Investing Up or Down the Property Ladder in 2023

There are times in life when change is needed. We change our occupation, we change our marital status, our family evolves, we evolve. 

Before we become a family, we live in a one-bed scenario; once we have kids we upgrade for more bedrooms and more elbow-space; once the kids move out, we feel the property in Malta is too large for us and want to down-size once more. Then again, there are times when we just want to change, to improve our living conditions, to make a statement to the world ….. 

All these are tangible moments when we upgrade or downgrade our housing arrangement and invest up or down the property ladder. 

Whichever direction our property investment takes, we will be carrying out a transaction that will either bring in the cash we gain with a good sale, or cause us to bring out more cash to pay out a loan for something which is above our budget. It is at moments such as these that finding a reliable real estate agent makes very good sense. Why?

Why choose an estate agent? 

A real estate agent who knows his/her business well can guide you to buying property in Malta or during the property investment process. Whatever kind of property you choose to invest in must be not only suitable for your needs, but also fit into your budget. Read more about the types of properties available as a rental investment.

Property investment scenario

Check out this property investment scenario. 

You inherit a lump sum and decide to move out of your two-bedroom apartment and into a luxury antique palazzino, complete with garden space and pool. 

You splurge all your inheritance money on the purchase and borrow some more from the bank to furnish the Palazzino completely. Then you face the issue of the pool. 

It is huge, it can be warmed up in winter, but you can neither afford to fill it up nor to warm it up. It becomes your white elephant … Add to that the landscaping of the garden which needs to be done but which you cannot now afford to do … and to think the garden and the pool were the main features which enticed you to buy the house in the first place.

A serious estate agent will also open your eyes to your decision of down-sizing. 

Tips for upsizing or downsizing your property

If you have lived in your own four-bedroom house for 20 odd years, the idea of down-sizing to a two-bedroom apartment may be exciting – less space, less cleaning, less maintenance. 

True – but will you take kindly to having neighbours living upstairs and downstairs? What will you do with all your carpentry tools if your apartment does not come with a garage? And if you get a garage included in the price, will the condominium agreement allow you to use the garage for your carpentry hobby?

Ask questions, think ahead and don’t rush into agreements you may eventually regret making. Shop around and compare locations, prices, conditions of sale …. somewhere out there is your dream property for sale in Malta or Gozo waiting to be discovered ….. Here are more tips on investing in Malta property.