If you are still in doubt don’t forget there are professional companies who are more than willing to help you and answer any particular questions that you may have.

Our aim has been to give you hope in that you can find a property in malta, provide you with sound advice and help you get to grips with some of the main terminology.

You are now well armed and should have the the confidence to know ;

What to do :

• have clear & realistic objectives
• understand the traditional three stages of buying property
• decided on your budget
• decided on your preferred location

When to do it:

• going to an estate agent
• viewing properties
• going to a bank if a mortgage is necessary
• contacting a notary to take care of the convenue/konvenju (contract of sale)
• understanding the process and fees of an estate agent & notary

What to expect:

• know the three main conditions of buying a property (shell, semi-finished & finished)
• having an understanding of which property condition best suits your situation
• have an insight into what First Time Buyer’s are buying
• have a good overview of what are the most common types of properties that are bought
• know what the main types of properties are
• having an understanding of the benefits of each different property type
• realising which property type best suits you
• an overview into general questions that are often asked by First Time Buyers.

All the information provided has been general and remember nothing is set in stone.

Everybody is individual and all properties are individual. Your needs and wants could even change during this process and also whilst you are viewing property. Don’t worry be flexible and just adapt to this change as it’s quite a normal reaction to have.

Be confident that you will find the property you want and ask for advice if you need it.

We wish you luck and congratulate you on soon becoming a home owner

From every direction close friends and family will be throwing good willed advice to you and especially where costs are concerned. This can suddenly make the whole process seem discouraging, confusing and fill you with unnecessary doubt.

This article sets out to clarify many of these doubts and help you move forward on this exhilarating journey.

It’s important to understand that there are additional costs attached to buying a property and what these costs are. To prevent you from getting your fingers burnt or not being able to afford the property it would be better for you if you roughly estimate these costs in the very beginning, and take them into consideration with your overall budget. This will allow you to remain excited and thrilled about your new venture and not filled with regret.

The following parties will be due payment when you buy and sell property;

• Real Estate Agent Fees (buyer chooses their own Real Estate Agent)
• Notary Fees  (buyer chooses their own Notary)
• Inland Revenue Fees / Capital Gains Tax (which are collected through the Notary)

The Fee structure is split into two categories i.e. are you the;

• Buyer    (or)

• Seller

Real Estate Agents & Their Fees

You will seek the services of an Estate Agent to find you the property that best suits you. This takes alot of time and research. They will have the contacts, market knowledge and experience. With this they will be able to show you appropriate properties whilst offering you sound advice thus making the whole process so much smoother. This saves you an incredible amount of time and takes the headache away from looking for property independently. When it comes to services outside of their scope they will be able to direct you to professionals who can help you.

As the buyer of the property you don’t have to pay the Estate Agents Fees. These are the costs for the seller and are very often included in the selling price. The Agents Fees are split into two:

1.Open Agency which is when the property has also been advertised with other agents. However if you have seen a property with one agent you cannot go and view the same property with a different agent. This fee is a standard 5% + Government VAT (currently standing at 18%), and

2.Sole Agency which is when the property cannot be sold by or through anyone else. This fee is also set at a   standard  rate of 3.5% + Government VAT (currently 18%)

Notary Services & Their Fees

You will need to use the services of the Notary to ensure that all the legalities are covered . They will draw up the Sale of Contract (convenue/konvenju) with the complete and full information whilst safe guarding all parties involved. They know the ins and outs of the legal structure, are experienced in this field and can also offer you sound financial advice when selling and buying.

In the next article we will be discussing the ‘legal and contract stages of purchasing property in Malta‘.