Helpful Tips On Property Hunting

  • 01.December 2011
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It’s always exciting when one decides they would like to purchase property in Malta, however it seems that this decision comes hand-in-hand with a bit of dread. It is a well-known fact that Malta has several properties waiting to be sold and it may seem that finding your dream home may be a intimidating experience. However, this can only be said for those who do not have the know-how when it comes to searching for the right property, but this article will help you gain that knowledge.

As with all other items, you need to have a budget in mind before you ‘shop’ for a Malta property – and this should be the first thing you sort out. If you have funds saved up, then decide how much of these funds you would like to allocate towards a property purchase. Otherwise, you may need to visit a bank to confirm what your borrowing limit is.

Once you have your budget in mind, you can start looking for properties which may interest you. Despite the fact that most prices are negotiable, and that the properties listed would sell at slightly below the asking price, it would be advisable to search for properties somewhat below your budget. Why? Firstly, there are always notary fees and stamp duty that your budget may need to cater for, and this would obviously not be included in the seller’s listing price. Another reason would be that you may need to purchase a kitchen, furniture or bathrooms for the property. If this is the case, be sure to hunt around and obtain a few quotes so you can factor realistic prices into your budget.

As with everyone else, it is difficult to decide on what your ideal piece of real estate in Malta would be. There are so many options available that it’s not so easy to decide whether you’re looking for a townhouse, maisonette etc.   Rather than limiting yourself to this, it would be sensible to write down a list of attributes that the property needs to have, and a list of items you want it to have. Do this to ensure you don’t stray away from your wants and needs as your property search progresses. Many people tend to give up on certain attributes as they feel it is impossible to find a property that satisfies both lists. The important thing is to make sure it satisfies your list of needs.

One of the most important factors that need to be taken into account is that of time. Are you available to view properties that may, unbeknownst to you, not be ideal for you? Can you afford to go through advertisements on a daily basis and find that nothing is suitable? If this is the case, it would be worth working with a Malta real estate agency. The associates are well-trained and will instantly pick up on your needs and wants, thus selecting properties accordingly. They will be the ones to troll through endless advertisements and property listings, and simply discuss them with you so you can narrow down your search before visiting your preferred properties. Should you decide to work with a real estate agent in Malta, ensure you don’t hold back when it comes to voicing your opinion.

If you’re planning on viewing several properties, you need to find a way of differentiating them. Ask your agent to supply you with a listing sheet with pictures of the properties.  Look out for problems as well as possibilities, for example, the property may have a spectacular view – but will the view remain there or will there be further developments in the surrounding area? It is important that any queries you have are voiced – after all, this is a large investment and one that is not to be taken lightly.

Keep a list of the properties you’ve viewed and write down the pros and cons for each one – but do this immediately after the viewing. Otherwise you may forget certain aspects and be too generous / harsh in your assessment. Be sure that all the properties you didn’t like are crossed off your list – you don’t want to lose hope further down the line and re-think a property you initially disliked.

Once you feel you have a decent number of good properties, you can arrange for second viewings. Again, keep a particularly strict list of the pros and cons. When you decide on a property, check that the majority of the pros are in line with your ‘needs’ and ‘wants’ lists. If you’re worried about the structure, it would be advisable to make a conditional offer – subject to an inspection carried out by your architect. Be sure to negotiate for a reduction in the price if the inspection uncovers any structural defects.

The trick to easing your property search is, quite simply, getting yourself organised. With over 15,000 properties available on the market today, finding your ideal property may feel like looking for a needle in a haystack. But don’t get discouraged by the figures – the list is quickly narrowed down once you’ve decided on what you’re looking for and organised your property search. If you’re really dedicated, you can easily have your ideal property within a few days.