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‘.

If you stay realistic you will find a property. There are plenty of properties still being built but for that extra space or spare bedroom you may have to move slightly away from your preferred location to gain the property you really desire. Don’t be scared to move slightly out of your comfort zone if it’s the right property for you; you’ll be making the right decision. If you have seen a property that is higher than your set budget and it ticks a lot of the boxes on your wish list, then it’s worth seriously considering going that extra mile, as long as you can afford it and it’s not going to create undue stress.

Remember the sooner you get on the property ladder the easier it will be for you in the long run. The present financial climate is the perfect time for those who wish to enter the property market or to purchase for investment purposes.

How do you know if it’s the right property for you?

When you are at your viewings you will see if the properties are suitable, and you should also take into consideration your instincts and true gut feeling – quite often these are the right feelings to be guided by, BUT always keep in mind your budget because at the end of the day, the property is your commitment and no one else’s.

Once you have decided to buy a particular property you need to arrange a meeting with a notary of your choice, and a bank of your choice if a home loan is required. The estate agent can direct you to these.

In the next article we will discuss ‘General fees associated with buying & selling property in Malta.’

The biggest issue that first time buyer’s in Malta face is finding a suitable property.

Can first time buyers honestly find a property and get the financial backing for it? The answer is undoubtedly a yes; a yes however that does require clear and realistic objectives.

To provide clear objectives it is necessary to understand the process that you will go through in your life in regards to owning and selling your own property. Traditionally property is bought in three stages throughout your lifetime;

Stage 1:        Your first property as a single person or co-habiting with someone else

Stage 2:        Sell your first property and buy a larger property for you and your family/children

Stage 3:       Sell your larger property once your family has left home and downsize to a smaller property

With the three stages in mind it becomes clear that you are at the beginning of an exciting journey that the majority of home owners will experience.

It has become increasingly difficult if not impossible for first time buyers to buy the large house for life. Life has become more hectic and expensive, more women go out to work, plus the family structure is changing. It is no longer feasible to buy the large house on one income.

So can you afford to buy a place? YES, if you are realistic.

Buying your first property will most likely be the biggest financial step you will ever make. It’s a major step towards; independence, financial responsibility and security. Two key points that will help you find the right property are:

1. What is your budget? , and

2. What is your preffered location?

You need to take your time to answer these so don’t be put off if this can take up to a few hours / days or even weeks if necessary. A lot of soul searching is usually required at this time; you have your ideas and your partner has theirs, so a compromise will most probably need to be reached. Also the type of property and financial commitment you take on will tie in with the life and family style that you are expecting to live.

So, if it takes you less than 30 minutes to 1, arrive at your Budget, and 2, discuss your preferred location, then you probably haven’t thought about this seriously enough. Just re-think the process until you are happy.

Now you’re at the starting block and ready to approach an Estate Agent whilst keeping the two key points firmly in mind.

In the next article we will be discussing ‘viewing properties as a first time buyer in Malta’.