3 Tips for First Time Home Buyers

3 Tips for First Time Home Buyers

What you need to know when buying a property in Malta

Taking that first step onto the property ladder is both an exciting and scary time. For the majority of people, it is the result of sacrifice and working hard to get a deposit in place so that they can have their own place in the sun. 

Likely to be the first significantly large investment you make, it’s definitely worth putting some thought into how you go about it. There are so many things to take into consideration from documentation, through to legal rights and responsibilities, and not to mention understanding the step by step processes you need to follow before you can roll out the welcome mat, and put the paintings up in the living room. 

We’ve narrowed it down to the three main things we think you should know before stepping into the market place and putting an offer down on your dream property for sale in Malta. 


Money matters when buying property in Malta

Counting costs makes cents 

In preparing to buy your first property, you have likely put together a deposit which in turn will guide the size of the home that you can afford. A common mistake made by most first time buyers though is not understanding the often hidden or unforeseen costs outside of just the deposit sum. 

Getting an upfront idea of the costs for things like insurances, agency or lawyer fees, taxes and utility expenses and even planned construction works, will put you in a better position to understand your budgetary constraints. 

Knowing your financial position as well as the financing options available to you will help restrict you from stretching yourself money wise, and avoid being placed in a precarious position down the line when you struggle to keep up with payments. 


Meeting with a bank first to discuss your loan is a good first step to buying a home in Malta.

All good plans start with a first step

You may have started looking online at properties for sale in Malta, and perhaps even done a few lazy weekend drive-by’s in areas you are interested to buy in. Before you actually put any form of offer in, it's advised that you first consult with your bank or lender, and get a proof of loan offering against your intended purchasing price. 

Not only does this give you a framework to guide you cost wise, but it also shows potential sellers that you are serious and in a position to move forward with the sale. Having pre-approval of a loan will help you stick out above other potential buyers, which is particularly helpful in an active property market such as exists in Malta, where it is not uncommon for multiple offers to be made on the same property. 

This should also be the time where you investigate any grants or schemes that you qualify for which can help reduce initial upfront costs so you can leverage you personal finances better. 


Don't suffer in silence

As a first time buyer, it's highly unlikely you will have the in-depth understanding of property investment as opposed to someone who has developed their portfolio over years. 

Getting advice from others who have seen it all before you is not only a great way to subdue any anxiety or hesitation as you look to buy property in Malta, but also arm you with knowledge of the do’s and don'ts. Speak to friends and family. Look online and understand property prices in the area you want to buy, and reach out to people who already own property in the vicinity. 

Get advice from the people who have come before you so you don't have to go it alone. As one of the biggest real estate agencies across the Maltese Islands, Zanzi homes not only comes with the largest database of properties to help you find your perfect home. Their incredibly experienced and dedicated team of agents have the knowledge and training to help guide you from the moment you decide to buy, all the way through until you open your new front door for the first time. 

David Brookes
Written By

David Brookes