Old vs. New: Buying A New Development Property In Malta Or A House Of Character?
When buying property in Malta a large part of the decision on whether to buy a new development property or to go down the traditional route comes down to personal preference, style and what your idea of your perfect property in Malta and possible forever home looks like.
When you decide to look for a more modern type of development property, the plus side is that you’ll have many options as quite a few new property developments are springing up all over the Maltese Islands. There’s plenty of choice from - from more traditional, and classic structures to brand-new apartments. Having a list of pros and cons will help you make your decision more clearly and have a better understanding of what you and your real estate agent are looking for.
Price Tag
Whether you’re a first time buyer or looking to downsize after the kids flee the nest, buying into new development properties is a great way to get into the property scene and start to understand how to deal with investments in this regard. Unlike with other choices, buying brand new development properties in Malta can be the easier and cheaper option. Especially if you’re a first-time buyer between new development offers on plan and bank loans, there’s no wonder why new developments in Malta are snatched up so quick. If you’re a first time buyer looking for property to buy in Malta, it may be helpful to take into consideration the additional costs that you may incur before settling on a place. This could include things such as the cleaning, general building cleaning maintenance of communal areas and garden maintenance. It’s also good to note to always check the terms and conditions and the fine print when looking at contracts and plans.
Upkeep
One big pro which comes with investing in a new development property in Malta is the fact that maintenance is at a minimum. If you’re looking into furnished development properties most of the decisions will be already made for you and will be ready to go on moving day! If you’re living a busy lifestyle and don’t have the time to shop around and think about the little details, don’t fret! There’s options for all. On the other hand, if you’re more of a hands on person and one to get excited for a DIY project , than maybe buying brand new isn’t for you.
Limitations
As much as we love a good pros list, we also think it’s wise to think of the potential limitations. When buying a new development property in Malta you may be more restricted when it comes to planning permissions compared to the options you may have with older buildings. Planning permissions usually refer to building renovations and additional structures though new development property buyers also face restrictions on interiors too. Many times, especially in Malta, developers will have specific contractors and suppliers they would usually prefer to work with them as they have a relationship with them. This usually means they trust them and their work. That’s a good thing. However, this could also mean that you may be restricted regarding the amount of choice of you have when coming to choosing say your kitchen, bathroom or possibly your tiles. We’d suggest having a chat to the contractor before signing on the dotted line or as your real estate agent to help you with this process.
Main article photo courtesy of Mukuko Studio from UnSplash