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What are the best properties a first-time buyer should look at?
Congratulations! You have decided it is time to get onto the property ladder and now want to start looking in earnest at what to buy. As you start your quest, it quickly becomes evident that there’s a massive amount of real estate offered for sale and the more you look, the more confusing it becomes. What does a first-time buyer have to look at when buying for the very first time? What are the dos and don’ts? Are some buys better than others?
Buying your first home will turn out to be both an exciting and daunting experience.
With numerous factors to consider, it’s crucial to approach this significant milestone with careful planning and informed decisions and at Frank Salt Real Estate, we have many decades of experience under the belt in dealing with and advising first-time buyers… so we are definitely the right people to speak to. Considering various aspects like affordability, location, potential for growth and of course suitability to one’s lifestyle, here are the best property types first-time buyers should look at.
Flats and Apartments
For many first-time buyers, affordability is a primary concern. Flats and apartments, especially in urban areas, often present a more accessible entry point into the property market. These properties typically require a lower initial investment compared to houses, making them ideal for those with limited savings for a deposit. Additionally, maintenance costs are often shared among residents, easing the financial burden on individual owners.
Key Considerations:
- Look for new builds or upcoming developments as these are often launched on to the market at considerable discounted prices. Secondly, if you are not buying new, recently renovated properties are a good option as to minimise immediate maintenance costs.
- Check for good transport links and proximity to amenities.
- Ensure the annual shared maintenance costs are affordable as this will be extra in addition to the purchase price.
Previously Owned Maisonettes
Homes such as maisonettes are perfect for first-time buyers, offering an affordable option that provides all the essentials and more. These properties offer the privacy and independence of a bigger home but have the benefits of an apartment and are often found near town cores and centres. You will often also have the added bonus of having access to an outside space such as a small garden.
Key Considerations:
- Research upcoming developments in emerging neighbourhoods for potential value appreciation.
- With smaller maisonettes, ensure the property meets your needs in terms of space and future personal growth (e.g., family planning).
New-Build Homes
New-build homes offer the advantage of modern design, energy efficiency and often come with warranties that cover structural issues for years. These properties can be particularly appealing to first-time buyers seeking peace of mind and minimal initial repair costs.
Key Considerations:
- Investigate the reputation of the builder and quality of their previous developments.
- Ensure that the property comes with necessary warranties and certifications.
- Consider the location of new developments and future infrastructure plans.
Older Properties with Potential for Renovation
For those with a bit of a DIY spirit, properties that need some work can be an excellent investment. These properties are often priced lower and with some renovation, they can significantly increase in value.
Key Considerations:
- Realistically assess your budget and the extent of renovations needed.
- Consider the time and effort required for renovations and whether you can live in the property during this period.
- Research local property values to ensure the investment is worthwhile.
Final Tips for First-Time Buyers
Financial Preparation: Ensure your finances are in order and that you have a substantial deposit, plus all the other fees that will be due such as notary fees and other sundries.
Seek Professional Advice: Engage with a good, reputable estate agent such as Frank Salt Real Estate to guide you through the entire process.
Location, Location, Location: Always prioritise the location as it significantly impacts future property value and lifestyle.
Future-Proofing: Consider your long-term plans, such as family growth or career changes that may be ahead to ensure the property still meets your needs in the future.
By evaluating these types of properties with the help of your local agent and considering your personal circumstances and long-term goals, you can make a well-informed decision and embark on your journey as a homeowner with confidence.
…and the best news we have kept till last!
The additional good news is that there are several incentives available by government to help first-time buyers get their hands on their first property. Read all about it here in our unmissable First-Time Buyer’s Guide. But wait, that’s not all! We at Frank Salt have assembled some of Malta’s leading banks, shopping centres, notaries, manufacturers and suppliers to provide our first-time buyers with an unbelievable Value Pack that will literally save you thousands of euros! Read all about it here.
