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The process when buying a new home
It does not matter whether you are a first-time buyer or a second-time buyer of real estate in Malta or Gozo, we at Frank Salt Real Estate are here to explain the process to you in brief. As Malta’s real estate leaders we have helped thousands of buyers through the process and we can do the same for you. We will assist you from the time you start looking for your new property to the moment when you receive the keys and unlock the front door for the very first time!
Purchasing a Property in Malta and Gozo
Investing in the very lucrative property market in Malta and Gozo is always a significant long-term financial investment. Whether you’re an excited first-time buyer starting your climb up the property ladder or an experienced buyer familiar with the process, purchasing real estate seldom happens overnight. However, if you make sound decisions right from the start, closing on a home doesn’t have to be an extended, exhaustive process at all.
Depending on your personal circumstances and preferences, your FRANK SALT REAL ESTATE agent can streamline the whole buying process, turning your dream of that perfect home into a reality very quickly.
We look at some of the typical steps for closing on a property for sale in Malta or Gozo. This will help you estimate the amount of time it might take to transition from an anxious house-hunter into a proud homeowner.
Set Your Budget
Before even browsing property listings and selecting your dream home, the first step is to assess the state of your finances. Establishing a budget and not exceeding it, including whether you need a loan, is crucial. Again we have to emphasise that it is essential to avoid wasting time on properties that are beyond your means. Also keep in mind that there is just so much room for negotiation on a property’s price before it becomes unrealistic and an acceptable margin is no more than 2-5% of the asking price. If you are looking at acquiring a home loan in order to buy a property, a meeting with your bank, along with your FRANK SALT REAL ESTATE agent, can help determine your budget and monthly mortgage repayments, ensuring affordability. Never exceed your budget as this could get you into a financial predicament down the line.
Compile Your Wish List for the Right Property
While you may dream of a specific type of home, it’s vital to consider your actual needs. Be realistic from the start. Create a wish list and a list of necessities, including budget constraints and the property’s proximity to essential services. Knowing exactly what you’re looking for will streamline your property search.
Begin Your Search for a Property in Malta or Gozo
Most house-hunters initiate their search with this step, but with steps one and two completed, your search will be more straightforward and much faster. Probably the most important step at this stage is to utilise the expertise of your FRANK SALT REAL ESTATE agent to find the right property for you. A good, experienced and qualified estate agent will consider all the details such as location, parking, and amenities, PLUS many other things you may not even have thought of. Agents do this daily for their clients and can point out anything you may have missed or not considered as important.
Found the Right Property? Time to Make an Offer!
Once you’ve identified your ideal property, it’s time to make an offer. Your FRANK SALT REAL ESTATE agent can guide you through the negotiations or do it on your behalf while considering your budget and current market conditions. The timeframe for this step depends on factors like the seller’s eagerness to close the deal, their willingness to accept the offer, how long the property has been on the market and of course whether there are other offers on the table. Never put in a cheeky offer as you stand a very good chance of losing the property. Remember that we mentioned 2-5% under asking price as a realistic parameter for opening offers. It is well known that sellers do not like to have their egos dented by low-ball offers and some sellers have even been known to increase the asking price after a very low offer!
If You have been Successful With Your offer, it is Time to Sign the Promise of Sale
After agreeing on the purchase price, you’ll be asked to sign a ‘Promise of Sale’ or ‘Konvenju.’ This legal contract outlines the agreed-upon terms and sets a date for the final contract signing, typically around 12 weeks later. During this period, property details are verified by experts and the entire process will be overseen by a notary. All conditions stipulated in the contract needs to be adhered to or be fulfilled.
NOTE: Always try and buy a property that have no or a minimum amount of issues or complications. This will speed up the entire process. If irregularities are found with the property after inspection by your architect, the property may have to be ‘regularised’ and this takes time. Costs for remedying the situation is payable by the seller and this may include the drawing up of new plans and submitting them to the particular authorities for approval.
Signing the Final Contract
Finally, the last step towards homeownership involves signing the final contract, which may only take a morning if the process has gone smoothly. This meeting involves you, the seller, your FRANK SALT REAL ESTATE agent, a notary and possibly a bank representative. At this stage all outstanding fees must be settled such as commission, stamp duty, the notary’s fees and more. Your estate agent will be able to tell you about all the costs involved. After registering the contract with the Public Registry, the keys to your new home are now officially yours.
FRANK SALT REAL ESTATE’s Advice
We mentioned that your FRANK SALT REAL ESTATE agent will guide you through each step of the home-buying process and help in simplifying the procedure for purchasing a property in Malta or Gozo. Your agent will compile a selection of candidate properties according to your budget and needs, assist you in selecting the best property, negotiate on your behalf with the seller and complete all the paperwork. What’s more is the agent will also deal with the notary and architect and may even offer to help with the transfer of utilities and services. Having an estate agent on your team when buying the first or second time will save you time and money…but the biggest benefit is that an experienced and knowledgeable agent will ensure that everything is done right, FIRST TIME!
