Top Mistakes First-Time Buyers Can Make When Purchasing Property in Malta 

Buying your first home is an exciting milestone, but it often comes with feelings of uncertainty and trepidation. First-time buyers in Malta frequently fall into common pitfalls that can lead to unnecessary stress, delays, and unexpected costs, making the process more complicated than anticipated.  

At PLAN Homes, we understand these challenges and are committed to guiding you through each stage, ensuring you make informed, confident choices. Below are key things to consider as you embark on your journey toward homeownership. 

Get Pre-Approved for a Home Loan First 

Before diving into property searches, it’s essential to secure pre-approval for a home loan. This gives you a clear picture of your budget, helping to streamline the process and avoid wasting time on properties that aren’t within your financial reach. Local banks in Malta, including BOV, HSBC, APS, and BNF, offer home loan options. Typically, banks are willing to finance up to 90% of the property’s purchase price. Home loan repayments are usually spread over 40 years or until you reach retirement age, whichever comes first.  

Consider Emerging Area

While it’s tempting to focus on well-established, high-demand locations, don’t overlook emerging areas. These locations can offer superior value, larger spaces, and significant long-term growth potential. By exploring less competitive areas, you may find affordable properties that offer greater opportunities for future appreciation, as well as a quieter, more relaxed lifestyle away from the hustle and bustle of crowded zones. 

Be Prepared for a Longer Buying Process 

The home-buying process in Malta often takes longer than expected, especially for first-time buyers. Between legal searches, permit approvals, and bank processes, transactions can stretch out over several months. Be patient, and don’t rush into decisions. Prepare for delays and stay flexible, so you’re not caught off guard. Understanding the full timeline will help manage expectations and reduce the stress of waiting. 

Always Have a Property Inspection 

It’s easy to assume that a newly built or recently renovated property is flawless, but hidden issues can lurk beneath the surface. Structural defects, plumbing issues, or subpar workmanship can quickly become expensive problems. Always get a comprehensive property inspection by a certified surveyor and/or architect. This could save you from unforeseen costs and ensure that you’re not inheriting costly problems down the line. 

Know What You Can Afford 

While your home loan pre-approval will give you an idea of your borrowing power, it’s essential to look beyond just the monthly repayment amount. Be realistic about your financial situation and factor in other costs, such as notary fees, stamp duty, ongoing maintenance, and potential renovations. It’s easy to underestimate the full financial commitment of homeownership, so be thorough in assessing the total cost.

Bonus tip: Take Your Time! 

Buying your first property is a big decision, so don’t rush it. It’s natural to feel pressure, but this is likely the biggest financial commitment you’ll make, so it’s worth taking your time. Don’t settle for a property that doesn’t meet all your requirements. Carefully consider your options, ensuring the home you choose will satisfy both your immediate needs and long-term goals. 

Conclusion 

Buying your first home should be an exciting, rewarding journey, not a stressful one. By avoiding these common mistakes, you’ll make more informed decisions, effectively manage your budget, and enjoy a smoother home-buying experience.  

At PLAN Homes, we’re here to help guide you every step of the way, offering expert advice and a wide range of properties that fit your needs.

See our current developments to explore further or contact us today to book a viewing.