Buying a Property in Malta or Gozo
Owning a property is a big decision, so it's important to be prepared. This guide will explain the steps involved in buying a house in Malta for the first time. Feeling overwhelmed is normal, but with these tips and professional help, you'll be well on your way to becoming a homeowner.",
Know Your Budget
Considering buying your first home? Before you start dreaming of your perfect Maltese home, it's important to figure out your budget.
- - Start by checking your finances. Do you need a mortgage? If so, talk to your bank to see how much you can borrow based on your income (or combined income if buying with someone else).
- - Don't forget about additional costs. Factor in potential expenses like architect fees, renovations, utilities, and general maintenance before you move in. You can find more information about these first-time buyer expenses specific to Malta.
- - The final purchase price isn't everything. Consider additional costs like furniture, notary fees, and stamp duty to get a realistic picture of what you can afford to spend on the property itself.
Location of Property
Now that you have some potential properties in mind, it's time to think about location in more depth. Consider your current lifestyle and future plans. How close is each house to the important things in your life, like family, friends, work, and schools? Is the area quiet or bustling? Does it have enough parking and access to the amenities you need? Remember, what seems perfect now might not fit your future needs. Choose a location that will continue to be your dream home for years to come.
Secure the Property
With your budget in mind (as we discussed earlier), you can make a fair offer and negotiate with the seller. If you reach an agreement on the price, you'll sign a preliminary contract called a 'Promise of Sale' or 'Konvenju.' This formalizes your agreement and outlines the terms. The Konvenju will also set a date for the final contract signing after experts have verified the property details.
Buyer's Rights and Inspections
Buyers have the right to perform detailed inspections and request repairs or financial credits for any identified issues. In 2024, inspection reports are commonly used to assess properties comprehensively. It is crucial to document all inspection findings and secure agreement on any necessary actions before finalizing the sale. Additionally, it is advisable to have documents notarized to ensure their authenticity and legal validity.