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Malta's leading portal for property for sale and to let

First Time Buyers

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Looking for a new property? Where do you start? And most important, how do you go about it? Most of us have already been through this life experience, and whilst the task at hand might seem as a horrifying ordeal, it is not. It can, in fact prove to be a very pleasant and exciting one, if done in an orderly and planned manner. And if you get the assistance of a reliable and professional real estate company, then you might even consider it as a problem solved!

At Frank Salt Real Estate, we totally understand the merits of buying your first property, and the issues that might prop up in the process. And we do our best to help make the buying process as smooth and easy as possible. And whatever your tastes and budget, rest assured that we can help you find the future house that you have been dreaming of.

But what should you look out for when buying your first property? Before you start the exercise of house-hunting, set out your budget, expectations and preferred location. This will narrow the search for property and will enable us to assist you to find more suitable properties for you. This will probably necessitate a meeting or at least a telephone call to discuss the various options that can be made available to you. At this stage we suggest that you start off by carrying out a quick property search on our site – this should give you some idea of what is available on the market at the present moment. However please remember that only a selection of the properties on our database are represented on our website.

Some questions you should run through include where would you prefer to live? What type of property would you like? What size should it be to best accommodate your needs for the foreseeable future? Would you prefer a more modern home or one with traditional character? What services and amenities do you require? (Schools, transport etc) and What is your budget and how will you finance your purchase?

How many homes should you see when looking at buying your first property?

Studies show that your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, lay off the soft drinks and have a hearty meal of carbs before venturing out to tour homes. Joking apart, the average number of homes that one should see in a day should not exceed seven. More than that, and you will be getting an overload and you will probably end up not remembering specific details about any of them.

After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.

What properties are available to you as a first time buyer?

In terms of choice of properties, the sky is the limit. The only real element that you need to factor in is primarily your budget. Very often when looking for a first home, you are looking for something that is practical, yet cosy and welcoming. You are looking at a property that will be your den and possibly will one day accommodate your family needs. Very often, apartments and maisonettes make an excellent choice. The market offers an excellent selection of such properties, both on-plan and readily finished. The choice between the two depends on the time you have available to dedicate during the construction and finishing progress, as well as how much you want the property to reflect your needs and tastes. Needless to say, a readily finished property will save you time and a good number of headaches. However, if time is not an issue, then you might want to consider buying on-plan, which often would also carry better introductory prices, whilst also allowing you to make minor modifications.

How do you finance your home? How do you get a home loan?

Loans to purchase or finish a property may be obtained from all local Banks, with HSBC, BOV, APS AND BANIF being the most popular choice, thanks to their attractive Home Loan facilities to suit the individual borrowers’ needs. In most instances, the bank will finance up to 90% of the purchase price and/or completion costs. You might also be able to benefit from preferential rates – especially for the first years and for high value loans. In terms of repayments, the loan can normally be extended to be repaid over a period up up to 40 years, or your retirement age, whichever comes first.

Upon purchasing your first property, the 3.5% stamp duty applicable on the first €150,000 of the property price has been wavered  by the government as an incentive to help first time buyers, given that the property is purchased prior to the end of 2016. At Frank Salt Real Estate, we go a step further by providing fantastic offers for first time buyers

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When applying for a home loan, the bank would normally require the following basic documentation to enable them to process the loan smoothly and efficiently:

  • Recent pay slip and FS3
  • Architect’s/Manager’s estimate of the property value
  • Character reference unless customer is already an account holder
  • Photocopy of ID card
  • Copy of the preliminary agreement

All Banks also offer bridging loan facilities and loans to purchase summer residences. Through special arrangements which we have with all these Banks, Frank Salt Real Estate can make arrangements for the best loan package which suits your requirements and help to expedite the processing of the loan.

How do you know if it’s the right property for you to buy?

When you are at your viewings you will see if the properties are suitable, and you should also take into consideration your instincts and true gut feeling – quite often these are the right feelings to be guided by, BUT always keep in mind your budget because at the end of the day, the property is your commitment and no one else’s.

Once you have decided to buy a particular property you need to arrange a meeting with a notary of your choice, and a bank of your choice if a home loan is required. We can direct you to these at no expense.

The buying procedure
 
Fantastic Offers for First Time Buyers

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