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Why should you buy a home this year?
Getting to own your first home in Malta is a significant milestone in anyone’s life, as this symbolises achieving stability, security and reaching personal goals. While one’s decision to purchase a property is substantial, the current local real estate landscape presents very compelling reasons to take the plunge and invest in homeownership in 2024. Here are ten reasons why buying a home this year is a prudent choice:
1. Affordable home loan interest rates
Interest rates by lending institutions are currently at favourable lows, making borrowing more affordable than ever. Seriously consider locking in a low interest rate if your lender has this option, as it will result in substantial savings over the life of one’s home loan.
2. Favourable market conditions
The local real estate market is very dynamic and conditions can indeed change rapidly. Currently we are experiencing a balanced market, which offers buyers ample choices and better negotiating power. This is especially true if you are a “cash” buyer and now is the best time to take advantage of this.
3. Long-term financial growth
Real estate has historically proven to be a lucrative long-term investment. By purchasing a home now, you’re not just securing a place to live but also laying the foundation for future financial growth and stability.
4. Take advantage of rising property values
Property values tend to appreciate over time, especially in desirable locations and in countries such as Malta that has a long-standing reputation for economic and political stability. By buying a home now, you’re positioning yourself to benefit from potential future appreciation, thus increasing your net worth substantially.
5. Stable housing costs
By renting a property, you have no guarantee against rising housing costs, whereas home ownership provides long-term stability. With a fixed-rate home loan, your monthly repayments remain at a constant, allowing for better budgeting and financial planning. This amount will be set for years to come but on the other hand you will most likely have increases in your salary as the years go by, making it even more affordable to own the home you have bought some time ago.
6. Personalisation and freedom
When you own a home, you have the freedom to personalise and customise it to suit your tastes and lifestyle. From interior renovations to landscaping projects, homeownership allows for greater creative expression and control over your living space. This is impossible when you rent a property, as it never belongs to you.
7.Sense of community
Buying a home often means putting down roots in a particular neighbourhood or community. Home ownership creates a sense of belonging as you will become invested in the area’s well-being and social fabric.
8. Equity building
Each home loan repayment you make contributes to building equity in your home, which is essentially your ownership stake. As you pay off your loan and property values rise, your equity grows, providing you with a valuable asset and increasing financial security. Add to this the capital appreciation of a property over time and one can see why buying a home is the most sensible financial commitment to make.
9. Emotional satisfaction
Finally, owning a home brings a sense of pride and accomplishment. It’s more than just a financial transaction; it’s about creating a space that reflects your identity, values and aspirations. The emotional satisfaction that comes with homeownership is priceless and will have a positive influence on your entire outlook on life.
10. Having assistance and guidance from the experts
No-one should be afraid of getting into the housing market this year. Do not waste a day longer, as we at Frank Salt Real Estate are here to help and assist you through the entire process and we will find you a property sooner than later. We will do all the legwork: from selecting the best candidates according to your budget and criteria right through to you moving in and taking ownership. Nothing could be easier, so why postpone it any longer?
Lastly – When is the best time to buy a property?
It is a well-known saying that when asked “When is the best time to buy?” the answer is always “NOW!” Property prices always go up due to some very logic and simple reasons. For example: every brick, tile, bag of cement and screw or nail will cost more in a year’s time and so will the labour and all other sundry costs involved. Couple that with the demand in and the desirability of an area and one can see why real estate is such an unbeatable investment. If you are interested in purchasing a home anywhere in Malta or Gozo, contact us, Malta’s oldest and biggest family-owned and managed real estate company, Frank Salt Real Estate!
