A Guide to Buying a House for The First Time in 2023

Thinking of buying a property for sale for the first time? For many, purchasing a home is the greatest investment of a lifetime- so it’s not something to be taken lightly, or done quickly.  With careful planning and time, as well as help from industry experts, throughout the purchasing process, you will be well on your way to becoming a fully-fledged homeowner on the Maltese islands.

With so much to consider, it’s not surprising that the very idea of being a first-time buyer could make you nervous. Here’s a checklist of tips to guide you as you take steps towards buying property in Malta as your first home.

Confirm Your Budget

Malta and Gozo are full of properties of all shapes and sizes, in varying locations and suiting every budget — so it’s crucial to establish what you can afford even before you search for your ideal first home. 

Your first step is to check your finances, and gauge if you will need to take out a loan. If you do, you’ll need to set up a meeting with your bank to discuss the limit of the amount you may borrow, which is usually set based on your salary or a combined income if you are buying property jointly with a partner or spouse. 

Factor in any other expenses you may already have such as the architect’s visits and contingencies for refurbishment, whilst keeping in mind the utilities and general maintenance that would be required before moving in. Learn more about expenses first-time buyers may face prior to buying real estate in Malta. 

Once you have your figure, don’t forget to also take any other costs into account, such as furnishings or notary fees and stamp duty which may affect the amount you can reasonably afford to spend on the property. Read this page for more specifics on first-time buyers’ home loans.

Property needs, wish list and searching

What we want and what we need in a property for sale can often differ. Even though you, as a first-time buyer, might long for five bedrooms terraced house, you may actually need only a three-bedroom apartment for sale where a convenient location for your commute is more important than the vista.

By writing down both your list of wishes and your list of needs for your new home, you will be better equipped to communicate exactly what you are looking for to your agent, including your absolute deal­breaker points as well as any bonus items.

Property location

Once you’ve narrowed down your list of potential properties, now is the time to consider the location of each one in more detail.

Based on your present circumstances and future plans, how well-connected is each house to family, friends, schools, work and so on? Is its location quiet or busy, or does it offer sufficient parking or other local amenities? Each of these considerations could make all the difference between your dream home today, and what will be your dream home in the years to come. View the available properties by location as a first-time buyer on our property market. 

According to a recent survey, conducted in 2022, it takes an average of 11 property visits for a first-time buyer to find and purchase the perfect home. If you have seen more than that maybe you need to re-clarify what you are actually after and refine your criteria. Make sure you are on the right track.

Make an offer

Now that you’ve hopefully found your first home, you need to make it yours. As well as the price that is being proposed by the seller of the property for sale, it’s a good idea to check out the prices of other similar properties in the area with the help of your agent. The contract is then registered at the Public registry, and the keys to the property are handed over to you – a proud home-owner. Your next headache is moving all your personal items to your home!

Promise of sale agreement

Being mindful of your budget as set in point #1, then you may be in a position to make a reasonable offer on the property, and to negotiate. Once you and the seller have agreed on the purchase price, a date is then set to sign a ‘Promise of Sale’ or Konvenju, which is a contract between the buyer and seller that sets out the terms you have agreed in writing.

This Promise of Sale agreement will also include a specific date on which you will meet again to sign the final contract, following a period of time in which the particulars of the property will have been double­ checked by the relevant experts.

Sign on the dotted line

After all the planning, lists, searching and checking, at last you can sign the final deed on your new property, and officially become a homeowner.

At that point, you will also need to settle any outstanding balances such as notary fees, stamp duty and your deposit, and your property agent will be able to guide you to ensure you’ve completed everything you need to do.

First-time buyer Malta signing

Once the contract is registered with the Public Registry, the keys are yours, and it’s over to you to set about making this house into your dream first home! That would be the moment you become a first-time home buyer.

Speak to a member of our estate agents or one of the RE/MAX Malta team today to start your journey towards buying property in Malta or Gozo as a first-time buyer, or view our first-time buyer properties.