Things to Keep in Mind as a First Time Buyer

Buying property for sale as a first-time buyer in Malta is never a walk in the park. But with the right mindset and advice, you can be sure to get yourself onto the property market without over-exerting your resources.

Thanks to this blog, here are five top tips to keep in mind as a first-time buyer and to help you buy property in Malta the right way!

1. Be honest with yourself

‘How much can I borrow?’ and ‘How much house can I afford?’ are two questions that you need to be honest with yourself about. Remember that this is the biggest investment you will ever make, but also the most money you will ever fork out. 

Be reasonable and make sure you understand what you’re getting yourself into. Be sure to make a visit to your local bank manager and find out in total what the bank can give you in terms of a home loan. Make sure you secure the latest deal from the bank.

2. Take your time

Although you might get some signs that you have found your first home, discovering your ideal first property is not as easy as it may sound. Even on a good budget, it may take months for you as a first-time buyer to find the perfect house you’d like to invest in, and that’s okay. Take your time and make sure that you love what you buy. Discover the 4 signals that you have found your first home.

3. Be reasonable

Having said that, the perfect home does not really exist – unless you build it yourself!

Be understanding and appreciate the fact that prebuilt homes will have flaws (as well as features you love!). Start by choosing a place that meets your needs, and worry about making it a space you adore later. That’s actually the fun part! Make a list of what you definitely “have to have” and what would be “Nice to have”. 

Weigh up the options and prioritise so that you do not settle for any less than the “have to have” items and make sure you get as many “nice to have” items within your budget.

4. Check out the little things

Does the house smell funny? It might be a mould problem. Do the toilets and showers work properly? How much will all those ‘minor repairs’ cost? These are all things you need to check before you sign that contract as they are all extra expenses added to your budget! 

Be sure to bring in an architect to check the structure and don’t be shy to take a workman to provide you with a quote for the minor repairs. You don’t want to be stuck with a home that you’ve just bought but can’t move into because you did not “Check out the Little Things”. Learn more about an experience from Tony Cassar Darien, a first-time buyer like yourself buying a property for sale. 

5. Negotiate

Don’t be afraid to ask to negotiate the price. You might miss out on a home or two, but you might even get the house for less. Every penny saved is one less penny you have to pay back! If you don’t ask you won’t get. Be within reason because you don’t want to offend the vendor but don’t fall for the sentimental value speech. Business is business and if you conduct your negotiations fairly then you may obtain a win-win situation.

It’s important that you discuss your plan carefully with a professional estate agent and that he is aware of everything he needs to know to assist you. If you hide the fact that you can’t afford certain properties then you will just be disappointed. If you are brutally honest and fair in your dealings, there is no reason why you won’t find your first home in no time.

Read more about a complete guide to buying property in Malta for the first time in 2023 with the aim of avoiding any mistakes.