Guide for First Time Buyers in Malta

Thinking of buying your first home? For many, buying a property is the greatest investment of a lifetime – so it’s not something to be taken lightly, or done quickly. With careful planning and time, as well as help from the experts throughout the process, you will be well on your way to becoming a fully-fledged homeowner. With so much to consider, it’s not surprising that the very idea of being a first home buyer could make you nervous. Here’s a checklist of tips to guide you as you take steps towards buying your first home.

Confirm Your Budget

Malta and Gozo are full of properties of all shapes and sizes, in varying locations and suiting every budget — so it’s crucial to establish what you can afford even before you search for your ideal first home. Your first step is to check your finances, and gauge if you will need to take out a loan. If you do, you’ll need to set up a meeting with your bank to discuss the limit of the amount you may borrow, which is usually set based on your salary or a combined income if you are buying jointly with a partner or spouse. Factor in any other expenses you may already have such as the architect’s visits and contingencies for refurbishment, whilst keeping in mind the utilities and general maintenance that would be required before moving in. Once you have your figure, don’t forget to also take any other costs into account, such as furnishings or notary fees and stamp duty which may affect the amount you can reasonably afford to spend on the property. Read this page for more specifics on home loans in Malta.

Property Needs, Wish List and Searching

What we want and what we need in a property can often differ. Even though you might long for five bedrooms and a sea view, you may actually need only three bedrooms in a home where a convenient location for your commute is more important than the vista.

By writing down both your list of wishes and your list of needs for your new home, you will be better equipped to communicate exactly what you are looking for to your agent, including your absolute deal­breaker points as well as any bonus items.

Location, location, location

Once you’ve narrowed down your list of potential properties, now is the time to consider the location of each one in more detail.

Based on your present circumstances and future plans, how well-connected is each house to family, friends, schools, work and so on? Is its location quiet or busy, or does it offer sufficient parking or other local amenities? Each of these considerations could make all the difference between your dream home today, and what will be your dream home in the years to come.

According to a recent survey, it takes an average of 11 property visits to find the perfect home. If you have seen more than that maybe you need to re-clarify what you are actually after and refine your criteria. Make sure you are on the right track.

Make an offer

Now that you’ve hopefully found your first home, you need to make it yours. As well as the price that is being proposed by the seller of the property, it’s a good idea to check out the prices of other similar properties in the area with the help of your agent.ontract 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!

Being mindful of your budget as set in point #1, then you may be in a position to make a reasonable offer on the property, and to negotiate. Once you and the seller have agreed on the purchase price, a date is then set to sign a ‘Promise of Sale’ or Konvenju, which is a contract between the buyer and seller that sets out the terms you have agreed in writing.

This Promise of Sale agreement will also include a specific date on which you will meet again to sign the final contract, following a period of time in which the particulars of the property will have been double­checked by the relevant experts.

Sign on the dotted line

After all the planning, lists, searching and checking, at last you can sign the final deed on your new property, and officially become a homeowner.

At that point, you will also need to settle any outstanding balances such as notary fees, stamp duty and your deposit, and your property agent will be able to guide you to make sure you’ve completed everything that you need to do.

Once the contract is registered with the Public Registry, the keys are yours, and it’s over to you to set about making this house into your dream first home!

Speak to a member of the RE/MAX team today to start your journey towards buying your first home in Malta or Gozo.

Related Links

First-Time Buyer Trends in Malta

Finding the Right Agent

€50,000 - €100,000

€100,001 - €150,000

PAOLA On the market is a semi-basement level lock-up garage measuring 80ft x 10ft forming part of a new building. Freehold. PAOLA On the market is a semi-basement level lock-up garage measuring 80ft x 10ft forming part of a new building. Freehold. PAOLA On the market is a semi-basement level ...read more

€ 106,300

Tarxien - NEW ON THE MARKET - An upcoming project, ideal for first-time buyers and as a rental investment; situated in one of the best roads in Tarxien. The development comprises of 1/2/3 bedroomed Maisonettes and Apartments. All units will be finished to a very High Standard by March 2021. We sug ...read more

€ 145,000

€150,001 - €250,000

BUGIBBA - Still on plan and to be completely finished including bathrooms and internal doors by end December 2020, is this second floor apartment, consists of a combined kitchen/dining/living, main bathroom, two bedrooms, front and back balconies. Ideal for first time buyers or rental investment. ...read more

€ 170,000

New on the Market - A selection of 2/3 Bedroom Apartments and Penthouses, centrally located within walking distance to all amenities. Units enjoy front and back balconies whilst penthouses have spacious terraces ideal for entertaining. Interconnecting garages are also available at basement level. ...read more

€ 175,500

New on the Market - A selection of 2/3 Bedroom Apartments and Penthouses, centrally located within walking distance to all amenities. Units enjoy front and back balconies whilst penthouses have spacious terraces ideal for entertaining. Interconnecting garages are also available at basement level. ...read more

€ 181,000

TA" XBIEX - Fantastic new DEVELOPMENT launch in a superbly positioned area bordering with Gzira and Msida. All units will be sold highly finished including bathrooms and internal doors. Permits have already been issued and construction is underway. Typical property accommodation comprises of an open ...read more

€ 185,000

New on the Market - A selection of 2/3 Bedroom Apartments and Penthouses, centrally located within walking distance to all amenities. Units enjoy front and back balconies whilst penthouses have spacious terraces ideal for entertaining. Interconnecting garages are also available at basement level. ...read more

€ 207,500

TARXIEN - Larger than usual, fully furnished three bedroom APARTMENT in a quiet residential area. having a large sitting living room a fitted kitchen,a laundry and box room.This is a ready to move into apartment. Ideal for a large family or a rental investment. Contact agent for more information an ...read more

€ 213,000

BUGIBBA - Still on plan and to be completely finished including bathrooms and internal doors by end December 2020, is this duplex apartment, consists of at lower level one finds the bedroom quarters which consists of two bedrooms, spare toilet and a back terrace. At upper level there"s a combined ...read more

€ 220,000

Ibragg - Perfect rental investment currently under construction and should be finished by mid 2021. is this one bedroom bright and spacious apartment, having an open plan kitchen/living/dining with a balcony. Property is being sold highly finished including bathrooms and internal doors. Car spaces a ...read more

€ 240,000

Mosta - Two bedroom maisonette found in Mosta, few minutes away rom Mosta Dome. On entrance one is welcomed by a sitting area, followed by a kitchen and dining area which, leading you to the bedrooms (one double and one single bedroom), bathroom and backyard. To be sold finished excluding bathrooms ...read more

€ 240,000

Qala - Fantastic new development currently under construction, situated in a very desirable area of this village boasting guaranteed valley/sea views across the channel. This maisonette offers a very large kitchen/living area overlooking a spacious yard which is ideal for entertaining, three bedroo ...read more

€ 244,000

QORMI - New development consisting of spacious: maisonette, apartments and penthouses. Layout consists of combined kitchen/living/dining room with views over ODZ areas, 3 bedrooms (main with en-suite), box room, bathroom, front terrace and back balcony. A must see. ...read more

€ 244,000

€250,001 - €350,000

ZABBAR - Highly finished and ready to move into penthouse, forming part of a new block of eight units, situated in a quiet area at the outskirts of this town close to amenities. Layout comprises of a good sized living/kitchen/dining area complimented with a front terrace, two double bedrooms (main w ...read more

€ 266,000

ZABBAR - A highly finished and well kept APARTMENT being part of a smart and elegant block ideally situated in a quiet residential area yet close to all amenities. Accommodation comprises in a very spacious open plan overlooking a front balcony, 3 bedrooms, main with en suite, main bathroom and back ...read more

€ 266,000

MELLIEHA - Penthouse with its own airspace forming part of a small block located in a cul-de-sac. The property enjoys the luxury of a 20m² Communal Pool including Decking Area and showers. This Penthouse enjoys an open plan overlooking a large back terrace. Two bedrooms, main with ensuite and a gues ...read more

€ 267,000

Lovely corner penthouse in a new block served with lift, having a layout of approximately 74sqm consisting of an open plan kitchen/living/dining, a guest toilet, a study, a main bedroom with a walk-in and an en-suite, a small balcony at the back as well as a very large corner balcony making the tota ...read more

€ 340,000

€350,001 - Upwards

MARSASCALA - Premises with class 4 permits based in a HIGH POPULATED residential area. Property is well presented, can easily be used as both storage and class 4 shop due to its size. Approximate measurments are 260sqm, excluding the outdoor space. Property is in good location for parking. Worth v ...read more

€ 385,000

Santa Venera - Commercial premises situated on the main road in a prime area. Ideal for a restaurant or catering establishment/wine bar. Pending application for change of use to commercial. Plans available. Kindly contact agent for additional information and details. ...read more

€ 399,000

PAOLA - Well kept TOWNHOUSE situated in a quiet street yet very near to all amenities. Property consists of a welcoming hall, passing onto a dining room, kitchen, spare toilet and a backyard. On first floor one finds three double bedrooms with the main with en-suite having a walk-in wardrobe and a f ...read more

€ 426,000

RABAT - A duplex penthouse having an internal area of 165 sqm and an external area of circa 55 sqm. This penthouse is finished to high standards and extremely well planned. The penthouse enjoys two entrances, one on each floor, with the lower level having three double bedrooms (main with en-sui ...read more

€ 435,000

SWIEQI - Set on a high ground in this much sought after area, close to all amenities. This block of 10 apartments will be finished to high specifications. Accommodation consists of a squarish layout open plan, three bedrooms and two bathrooms. Also included a 1-car space garage. ...read more

€ 490,000