Are you thinking of buying your first house? It’s quite the life achievement and takes a lot of planning and time, and you can’t really do it alone. That’s why it’s important to team up with a property agent who knows what they’re doing.
RE/MAX Malta is a real estate agency with over 30 offices in Malta and over 400 associates and agents ready to help you find the perfect home. They’re basically property matchmakers and will help you find the house of your dreams.
If you’re getting ready to start looking for your dream house, then boy do we have great news!
We’ve teamed up with RE/MAX to list some things you need to know before setting off.
And remember; your RE/MAX agent probably has all the answers, so don’t be afraid to ask any questions!
1. Set yourself a realistic budget
There’s no point in looking at properties if you don’t really know what you can and cannot afford. So the first thing you need to do is take a look at your finances and see where you stand. You might need to borrow some money (take out a loan), and in this case your bank will be able to give you an indication of your borrowing limit.
This limit is set based primarily on your salary, but other expenses you may already be committed to are factored in too.
2. Make yourself a ‘wish’ VS ‘need’ list
You might wish for a five-bedroom home, but in reality you probably only need a three-bedroom one. You might wish for a separate study room, but on the other hand you absolutely need an outdoor space for your dog. This will help your specialised first-time buyer RE/MAX agent to come up with a preliminary list of properties that match your needs and wishes.
Once you have this preliminary wish, you can highlight your favourite listings so that your agent can arrange viewings for you and look for other similar properties.
3. Give some extra thought to the location
Once you’ve narrowed down the final list of properties with your RE/MAX agent, take some time to think about the location of each property. Your agent will be able to make suggestions based on any future needs you may see arising based on plans (like having a family) or how likely it is that the area may be developed in the future.
If the property and the location seem to be the one, it’s time to move on to the next step.
4. Signing a Promise of Sale
Once you have a dream property identified, it’s time to make an offer. Compare the prices of similar properties in the area, remind yourself of your budget, discuss things with your agent, and suggest a price. Once you have agreed on a price, a date is set to sign a ‘Promise of Sale’. This is a contract between the buyer and seller where terms and conditions are made official and put in writing.
The contract would also include a date for signing of the final contact (also known as the Final Deed), and this date would serve as a deadline for the buyer and the seller.
5. Signing the Final Deed
If and when all the conditions set out in the promise of sale are met, you can sign the final deed. This contract will officially make you a homeowner! At this stage, you will need to pay all pending balances – which your RE/MAX agent will oversee and help you to make sure you have everything covered.
Now all you have to think about is moving all your belongings into you new home, no biggie…
You can read more about buying your first property with RE/MAX Malta right here
They’re ready to help you find ‘the one’ and pair you up with your dream home.
With hundreds of property listings available and hundreds of agents ready to help, it won’t be long until you officially become a home owner.