Benefits of Buying Different Property Types for First Time Buyers in Malta
In our previous article we talked about the most common types of properties that are currently being bought by First Time Buyers in Malta.
So now you may be asking yourself what are the individual benefits of buying these properties ?
- You buy right at stage one and can start on the property ladder quickly
- You may find a large flat in a small block and it’s more affordable than a maisonette
- You can afford it and it fits in with your lifestyle
- Low maintenance home – hassle free
- High possibility of selling at a good price in the future and go to the second stage of buying i.e. buy larger home for family (step by step)
- You can share the costs of keeping and maintaining the common area
- You have your own entrance
- You’ll have your own outside area
- You’ll have less people in the whole block
- More spce but think wisely – what space are you getting for your money?
- If it’s affordable you’re possibly entering the property ladder at the second stage and may not intend on selling it in the future.
- You’ll be at the second stage of buying property
- Central part of the village
- Own entrance / own roof and own yard
- Traditional period features
- Scope for renovation
Unconverted Houses of Character
- An abundance of original features that can be restored and brought back to life
- Uniqueness which comes at a cost, restoration,building and then yearly maintenance – so make sure you really can afford it and that you don’t bite off more than you can chew.
- Good investment – but be wary of the location and space it occupies , this is a competitive market
- Good for people who have the know how and can do much of the restoration work themselves, or know someone who can
- Once the conversion has been completed you will be the happy owner of a converted house of character which has become very well sought after and its value appreciated
Now you have a pretty good idea about the main types of property that are being bought by First Time Buyers and what the benefits are. You may still have some questions or there are some grey areas so please take a look at the following questions that we are regularly asked:
Who pays for the maintenance of the common area in a flat?
This should be shared equally between all the flats that make up the block. To avoid unnecessary future problems with neighbors ask that this is stated in the contract of sale (convenue/konvenju) and how often the place needs to be painted etc….
If I buy a flat do I have access to the roof?
You will have access to place your water tank and television aerial (possibly satellite dish). Some flats still do offer use of shared roof where you can hang your laundry.
If I buy a flat do I own the airspace?
In some cases yes you could own the airspace but this will pump up the price of the property as it’s value is higher than a flat that doesn’t offer airspace. This is unusual but can be found. In some cases you can still use the roof but not own it.
So if I don’t own it who does ?
Maybe another flat owner who bought the first flat and offered a good price for the airspace, or the original owner.
Why would the original owner still want the airspace?
It’s common that the original owner/contractor would possibly build extra floors in the future.
Who pays for the entrance of a maisonette?
Who ever owns the maisonette is responsible to put in their own external door and complete their stairs.
What about the facade?
It’s quite possible that the original owner will complete this, if not the cost will be divided between all the maisonettes.
Would I have access to the roof?
If you are not Ground or Elevated Ground Level you will highly likely have access to use of shared roof.
What if I don’t have access or use of the roof?
Some alternative outside area would be provided. This depends on the design of the maisonettes.
Why would I buy a townhouse?
You would want a more traditional small house in the central part of the village.
Can I move into a Townhouse as soon as i’ve bought it?
Most of the time yes but bare in mind many of them are not adjusted to modern day living. The bathroom and kitchen may need changing and updating.
How much would this cost?
That depends on the size of the room and the level of finishing that you want – shop around before you set your eyes on one thing.
Should I rip everything out and start from the beginning?
No, not if you have original features such as patterned tiles, stone columns. If these are professionally restored they are beautiful to keep and will help the property hold its price if not increase it.
Can Unconverted Houses of Character really be found?
Yes they can. You may need to buy in less popular villages or more out in the open areas.
How Long does it take to fully convert a house of Character?
This is not done in weeks or months but rather years and in stages. Some people absolutely love these projects and will take a long time completing them as and when time and money permits.
Should I buy an unconverted house of character if I can stretch my budget ?
You should consider it but keep in mind the lifestyle you will be living until it’s completed. Again this is not for the faint hearted it’s a long term project that will be worth it in the end if you have the time, money and will power to see it through.
We hope that this information has been useful and that you have become knowledgeable about the styles of homes available.
In the next article we will discuss ‘FIRST TIME BUYERS ARE PREPARED’.
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