5 Benefits Of Downsizing to a Smaller Home

So, you’re considering making the move to a smaller home. There are a number of reasons why second time purchasers buy property in Malta to downsize. From wanting to take the pressure off the upkeep, to freeing up some money to enjoy the finer things in life. Many second time buyers in Malta opt to leave their family home for an apartment once their children have left home – or even when the endless cleaning gets too much!

Choosing to buy your property for sale in Malta as a second time buyer in order to downsize your home to an apartment that fits just right can be a big decision – but fear not, RE/MAX is here to help! Whether you’re currently living in a villa, townhouse, terraced house, or even an apartment that feels too spacious for your needs, we explore the benefits of downsizing to a smaller property for sale in the local property market as a second time buyer. 

Free up your money

Downsizing can make more of your money available to you for the things you really want to do. Not only will you free up some money from the sale of your larger property, but you’ll also likely benefit from fewer outgoings. With a smaller space, you’ll notice significant savings in your monthly bills, and you’ll probably see a dip in your weekly costs, too – no more spending money on items for barely-used guest rooms, or on services to maintain amenities you can live without!

With the cash that you can shake loose by downsizing, the sky’s the limit. Splash out on travelling now that you have fewer commitments at home, or invest the money for your children’s futures. If you’re thinking of moving to a new area entirely, you could use some of your freed-up funds to immerse yourself in the local lifestyle. A daily café breakfast by the sea? Yes please!

Free up your time

Time is money, as they say. If you’re currently living in a home that’s too big for your needs, it’s likely you’re spending a lot of time on its upkeep. Maybe you’re cleaning bedrooms that are no longer used on a daily basis, or your weekends are taken up cleaning your deck or draining your swimming pool, even though you rarely use your outdoor space? 

By becoming a second time buyer and moving to a smaller property, you have a lot less cleaning and repairing to worry about. Once you only need to worry about maintaining the spaces you use regularly, you can use the time you’ve saved to take in the local area, pursue a hobby, or visit your loved ones. We know it can be difficult saying goodbye to all those rooms – but we promise you, once you’ve moved to your new downsized home in Malta, you won’t miss them!

Fund your downtime

If you’re retired (or retiring in the near future), downsizing in Malta can be lucrative. We know that you’ll want to have the reassurance and comfort of financial security when you’re not working, and moving house can help secure some of those funds so you can enjoy your downtime.

For many people, selling their home to a developer is a good option. A developer will use your land to build apartments, and you can either arrange to live in one of the new apartments, or downsize elsewhere. Either way, the payout from selling your property will help support your new, scaled-back lifestyle, meaning you can retire with confidence.

Second time buyer mobility

For some property owners who are looking to downsize, hence, becoming second time buyers, mobility is an important consideration in their new apartment in Malta. If you, or your partner, struggle with getting about in your current home, an apartment is a great option for you.

With your lounge, kitchen, bedrooms and bathrooms all on the same level, you no longer need to contend with stairs or worry about maintaining your outdoor space in Malta. While a ground-floor apartment could be a beneficial option, most apartments in Malta have a lift, so it’s easy to get to your front door whether you’re uneasy on your feet, or you require wheelchair access.

Enjoy the view from a penthouse

If you’re looking to move to a more convenient type of property in Malta but don’t want to lose that sense of luxury, a penthouse in Malta could be perfect for you. Homes at the top of an apartment block are highly sought-after and hugely popular for a number of reasons.

Outdoor space

Firstly, penthouses offer some outdoor space. If you’re keen to downsize but don’t like the idea of losing access to your own spot in the sun, penthouses are great, as they will have a terrace (often at the front and back of the property). Perfect for growing your own plants, or just unwinding in your spare time!

Natural light

Secondly, a penthouse is great for natural light. With very few other buildings obscuring your view, your whole home will be light, bright and airy. 

Breathtaking views

And on the subject of the view, a third reason for opting for a penthouse in Malta as a second time buyer is the unfettered access you’ll get to breathtaking sights of the island. Whether your home overlooks the vibrant countryside, glistening sea, or historic architecture, you’ll have a great view to look out across. Wine on the terrace, anyone?

Privacy

Finally, a penthouse is fantastic for privacy. By law, rooms on the roof of terraced houses, and homes on the top of apartment buildings, must be setback at least 4.25 metres from the façade of the building (and 1.5 metres from the back of the building).

There are locations for every budget

Considering relocating to a new region when downsizing? We’ve got you covered. The great news about buying property in Malta and downsizing to a second home is that all towns and villages have a range of properties to suit every budget. 

Whether you’re looking for a spot by the coast, a countryside home, or a place in one of Malta’s most popular towns or villages, there are smaller properties in every region that you’re guaranteed to love.

So, let’s take a look at some popular areas for people looking to move to a smaller property for sale in Malta – and what it will mean for your wallet!

The north-east coast

There’s no denying that the north-east coast of Malta is a popular region for both homeowners and tourists. Perhaps unsurprisingly, though, it comes at a price. The coast is highly desirable, and if you’re looking for a sea view in your new apartment, you’ll need to be prepared to pay for the privilege. 

Popular areas include Malta’s go-to shopping hub Sliema, St Julian’s (the home of bars and beaches), Ta’ Xbiex with its beautiful views of Valletta, and San Gwann, a more tranquil area a stone’s throw from the coast. 

While these areas are on the pricey side, they all have fantastic views and shopping opportunities – and are the perfect place to unwind and enjoy the easy-going café culture.

In-land

Sea and sand are a big draw, so moving further in-land is a great option if you’re on a budget. You will find a good value apartment while never being far from the action!

Why not consider…?

• Balzan: One of the ‘Three Villages’, together with Attard and Lija, Balzan has a wealth of historical buildings.
• Mosta: The sea isn’t far away from this busy city, home to the awe-inspiring Rotunda basilica.
• Naxxar: This small town is home to several 16^th and 17^th century buildings and is a café-culture haven.
• Birkirkara: The second-most populous city in central Malta, Birkirkara has many impressive churches and lots of great amenities. 

North

Thinking of searching for a property for sale in Malta as a second time buyer and moving up north? You’ll likely find some good-value properties the further you move away from the capital. 

Why not consider…?

• St Paul’s Bay: The largest town in the northern region, the area has lots of great restaurants and a long stretch of coastline.
• Mellieha: Home to winding hiking trails and the beautiful Il-Majjistral Nature and History Park.
• Mgarr: A beautiful, secluded rural area, surrounded by vineyards and farmland.

South

The south of the island is another good area to discover when deciding to buy a smaller home as a second time buyer. This is because, the south is known to have more budget-friendly apartments.

Why not consider…?

• The Three Cities: South of Valletta, Birgu (also known as Vittoriosa), Senglea and Cospicua are all fortified cities offering spectacular views.
• Kalkara: A coastal village, Kalkara has beautiful views of the capital.
• Marsaxlokk: This traditional fishing village offers a slower pace of life and is steeped in rich history.
• Birżebbuġa: This seaside town is perfect for lovers of sun, sea and sand.

Gozo

Purchasing property for sale in Gozo as a second time buyer is a great option if you’re looking to save money when downsizing.

Why not consider…?

• Qala: In the east of the island, this area is home to beautiful beaches and caves, and is popular with divers and snorkellers.
• San Lawrenz: This village in the south of Gozo offers a tranquil way of life, with views of the majestic Sanat cliffs.

Second time buyers & RE/MAX Malta

Buying property in Malta as a second time buyer and downsize with confidence. Get in touch with us today and our team of experienced estate agents will help you discover the property and region that’s right for you. Read more about the process of buying a home as a second time buyer.