The Process of Buying a Home as a First Time Buyer

Buying property in Malta as a first-time buyer may well be the greatest investment of your life. However, with careful planning and the expert advice of your RE/MAX agent, becoming a homeowner need not be stressful. Here is your easy guide to avoid any pitfalls and to buying your first home with RE/MAX Malta as a first-time buyer.

1. Confirm your budget

Before you can begin your property search as a first-time buyer for your first home, it is vital to know how much you are able to spend (budget). Start by checking your finances to confirm if you will need a bank loan. If so, a meeting with your bank will set your budget based on your salary or combined income. Before looking for a home, it’s also a good idea to check any local bank incentives and the 2021 budget to see what schemes you could qualify for as a first-time buyer.

Remember to also factor in extra expenses you may encounter along the way. These involve architect fees, refurbishment costs, furnishings, utilities or general maintenance, as well as your deposit, notary fees, home insurance and stamp duty. Learn more about extra expenses that you should expect after purchasing a property for sale in Malta as a first-time buyer. 

2. Write your wish list

What you want and what you need in a first home as a first-time buyer can often be two different lists. While you may dream of a seafront apartment, your daily commute or lifestyle might be better suited to a centrally located townhouse. 

By writing both your wish list and your list of dealbreakers, you will be able to communicate your exact requirements to your RE/MAX agent, while knowing precisely what you are looking for in your property search.

3. Discuss locations before you view

Once you have shortlisted potential properties, look at the location of each in more detail before you visit them for a viewing.

Depending on your present circumstances or future plans, check whether the property’s location offers easy access to schools, workplaces, family and friends. Make sure to also note parking availability, public transport links, nearby healthcare services and local amenities such as supermarkets.

4. Make an offer and sign the Promise of Sale

Having found your potential first home, you need to make it yours. Using the experience of your RE/MAX agent, you can make an offer that is reasonable for the property and within your budget, negotiating as necessary.

Once you and the seller have agreed on the purchase price, you mutually arrange a date to sign a ‘Promise of Sale’ agreement, known locally as a ‘Konvenju’. This sets out all the terms in writing, including the property checks to be completed over a specified period and the date on which you will meet again to sign the final contract.

5. Sign the contract as a first time buyer

At last, it is time to sign on the dotted line! If all the necessary checks have been completed as per the Konvenju, then you are ready to sign the final deed on your new home.

Once the contract is registered with the Public Registry, the keys are yours and you have successfully become a first-time buyer. Now all you need to do is move in – and your RE/MAX agent can help you there too. Learn more about a detailed purchasing procedure to buy the perfect first house in Malta. 

Speak to a member of the RE/MAX team today about buying your first property for sale in Malta or Gozo.