What is the process for buying your new home?

What is the process for buying your new home?

Buying your new home is one of the best investments you could possibly make. It’s stable and its value increases over time and provides you and your family with a secure home for the remainder of your lives. Owning your own home also offers the freedom to express yourself creating a sanctuary that fits in with your needs.

The process for buying your home can be incredibly exciting but also daunting and stressful, it is after all a long-term commitment and a lot has to be considered before you take the plunge. 

If this is your first home, Zanzi Homes has launched its First Time Buyer Guide which can be downloaded from our website. The guide is bursting with hints and tips for anyone who is about to start their journey looking for a new house and eventually turn it into a home.

Here we look at the complete process of buying your new home so that you can plan ahead and make the most informed decisions in everything from budget to best location.  
 






The first step to buying your new home

The first step to buying your new home is to find an agent that suits your needs. At Zanzi Homes our agents are trusted, seasoned professionals who can steer you through the process from start to finish so that all bases are covered and you can enjoy the process of buying your home stress free. We have a vast amount of experience in dealing with everything from notaries to architects and naturally have your best interest at heart. 
 
Understanding your budget when buying your new home
 
Your budget is the most important factor when considering your new home. Usually a deposit of 10% of the total value is expected up front along with 1% stamp duty when buying your new home. Other things to consider are notary fees and architect fees if one is required. Banks are usually happy to offer a loan of 90% of the total property value, however one way to determine how much you’ll be able to borrow is by getting ‘Pre-qualified’ with the bank, this can help avoid disappointment further down the road. With our professional knowledge we can help determine the total needed to secure and buy that dream home. 
 
Property type
 
Something that’s vital to get right when buying your new home is what kind of property best suits your needs. You can opt for shell form which allows you the freedom to choose everything from the tiles to kitchen, or a completed property which means you can move right in. Would a more modern property suit you or, do you prefer something a little more historical? All of these factors are vital to consider when buying your new home. 
 
Location
 
We’ve all heard the term ‘Location, location, location’ and in Malta this term is even more true. Things to consider when buying your new home -
 
Is it noisy?
Does it have good transport links?
Is parking readily available?
Is there a school, dentist or doctor nearby?
 
Naturally all of these factors play an important role in ensuring you can fully enjoy your new home. Another few key factors to consider is how many bedrooms and bathrooms you’d like and how much outside space would make life enjoyable for you when buying your new home. 

Signing the final contract can be a truly exhilarating experience.   

Photo by Romain Dancre on Unsplash
 
So, you’ve found the ideal property, you’re ready to pay the deposit and you’re excited about all the memories you’re going to create in your new home, what next?
 
The first thing you’ll need to do is inform the agent who can begin the process of making an offer and you’ll also require a notary. Should your offer be accepted you’ll need to draw up a Konvenju, otherwise know as a Promise of Sale. This will be completed with your notary and is a legally binding contract between you and the seller. The contract will also contain a date on which you can proceed to sign the final contract for your new home, exciting!










Nothing beats that first family celebration in your new home. 

The Grand finale
Photo by fauxels from Pexels

 
One you’ve completed all of the above you reach the final process of singing the deed of transfer and at that very moment you become the proud owner your new home! You may be required to settle any final fees such as stamp duty or notary fees. Once this is complete your notary will register the contract with the public registry and at that point you get handed the keys to your bran new home! Whilst it may seem a lot to consider, Zanzi Homes can guide you through the entire process from start to finish in a professional timely manner. So what are you waiting for? Get in touch with us now to begin the process of buying your new home. 

Main blog photo by RODNAE Productions from Pexels

David Brookes
Written By

David Brookes