Your First Home
7th October 2017
Tips for Buying Your First Home in Malta
Becoming a homeowner for the first time can be daunting, but if you’re well prepared and know what to expect, things get a whole lot easier!
Maltese property prices have been rising for some time now, but there are still bargains to be had, and with the extension of the exemption on stamp duty for first-time buyers coupled with decreased utility prices, there’s no time like the present if you’re considering jumping on the property ladder. But, while buying a home can be fun, it’s a big investment and can get overwhelming. The trick is knowing what to expect!
CHOOSE A PROPERTY TYPE
If you’re buying a property with your partner, sit down and discuss what kind of home you’re after. Consider your present and future lifestyles, your personal tastes, as well as what you can realistically afford. Ask yourselves, would you like to entertain at home? How do you feel about maintenance? Do you prefer traditional or modern? What is your budget? Which locations do you like best? Malta offers an array of options from apartments and penthouses to maisonettes, townhouses and character homes, so there’s bound to be one that will suit your tastes.
SORT YOUR FINANCES
Before you start house hunting, establish your budget with your bank. Set meetings with a few lenders so you can find out the best value, and don’t forget to ask about any documents, such as payslips, you’ll need to take with you. Besides your monthly loan repayment, don’t forget the other costs you’ll need to factor in, including a 10 per cent deposit on promise of sale, architect and notary fees. As a loan requirement, you’ll also need to take out a life insurance policy, and once your home is done up, it’s also recommended you insure your home and its contents, so as to protect your new investment!
DO IT UP
Once you’ve chosen your home, signed the contract and bagged yourself a shiny new set of keys, it’s time to do it up! Whether it’s an unconverted character home that requires a bit of a work or a fresh new build that needs some finishing touches, choosing the right designers, turnkey professionals and finishing touches will ensure a job well done. When it comes to decorating, you can either be your own project manager or enlist the help of a professional interior designer, turnkey contractor or project manager – which parts of the process they’ll handle will be determined by your needs!