When it comes to buying property in Malta, we are constantly reminded that location, location, location is key; but what should you really look out for?
Well, before you can even start thinking about where you want to be, you need to assess what you want. Are you after a traditional farmhouse in the countryside or an apartment in the heart of the city? Do you need a three-bedroomed house to accommodate your ever-growing army of children, or a bachelor pad to entertain in and woo with? Do you want to live next to you parents/in-laws – will this be a defining factor in your decision?
If the answer to that first question was ‘somewhere out of town’ then checking connectivity in terms of public transport, amenities and your work commute is vital. After all, a location won’t be viable if it takes you too long to get the children to school in the morning, or if your office is based on the other side of the Island. Us locals know how small Malta is however we also know that we traditionally do not like traffic and long drives in the morning, it’s just not built in our culture so be sure to take this in consideration.
Also, whether you’re intending to live in the property yourself or to rent it out, you need to check how difficult it is to find parking. Properties and areas might seem perfect, but in reality, ease of parking will take a headache away. Any property with its own parking space or garage instantly becomes more desirable, but it might not always be possible or affordable in every area. If you are renting it out, take some advise from a Malta real estate agent, they will be able to provide you with rental yields based on the Town you may be interested in and the number of bedrooms and finish, all important factors that will assist you in making a decision on whether it is worth buying the property in Malta for rental investment.
For any family seeking to relocate, always keep the school you want to send your kids to in mind. The area can make a big difference to your child’s education.
Meanwhile, when moving to a Town in Malta where there are many developments happening, in the location, always assess what new projects are planned. Check for any large-scale schemes that have been granted planning permission in the vicinity of the property you’re considering, such as property developments, supermarkets or shopping malls. This can have an immense and lasting effect on the locality, and could quickly turn an area from a haven into a concrete nightmare. On the flip side, new parks, new recreational areas, schools, commercial spots, new developments and upmarket shops could add value in the long term and boost your investment
In short, choosing the right location will definitely pay off, especially if you opt for somewhere up-and-coming. However misinformation and a lack of research regarding your Malta real estate purchase could end up costing you more than you ever imagined. Take your time and do things properly – ask around, visit the area at different times of the day and night, and consult locals about the highs and lows of living there.and you might have just found a bargain purchase.
‘Location, location, location’ may have become the ultimate cliché, but it really is there for a reason.