BUYING MALTA PROPERTIES – BASIC AND ESSENTIAL TIPS FOR FIRST TIME HOME BUYERS
At Sapphire Real Estate Malta we understand that first time buyers can often feel confused by the home buying process. We have therefore prepared a short and simple guide to help these first time buyers through the ins and outs of buying their first Malta property.
Before you start looking for a house, go to a bank and ask how much you can borrow and get pre-qualified for a home loan. This will narrow your search to houses that you can afford.
THE DOWN PAYMENT
At least 10% of the purchase price will be required as a deposit.
THE CLOSING COSTS
Once you decide on a house, and the bank has given you the green light, make sure to get an estimate of the closing costs so that when budgeting, you will know exactly how much money you need. In a nutshell, these upfront costs are the purchase price, the stamp duty and notary fees. When figuring out the price of a property, sometimes it makes more sense to look at the price of the house in terms of monthly payments instead of focusing on the big number. Also remember that homes do not sleep, so if you are trying to buy a hot property you will have to move quickly or you could lose it.
When you are looking for your dream Malta property, you should maintain a wish list to guide you. However, it is also important to understand that no property is perfect. Know the neighbourhood you are looking in. When you first walk into a house, usually your feelings take over, but the second visit will allow you to view it in a different way. It is important to be realistic when it comes to purchasing a house.
When making an offer, many believe that if they open negotiations with a low offer they will get a better price. However, experienced real estate agents know that doing so usually has the opposite effect. Good properties don’t stay on the market for long. Remember, when you choose a property, it’s not just a place to live in, it’s just an investment! So, information, preparation and realism are necessities.
THE KEY TO SUCCESS
When purchasing a home it is important to trust the experts in this field. Sapphire Real Estate Malta offers you for a free consultation to help you through the stages of the buying Malta property with no obligation.
Call us now on 00 356 2099 3065, or send an SMS or Whatsapp on 00 356 7905 0500 for a confidential appointment and genuine advice.
We are here to help you!
For first time buyers grant you can also go on https://finance.gov.mt/linjigwida/Pages/First-Time-Buyers.aspx