If you ask someone whether they would like to buy or rent their home, the majority of people in Malta would tell you that they would like to buy. Being a first-time property buyer in Malta can be a daunting experience. It's a big decision to make with even bigger responsibilities. Therefore, it's important to do the proper research in order to get all the help you can before taking your first steps onto the property ladder.
The biggest issue that First Time Buyer's in Malta face is finding a suitable property.
Can First time buyers honestly find a property and get the financial backing for it? The answer is undoubtedly a yes; a yes however that does require clear and realistic objectives.
To provide clear objectives it is necessary to understand the process that you will go through in your life in regards to owning and selling your own property. Traditionally property is bought in three stages throughout your lifetime;
Stage 1, Your first property as a single person or co-habiting with someone else
Stage 2, Sell your first property and buy a larger property for you and your family/children
Stage 3, Sell your larger property once your family have left home and downsize to a smaller property
With the three stages in mind it becomes clear that you are at the beginning of an exciting journey that the majority of home owners will experience.
It has become increasingly difficult if not impossible for first time buyers to buy the large house for life. Life has become more hectic and expensive, more women go out to work, plus the family structure is changing.
It is no longer feasible to buy the large house on one income.
So can you afford to buy a place? YES, if you are realistic.
Buying your first property will most likely be the biggest financial step you will ever make. It's a major step towards; independence, financial responsibility and security. Two key points that will help you find the right property are:
1, What is your budget? , and
2, What is your preferred location?
You need to take your time to answer these so don't be put off if this can take up to a few hours / days or even weeks if necessary. A lot of soul searching is usually required at this time; you have your ideas andyour partner has theirs, so a compromise will most probably need to be reached. Also the type of property and financial commitment you take on will tie in with the life and family style that you are expecting to live. So, if it takes you less than 30 minutes to 1, arrive at your Budget, and 2, discuss your preffered location, then you probably haven't thought about this seriously enough. Just re-think the process until you are happy.
Now you're at the starting block and ready to approach an Estate Agent whilst keeping the two key points firmly in mind.
Next Article in this Series: VIEWING PROPERTIES
Article exclusively prepared for BrideMalta.com by CNWPropertyMalta