Follow these tips for failsafe success on your next real estate venture in Malta.
Whether you’re a first-time buyer or a seasoned real estate investor, everyone in the property market wants to increase profitability. Here, Joseph Theuma, General Manager at RE/MAX Malta, gives us his top five tips for a guaranteed return on investment when buying, selling and renting property in Malta.
1. Find a professional
You’ve woken up feeling sick as a dog. What do you do? Head to your GP, of course.
You’re overwhelmed by the legal jargon and don’t know whether or not to sign that contract. What do you do? Find a lawyer, obviously.
The same reasoning applies when investing in real estate. Don’t attempt to do it on your own. When you start looking into buying (or selling) a property – be it as a residential or a commercial investment (or anything in between!) – find someone who knows the lay of the land.
An agency like RE/MAX is full of trained and highly experienced professionals, who are that voice of reason when you risk making emotionally driven decisions too impulsively.
Remember: An expert’s advice is second to none for the best return on investment in the shifting landscape of real estate.
2. Know your budget
You’ve done your sums. Now, do them again. Calculate your finances accurately and, preferably, with expert assistance. Knowing your expenses inside and out is a critical step when preparing to buy or rent.
Don’t fall into the trap of a property becoming a burden on your lifestyle. With the right financial advice, you can avoid this becoming reality. Collaborate on setting a realistic budget, finding the right property solution and exploring commercial or home loan options that work for you.
Remember: Plan your budget and financing carefully if you’re serious about long-term success and growth on the property ladder.
3. Focus on clear requirements
A property only ever fits like a glove once in a blue moon. More often than not, your search for the right property is going to be an exercise in sifting through the pros and cons of an endless list of real estate.
This is why you need to be clear about your basic needs for the property you’re looking to buy or rent. New or old? Outdoor area? Number of bedrooms? Garage? Create a list of requirements and then stick to it.
Remember: A property’s present condition or style can always be altered, but the true ‘musts’ need to be there from the start.
4. Always be ready
Success in the real estate market is all about timing. If you are serious about purchasing or renting, you must be ready to strike. Otherwise you run the risk of losing out to those who are more prepared than you are.
Work with your real estate agent to understand the process of sealing the deal, so that you can get your ducks in a row as soon as possible. The top priority is making sure that your Notary Public is available when you need his/her services.
Remember: Don’t lose the perfect property because another buyer was ready to sign when you weren’t.
5. Budget for a reliable architect
Line up an architect who you can trust to work in a timely fashion. An architect’s expert opinion is vital to find the good and bad aspects of a property that your layman’s eye is likely to miss.
An architect knows to ensure that a property matches its plans and that things like ventilation and height requirements are legal. They can also advise on potential alterations to the property that will be feasible to make in the future.
Remember: To apply for a property loan, you will need your architect to fill out an evaluation form.
Bonus tip: Again, find a professional!
If we were to pick just one recommendation, find a professional! RE/MAX associates are all highly trained. They take specialised training regularly to remain at the top of the Real Estate game in Malta. If you’re looking for the best advice in the local Real Estate market – no matter how niche – contact RE/MAX Malta.