Housing Authority:
Click on each step to view what it entails.
Creating Your Wish List
Now that you have a better idea of your loan potential and your budget is set, the next step is to consider which characteristics you are looking for in a property. It is important to be realistic—always keep your budget in mind and be willing to compromise on certain expectations. As you view more properties and do your own research, your expectations will become increasingly realistic.
It is important to distinguish between the must-have qualities of your property and those that you are willing to compromise on. You can compile a ranking of characteristics, such as location or number of bedrooms, in order of importance. Write this down so you can refer to it when browsing/viewing properties. During property viewings, you might adjust your priorities and compromise on different things. While it is crucial to clearly define your expectations and goals when purchasing your first property, it is equally important to approach this process with an open mindset.
Before looking into the property itself, look at the area that the property is located in:
Location: Which location do I want my new home to be in? Keep in mind that locality seriously affects property prices. In general, properties in the Northern Harbour region, such as Sliema and St Julian’s, tend to be more expensive than those in Gozo and the Southern region of Malta. Data also shows that the top five localities among first-time buyers are St Paul’s Bay, Mosta, Birkirkara, Żurrieq, and Żabbar. Another factor to consider is whether you want to stay close to the locality you grew up in—many first-time buyers prefer properties near their current address. This trend is more common among those purchasing a property together than those buying alone, where the latter may face more trade-offs due to a relatively lower budget.
Noise Levels:
Do I want to live in a quieter or busier area? Noise levels in an area also significantly affect property prices. Properties near busier areas tend to be cheaper.
Amenities:
Is having amenities (i.e., shops, bus stations, etc.) close to my home a priority?
Aside from the area, characteristics specific to your property will also affect the price:
Property Type: Which property type am I interested in? (apartments, maisonettes, penthouses, houses, etc.). The most common property type among first-time buyers is apartments, especially for those purchasing alone. While apartments remain the most popular choice among first-time buyers purchasing together, there is an increasing preference for houses and maisonettes.
Property Size: How much space do I need? Consider your current and future needs (e.g., a space for raising a family). While the total size is important, you should also pay close attention to the distribution of the space.
Garage: Am I looking for a garage in addition to the property? Most first-time buyers in Malta and Gozo do not purchase a garage with their property. However, those purchasing a property together were more likely to purchase a garage than those buying alone.
Bedrooms and bathrooms:
How many bedrooms and bathrooms am I looking for?
Outdoor space:
Is outdoor space a priority for me? Outdoor space can range from a decent-sized balcony to a large terrace.
On Plan vs Already Built Property: Am I willing to compromise on how long it takes to move into my new house? On-plan properties are typically cheaper but take longer to materialise. There is also the risk of disappointment if what is built differs from the initially projected plans or if delays occur in the projected timeline. However, reliable developers often deliver on the promised time.
Furnishings: Properties can be unfurnished (with no furniture), semi-furnished (including some basic items like a bed, sofa, or kitchen), or fully furnished (with everything needed, such as furniture, appliances, and other essentials). The level of furnishings affects both the property’s price and the time it takes to move in.
Property Age: Am I looking for newly built properties or older ones? Older buildings typically come with additional renovation costs. If renovations have already been completed, it is important to verify whether the work was done properly. To avoid surprises down the line, be sure to inspect the property with suitable professionals.
Contractor or Developer:
Am I looking to purchase from a specific contractor or developer?
Features: Are there any specific features I want/need my property to have? Features can include common parts and entrances, accessibility, lifts, and energy-efficiency features such as solar panels and insulation.
Completion Level: What property completion status am I looking for? Do I want to conduct all the finishing myself, or do I want to move into the property immediately? You can purchase homes either on-plan, shell, or in a finished state, which can significantly influence the property price. Properties in shell form are generally cheaper, but you will be covering the necessary finishing costs yourself. This option requires careful budgeting and guidance from architects and contractors.
Step-by-Step Guide for First Time Property Buyers
This step-by-step guide is also available for download through the button below.
