views! Selection of 3 bedrooms Apartments consisting of Open plan kitchen/living/dining room, 3 bedrooms (2 double), main with ensuite, main bathroom, back yard & large front terrace opposite ...read more
ZEBBUG- A fully finished and furnished Maisonette with roof terrace. Two car garage included. ...read more
€350,001 - Upwards
DINGLI; ON PLAN - Living is easy in this impressive, generously spacious Penthouse. The open floor plan encompasses three spacious bedrooms with plenty of room for study, sleep and storage together with one main bathroom and one en-suite. The kitchen/living/dining area is spacious and opens up to a ...read more
Situated in a smart block in a sought after area. Selection of 2/3 bedroom highly finished units. Layout comprises an open plan kitchen/living/dining, main bedroom with en-suite and main bathroom. Units enjoy outdoor space. Optional garages. ...read more
Luxuriously finished and furnished, one bedroom APARTMENT, situated at the 4th floor level in FORT CAMBRIDGE. Accommodation comprises of an entrance hallway, open plan kitchen, dining and living area which leads onto a large corner terrace, master bedroom with side balcony, main bathroom, laundry ro ...read more
Townhouse located in a quiet area, close to the old capital city of Mdina with plenty of parking available having old features through out. Property consists of an entrance hall, sitting room, dining, kitchen, guest toilet leading to a spacious backyard, large cellar underneath the house. On top flo ...read more
SLIEMA - On plan.Located just off the Sliema promenade close to Surfside is this on plan fully finished, three bedroom duplex Penthouse with large terrace and Pool. Completion Date 2018. ...read more