Top 5 tips for buying an investment property in Malta
As the Maltese economy continues to thrive, opportunities for employment have also increased; which has brought several professionals from across the globe to live and work in Malta. With that in mind, many people are now seeking to invest in the Maltese property market as a prime means of building their wealth and securing a financial future for their family.
Easier said than done, making money through investing in property in Malta takes time and requires a well-devised strategy to find the right rental investment property that will reap financial benefits.
So, if your next question is: “Where do I begin?”, we’ve written this blog to guide you through the property investment process. Below, we discuss our top five tips for buying an investment property in Malta.
1. Select the right Malta property at the correct price
The key behind every successful real estate investment is to purchase a Malta property which will increase in value (capital gain), further providing you with sustainable capital growth. Finding the right property in Malta which equals its market value can be quite a time-consuming task, since it requires much research, as well as patience.
During your search for an investment Malta property, keep in mind what rental income you are likely to receive, so remember to check comparable rental prices on any property in Malta which you are interested in within that location.
When working with Zanzi Homes, landing an affordable investment property in Malta will not be an issue. Our experienced team of real estate specialists know all about the best deals across the Maltese islands, making your purchase decision a smooth, efficient and cost-effective process.
2. Set a real estate budget and seek financial advice.
Establishing a budget and crunching the figures is critical when buying an investment property in Malta. Planning and organisation are key, and failing to do so can result in some serious consequences. Cash flow or bank loans are indeed needed for an effective investment property strategy, so you better make sure that you’re doing it right.
Being able to afford long-term repayments is another factor that you must take into consideration, mainly because there is no guarantee that tenants will always be living in your property in Malta. Every now and again, when lease contracts expire, your Malta property may become a pretty lonely place until you find new tenants. Therefore, while you are not generating any form of income from your investment property in Malta, you may want to get your finances in order, just to keep things safe.
3. Contact a real estate agency
Whatever your reason for buying a property in Malta, whether it’s your first home or as a rental investment, we can all agree that making a final purchase decision is never an easy ride, and one that requires much thought and contemplation.
When purchasing such a large and expensive asset, it is always a great idea to contact the experts, professionals who dedicate most of their time towards helping their clients find the Malta property that best suits their need, as well as their budget.
That is where we enter into the equation. With over 50 real estate ales specialists and a broad database of properties, you can rely on Zanzi Homes for landing the perfect bargain for your investment property in Malta.
Here at Zanzi Homes, we will guide you through the entire process to make sure that your final decision is correct, and one that will harvest significant profits from your investment property in Malta. We are a one-stop-shop, providing you with turnkey and notarial contacts to finish your property to high standards (if it is unfinished) and legal assistance.
Feel free to contact Zanzi Homes today - an experienced and credible real estate agency for Malta property!
4. Select the right Mortgage for your Malta property
Onto tip number 4. Before deciding on which property in Malta you wish to purchase, we strongly suggest that you identify the financial plan that best suit your current situation and interests. Here at Zanzi Homes, we can provide you with a list of efficient bank contacts and financial advisors, who will provide you with the necessary information on borrowing costs.
As stated before, the process of planning and structuring your strategy is crucial for obtaining a great bargain for your Malta property, and will definitely help you save extra costs, which do add up.
5. Find the right location for your investment property in Malta
Last but not least, at number five - Location. Think strategically, think logically, think long-term profits. No matter how much money you are willing to spend on your investment property in Malta, you’ve got to make sure that it is located in a sound area, which will attract potential tenants. Search for a decent school and commercial district, a growing employment sector and various amenities and hotspots; such as public gardens, shopping malls, supermarkets, restaurants and so on.
It’s no secret, from the initial decision to invest in Malta property to actually purchasing your first rental property in Malta, there’s a ton of work to be done. Being a real estate entrepreneur is a tough business and requires a great deal of responsibility, especially if you’re looking for long-term success.