Our step-by-step guide for first time buyers in Malta
Buying your first property in Malta? Ah, such an exciting time in your life, but at the same time, equally intimidating. The process of moving into your property in Malta is such an overwhelming journey, however finding the right place to call ‘home’, is not exactly a ride in the park. It is safe to say that buying your first property is likely to be one of the biggest investments you’ll ever have to make, and one that requires much thought and consideration.
Here at Zanzi Homes, we completely understand how nerve-wracking the property-buying process can be, especially for first time buyers in Malta. That is why our mission is to help you secure the best deal for your very first property. In this blog, we have put together a step-by-step guide for first time buyers in Malta, to ensure your purchase is just as smooth and convenient, as it should be.
Step 1: Establish a budget and contact a bank
When searching for a property for sale in Malta, you’ve got to establish a real estate budget to be able to understand what you can and cannot afford. Being your very first home purchase, you definitely want to make sure that your final decision is the right one.
Therefore, during your property hunt; you must closely monitor your monthly income, and determine how buying a property for sale in Malta will impact your long-term finances. That said, knowing what’s within your financial reach is a vital piece of information for you as a prospective first time buyer in Malta.
Many first time buyers in Malta usually borrow funds from a bank to purchase their property. This will give you a better indication of your borrowing limit based on your salary and any other expenses you may already have. Keep in mind that this is just an indication, so be sure to view properties within this range.
Step 2: Begin searching for a property for sale in Malta:
So, your budgets all set and you’re good to go. Next step is to begin your property search. With so many available properties for sale in Malta, finding the perfect home can be quite a time-consuming process. Yep, it takes a great deal of research, endless phone calls and countless hours of viewings to find that special first home.
Not to worry. That’s where we enter the equation. At Zanzi Homes, our professional team of real estate agents in Malta will thoroughly assist you during your property search to make sure that you land the best deal possible. No need to stress over anything, all phone calls and appointments will be handled by us!
Step 3: Sign your first Promise of Sale for your property in Malta
Found your ideal home? Great. It’s now time to make an offer! Once you’ve agreed a price with the vendor, set a date to sign the Promise of Sale (aka: “il-Konvenju”).
This is basically a contract between the buyer and seller which outlines all the terms and conditions in writing. Here’s what you can expect to find in your Promise of Sale:
· Details or jobs in relation to the property for sale in Malta.
· Property evaluation by an architect.
· Conditions relating to property permits.
· Financial security for the property for sale in Malta.
· Date for signing of Final Deed.
Further to signing the Promise of Sale, you are required to pay a deposit to the seller (usually 10% of the total fee), and an additional 1% provisional stamp duty to the notary. Once this is done, the notary would need another 6 weeks to carry out searches on the property, verify all legal titles and make sure that there are no loans taken against the said property for sale in Malta. Hefty process, right? It’s all in good fate though – and Zanzi Homes specialists will help you along the way!
Step 4 : Signing the contract for your property in Malta
Last but not least, onto step number 4. It’s at this point that you realise it’s actually happening. That’s right, you’ve just got one step closer to the moment you’ve been dreaming about for so long. The contract has been prepared, and just requires one more thing before you finally become an official property owner….. your signature!
Should all the terms and conditions mentioned in the Promise of Sale be complete, both the buyer and seller must meet to sign the Final Deed. It’s at this point that you are required to pay all the remaining balances. Following the contract registration at the Public registry, the keys to the property for sale in Malta are finally handed over to you! Yep, you are now a proud home owner. Congrats!
TL;DR
Step 1: Establish a budget and contact a lender
When searching for a property for sale in Malta, contact your bank for a loan and get a better indication of what you can afford.
Step 2: Begin searching for a property for sale in Malta
Give Zanzi Homes a call. Our real estate agents in Malta will find the ideal first home for you.
Step 3: Sign your first Promise of Sale for your property in Malta
Determine a price for the property for sale in Malta and sign the Promise for Sale.
Step 4: Signing the contract for your property in Malta
The final step is for both parties to sign the contract. You are now a first time buyer in Malta!
For many first time buyers in Malta, finding the right deal is an uncharted territory; therefore, it’s incredibly important that you are represented by a professional real estate agent with a great track record. Here at Zanzi Homes, we will guide you through the property search process from start to finish, helping you land the perfect deal for your first property in Malta.