First Time Buyer
Buying your first home need not be a stressful experience
At Sara Grech, we are committed to helping you find your dream home.
Personal tips and guidance
We’ve matched you with an experienced Superhost to answer all of your questions, whenever works best for you.
Arrange your meeting via Calendly
We use a business communication platform to give our customers the option of booking an appointment with the agent of their choice. If you wish to get in touch with an agent you can view the agent’s calendar and click on a slot that suits you best. You will then receive a confirmation email about your booking.
Arrange a meeting via email or call
It’s up to you the way you choose to communicate with our agents. You have the choice to either call, email directly, or book a meeting straightforwardly with the agent through Calendly.
When buying your first home
Buying your first home is one of the biggest milestones. It’s so exciting but with this excitement comes commitment and there’s a good chance that buying a property could be the largest purchase you make. So, as you start to search and prepare, here are a few tips to consider.
Visit the banks and find the best option for you. Doing your homework and knowing what is available for you will best determine what type of property you will search to buy.
Work out the fees you will incur for the purchase such as bank loan charges, architect fees, permit costs if any, Water & electricity applications, Notary fees, and Stamp duty.
Look at the first-time buyer incentives being offered. Currently, first-time buyers are exempt from paying stamp duty on the first € 200,000. If a first-time buyer purchases a property which is built over 20 years ago and has been vacant for more than seven years or is newly built in the typical Maltese style and architecture, a grant of € 15,000 (in the case of Gozo € 30,000) to be used towards the restoration.
The above are effective till October 2024.
There is also the Property Acquisition Grant. A first-time buyer who acquires their first residential property after 1st January 2022 will receive a grant for €10,000 which will be given over a period of 10 years. The grant will be given once a year through payments of €1,000 each and go towards the buyers’ home loan. This grant covers property purchases till end 2023. The maximum allowed value of the property is €500,000.
You are now ready to start your property search. We look forward to helping you achieve the best possible property.
The most popular locations for the first time buyers are either within UCA (Urban Conservation areas) or properties listed in the following locations which are well priced;
Qawra, St Paul’s bay, M’Scala, B’Bugia, B’Kara, Zebbug, Burmarrad, and Iklin.
Things to look out for
It is highly recommended to buy your first home as early as you can so that as you enter your retirement the equity in your home will be important to your financial health. This does not mean that the first home you buy will be your last, however, it will be a stepping-stone into the property market.
Do not look for that ideal home that you see yourself in for 10-20 years but a starter home for the first three to five years. When you sell your first home and would have lived in it for over three years you are free from tax on the sale proceeds.
Currently, Malta is experiencing a buyers’ market which means that prices are stable and there are plenty of properties to choose from. This is certainly your cue to grab yourself a good property. Buying property has long proven itself a strong investment.