Is Buying a Home the Right Thing for You?
Purchasing your home is very exciting. You've been thinking about it for months, maybe even years. You're finally ready to stop renting and have a property of your own. There's a lot to think about when purchasing a property. Sometimes, we can get too distracted in the excitement of it all. Purchasing a property is a huge commitment in many different aspects. Careful consideration is to be taken. You're likely to own this property for many years so you must make an informed decision. After all, you don't want to be stuck living in a house you don't really like because you made a rushed decision. There's no need to worry! With plenty of research, you'll own the house of your dreams. That means you can do anything you desire and decorate it to your heart's content. You'll soon own your perfect home on the sunny island of Malta. Here are some tips to help get you started!
It is a big financial commitment
Buying a property is going to be a huge financial commitment you'll have for most of your life. You'll not be able to escape paying your monthly mortgage. You need to think about the long-term. Are you settled in your life right now? Do you have a stable job? There are many questions you need to ask yourself. Be sure to also take into consideration additional costs, such as insurance and home improvements. Purchasing a home will take up most of your salary.
You have to do all your own repairs
Renting can be a bit of a pain sometimes. However, you're only one phone call away from calling your landlord to fix any repairs and you don’t have to shoulder these costs as it's not your property. This is a completely different story when it comes to owning your property. You have to fork out on all the maintenance and repairs. Sometimes, these can be very unexpected. It's best to have some savings on the side in case anything happens.
Decide on your budget
Most of us probably can't afford our dream home mansion. But, that's alright because there are plenty of remarkable properties on the market. Think carefully about your budget. You need to take into consideration what you can afford now and whether this is sustainable for the future. There are some important questions you have to ask yourself here. Would you rather have a large property but live in rural surroundings? Or, would you prefer to live in the hustle and bustle of the island but settle for a smaller property? The most important consideration is that you can afford the property.
Think carefully where you want to live
You're going to be living in your new home for quite a substantial amount of years. You need to love the area you decide to live in. Malta has many towns and villages, each with its unique flare. Make a list of pros and cons for each area you are considering. Some places are livelier than others. If you love going out to bars every week and enjoy the busy atmosphere, then the Sliema area will be right for you. If you need complete peace and quiet, then consider moving further out to the South. If you want a mix, then places like Attard and Rabat will be perfect for you. Perhaps you prefer to live closer to work. And if you’re a parent you might also consider living close to your kids’ schools. Spend a couple of days in your preferred area to get a feel of the place.
Plan ahead
Unlike renting, you can't move into a new property the next day. It takes months to get all your paperwork together. The best thing to do is not rush the process. You will find your perfect property eventually. Take a step back and ensure you're planning all the little details. Making sure you have all the correct paperwork will save you so much time in the future. There are so many properties available on the market that it's not a race to cross the finish line.
Choose which type of property you're looking for
This is another substantial factor you need to consider. There is a range of different property types available on the island. You may want to live in the more energetic parts of the island but decide you don't want to own an apartment. This is the time to figure out what you want as a home. Properties in Malta also range from modern to ancient houses from the Knights' era. Maybe, it's been your dream to own a house of character? There are many townhouses and villas situated all across Malta and Gozo too. The best thing to do is to visit a couple of houses to get a feel of the type of property you wish to purchase. And for those braver and more daring souls, you might also opt to purchase a property on plan, or purchase land and build your dream home from scratch!
Understand this is a long-term commitment
As already mentioned, you can't just change your mind a couple of days after you've moved into your new property. You have to understand this is a long-term commitment. This is why it's essential to do your research. Take your time to find the perfect home for you and your family. Take into consideration everyone's opinions. If someone has reservations, it's best to put a pin on it. Wait until you find the perfect property that everyone in the family loves.
Arrange a mortgage
A mortgage is not so easy to obtain in Malta. Banks tend to be reserved on their lending policies. You will require both permission from the Central Bank of Malta and an active Maltese bank account before you can even apply for a mortgage. Expats can typically expect a Loan-to-Value (LTV) of 80%. You can calculate this yourself by dividing the mortgage amount with the appraised property value. Although you can only apply for a mortgage after you've found a property, it is always best to start talking to banks beforehand.
Choose a trusted real estate agent
It's very important to choose a reputable real estate agent. Zanzi Homes has quickly become one of the most popular real estate agents on the island. Zanzi Homes has won many awards, including 'One to Watch' by the European Business Awards for two consecutive years in a row. You'll be in good hands with this renowned real estate agent. Zanzi Homes' mission is to understand all your needs to assist you in finding your dream home.
Buying a property will probably be one of the most significant times in your life. It's an achievement you should be very proud of. There's nothing like going home to your own property you have helped to build. At Zanzi Homes, we understand the big commitment that comes with purchasing a property. Get in touch with one of our dedicated sales specialists today. We want to make sure we make the process for you as smooth as possible.