First time buyer tips to ensure you are ready
Inexplicably the signs are there that you are ready to buy your first property and you may not even be aware of them! Real-life signs could be that living with your parents have become a strained relationship where it never was before, you always seem to be short of space no matter where you turn in your rental, you have little or no privacy and the walls seem to be closing in on you when you just think of your landlord knocking on the door!
On the other hand, you could think that you are living quite a relaxed life and do not need to change anything, but that’s why anyone that has a steady job is advised to invest in Malta real estate as soon as they financially can. Why do we say this? Buying a property is the first step to financial independence and it is a forced way of savings. If you buy wisely, capital appreciation will see to it that you never lose any money, and it is a far better way to see your money grow than having it in the bank. The growth on return offered by the property market in Malta has consistently outperformed many other traditional investments and owning a property is, when you do the sums, like living “for free”! How can we say that? Well, if you are paying off a bond or have bought a home for cash, the returns you are likely to see after a few years will stand a very good chance of having made you back all the money you have spent on the owning of and the upkeep of a first property! This is like living for free and getting paid to do it. Smart, we think!
Still unsure if you're ready to become a first-time buyer or homeowner?
Check out these five tell-tale signs that show you’re ready to take the plunge into property ownership:
1. You want general peace of mind in your life
You are well into your first job, got that promotion and plan staying on for at least five years. Long-term stability is a good thing, especially if you are looking at having a good credit rating and have to impress your lending institution. Avoiding job-hopping will be a big plus when you apply for a home loan and even more so will be managing your credit cards well. Make sure you are up to date with payments owed on them and absolutely do not go on any spending sprees if you are going to apply for a home loan!
2. You are ready to commit and move in with a partner or your family is growing
Another big step in growing up and blossoming into a mature and responsible adult is being serious about your relationship. What can be nicer than buying your first home to act as a base for your new life together! If you are already in a long-term relationship, you may be looking at starting a family and this means you will need more space, security and privacy. This is definitely a very strong factor to consider becoming a first-time buyer.
3. You have a very clear idea of the home you want
You have done the maths, got pre-approved by the bank and know exactly what you can comfortably afford to spend on your first property. You also know which neighbourhoods you like and the type of property that will be right for you. This is absolutely the right time to start looking at houses for sale in Malta!
4. You want to save money and see your investment grow
When you pay rent, you will never see that money again. When you own a home, the money that goes towards that property, will come back to you and then some! Living the carefree, single and often nomadic life of being a tenant will come to an end at some stage. Yes, owning a property will bring with it more responsibility and require long-term stability from your side, but the amount of respect it brings from big business and the doors it will open in the future, is priceless. A few short years from now you will be earning more, be able to pay off the mortgage faster and have more savings available to buy a bigger and better home or even a second property that you can rent out. This is the secret to independent wealth and financial success for many a property investor. What are you waiting for?
5. Buying a property feels like the next logical step in your life journey
For many, this is part of life’s journey: you have reached the tipping point where you have the savings for a substantial deposit on a home, you have a stable career and relationship… but what you want most of all is to be able to lock the front door behind you and say: “This is all mine!” There is no better feeling than taking control of your life and being in charge of all the possibilities and opportunities that comes with being a home owner for the first time. If you know that you are ready, “Just do it!”
Frank Salt Real Estate has made becoming a first-time buyer easy!
Don’t know where to start? We have Malta’s go-to guide for first-time buyers! Anything you want to know about becoming a homeowner and more is available at https://franksalt.com.mt/guide-books/first-time-buyers-guide/
BONUS! Advantages available to you as a first-time buyer
Frank Salt Real Estate has an unbelievable range of exclusive, super savings and discounts available for first-time buyers. We negotiated hard and long with our industry peers, retailers and suppliers to bring you, as a first-time buyer, deals that can save you tens of thousands of euros! Want to know more? Go to https://franksalt.com.mt/our-offers/first-time-buyer-value-pack/