Buying a home in Malta: A quick guide
Buying a home in Malta: A quick guide
Buying a home should be something you look forward to, a right of passage that you achieve at some point in your life. Although renting property has become quite popular in Malta, purchasing your own home is one of the many steps locals aim to take. Visiting tourists are enticed to purchase property on the island due to the attractive prices, as well as their value for money. Apart from the monetary benefits; relocating to Malta provides non-natives with a new perspective in becoming homeowners in a home away from home.
If you’re a local looking to get your foot in the property door then your best bet would be to browse leading Real Estate websites such as Zanzi Homes and have a look at what’s on the market with a clear vision of what you’re hunting for. Once you have an idea of what you envisage as your ideal property then you need to ensure that your budget meets the asking market price. You would need to speak to your bank and get a guideline of what your repayment scheme would entail if you’re looking for a bank loan, if you’re comfortable without a bank loan then your next step is clear. Finding the right agent to guide you in this exciting journey will make the process an easy and effective one - house hunting.
Real Estate agents are trained to provide you with the necessary information to make the right choices and head towards the right property. With every new client comes different requirements, be it the type of property, the location or even the budget, and we are committed to showcase a tailor-made experience for all our potential buyers. Whether you’re local or simply a lover of the island willing to relocate, you’re in safe hands.
Finding a home on this magical island starts with location. Would you rather live close to the sea or closer to the centre of the town or city? In most situations, you’d be able to hit two birds with one stone but if you’re absolutely set on waking up to a sea view then this is entirely possible on our islands. Choosing between the suburbs, a rural setting or the pure urban city life is also an easy choice when you are house hunting. With different types of housing spread around the island, you could be living in a typical Maltese townhouse in the backstreets of Sliema or a modern flat in the historical Valletta in no time. The variety of property and the constant surge of new developments popping up across the island, finding the right home may not be as frustrating as you imagined.
The procedures of buying property in Malta are not entirely set in stone but there are a few steps that you will need to follow. It is recommended that all the steps are carried out under the guidance of an experienced agent. In Malta, once a budget is set, a bank loan enquired about (where necessary) and the perfect property selected, you will need to commit to a ‘Promise of Sale’ often referred to as a “Konvenju” by locals in the industry.
This Promise of Sale creates a written agreement where both the seller and the buyer approve the terms and conditions on the official document and also serves as protection for both parties. If a bank loan is required, a clause that might work in your favour would be to make your contract subject to bank loan. This clause safeguards the buyer should the bank loan fall through for any given reason and enables the buyer to find a new property without any fees or charges applied to the unsuccessful contract. Another wise step in the Promise of Sale process is to make your contract subject to MEPA Permits, Malta’s Planning Authority. Very often, new home buyers who purchase older property such as Houses of Character or Townhouses, are inclined to apply changes to their property, be it structural amendments to the existing plans or aesthetical changes on the façade of the immovable property. These changes require a permit and cannot be implemented without the authority’s go-ahead. Giving your new home that personal touch is expected, following your aesthetic style in finishing and furnishing your newly purchased home is probably one of the most exciting parts of the journey. Be sure to estimate the costs for any remodelling that may be intended in your house’s future.
Local government has devised a scheme that lends a helping hand to First Time Buyers. The scheme recognises the budget limitations that might arise for newcomers into the property market. Subsidies and tax reductions are available to those who classify for the benefits, with banks, notaries and real estate agencies all on the wagon; ready to help.
Buying property as a second home in Malta is entirely possible and plausible. There are certain regulations that apply to EU and Non-EU Residents - all this information can be requested from your agent. If you’re thinking of buying your Maltese home as a primary residence, a minimum of five years residence on the island is required. There are factors that may encourage EU Citizens to purchase property on the island, rental opportunities are ever increasing and should be looked into.
Purchasing property does not necessarily mean you are looking to live in the newly purchased home. The benefits of renting out your property on the island are incredible. With so many non-natives looking to relocate to Malta, the demand for living spaces is on the rise. Whether you’re sporting a one-bedroom flat or a three-bedroom villa, the vast array of people looking to rent all have different requirements for their Mediterranean home. Remember to check the market price and consult an agent before putting your property on the rental market. Agents’ experience and expertise can help you get the most out of your newly acquired space.
So, if you’re set on entering the world of property - one of the best investments you could ever make, then get in contact with one of our agents and we can guarantee that your dream house will be yours in the near future. Malta is a diverse and versatile country with so much to offer giving you a great selection and a sound investment. Feel free to get in touch with us to discuss your requirements on +356 20108777 or [email protected] .