Most Common Property Types Bought by First Time Buyers in Malta

As a First Time Buyer the whole property market is something new for you. You may be seduced by what’s available at the top end of the market, keep grounded and realistic. Remember what your budget is, the lifestyle you want and what you can afford.  Don’t be pre-occupied with what someone else has as everyones income, situation and wants from life are different.

As mentioned in previous articles life has changed and first time buyers rarely start on the property ladder by purchasing that large house for life. So what are first time buyer’s actually buying?

Many flats have been built and are still being built to cater for this particular market plus allot also depends on what your personal requirements are vs what is actually available at that moment.

However the most common types of property being bought are:

• Flats
• Maisonettes, and sometimes
• Townhouses, and
• Unconverted Houses of Character

Flats and Maisonettes have become the solution to modern day living.  Those who are on a more restricted budget and time frame will opt to buy these type of properties.  The main differences between flats and maisonettes are that with a flat you share a common entrance/area and with maisonettes you have your own entrance.  You could possibly find them at similar prices but there would most definitely be a difference in the total area being bought.  For example you could find a maisonette at the same price as a flat that you’ve found but if the maisonette is smaller, you will then need to decide what is more important to you ; space or your own entrance ?  It’s only upon viewing that you can really make such a decision.

Flats

Flats would share the common area which is the entrance, stairways, lift (if one’s available), roof (if available) plus the facade (outside of the block).  They come in various sizes from the small block that only has two individual flats, to a large block that could have 10 or more individual flats.  Nowadays it’ s become increasingly difficult to find a flat that you have use or access to the roof.  If there’s no roof available check to see where you can actually hang your laundry ?

These properties are often bought by busy individuals or couples who have a more restricted budget and time frame.

Maisonettes

Maisonettes come in different forms and it depends on the block that they form part of i.e. is it just a block of two or three maisonettes or does the maisonette form part of a block of flats ? Basically all maisonettes have their own entrance, stairs, and outside space.  If you are on Ground or Elevated Ground Floor you tend to have a yard with no roof, the other Maisonettes would generally have shared use of the roof.

These properties are also bought by busy individuals/couples and also young families, or couples who are wishing to start a family immediately.

Townhouses

If you’re looking for Townhouses you will find that they are more traditional in style and are a good buy for those who have the budget and the time to renovate them.  They often have old tiles, high ceiling small rooms and a winding staircase up to the second floor.  They make a nice home but some could do with quite a bit of renovation to make them work with todays modern lifestyle.

These properties are bought by those who have the budget, love traditional features and the foresight for restoration projects.  They could suit couples who are in no hurry to move in or don’t mind doing up the place whilst they’re living in it.

Unconverted Houses of Character

Unconverted Houses of Character can still be found nestling behind some hidden alley way.  They are a rare and beautiful treat.  They were very popular and were snapped up at bargain prices by young couples several years ago.  They are no longer so sought after by young couples starting out as they need allot of time, money and will power to complete.  This has become increasingly difficult to achieve with lifestyles having become that more hectic.

These properties are not for the faint hearted.  They are for those who love originality, large restoration projects, are willing to take their time and have the money to complete them. Some people also live in part of the house whilst the remaining part is being finished.  These are high maintenance properties and possibly not the right option as a first home, however if you are in a position to purchase one then they are definitely worth considering.

In the next article we will discuss ‘Benefits of buying different property types for first time buyers in Malta‘.

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