Step by Step – Buying your First Property

Stepping onto the property ladder is always a wise choice. Investing in property is a smart way of securing your assets and a general rite of passage that can really put a spring in your step. Buying your first property is one of life’s greatest achievements – Clayton Failla, branch manager of Dhalia’s St Venera Office, shares his advice. 


Choosing your first property is a big commitment that gives many individuals a sense of ‘adulthood’ – a step into the real world. Although choosing your first property is an exciting and enjoyable process, your levels of stress may be on the rise, so finding an expert real estate agents is essential. 


Getting advice during this process is highly recommended – whether it’s from your family members who have already bought their first home or friends who are going through the same experience as you. Getting expert tips from agents who deal with First Time Buyers on a daily basis though, may be your best bet. Agents are trained to give you, the prospective buyer, the best advice based on their experience with other clients. Agents are equipped with the latest information that can provide you with the best experience in buying your new property – whether it’s your first home or a potential rental. The government updates its incentive schemes each year, so sticking to an agent will give you the inside scoop on how to benefit from local support. 



“The First Time Buyer scheme allows purchasers to save the five per cent stamp duty on the first €150,000 of the property price (approximately €5,250 in savings) when buying their first residential property,” Clayton explains. The first step here is to establish budgets and draw up estimates for your expenditure. This can all be dealt with by your agent, bank and architect, and your agent will be help you to make the most out of the First Time Buyers scheme.” 


Shop Around

Clayton’s advice here is to visit different banks – finding the best loan rates and conditions is another factor that your agent will be able to guide you through. The perks of the job in the real estate sector come in the form of connections. Be it bank connections, recommended architects or notaries – take your agent’s advice and learn to trust them; this will help you stay within your budget. 


The Facts

The First Time Buyers scheme is basically an incentive that is aimed at helping the public invest in property. The five per cent saved is intended to help new homeowners finish and furnish their property. In addition, reduced rates and manageable monthly repayments have been introduced by local banks to keep costs low and achievable.



The Trends

“When clients start thinking about purchasing a property, they may form an idea and a list of requirements when it comes to location, number of bedrooms, level of finishing and overall aesthetic decor.” Although targets are important, your budget always comes first. Clayton explains that this is where a good real estate agent needs to pull up his socks and make the client’s dream a reality. First time buyers generally lean towards a modern property where the finishing is contemporary and, possibly, the property is in its early stages of construction or at pre-construction phase. 


“They may also opt for two bedroom properties located in either the south or centre of Malta, where properties being sold for between €100,000 and €200,000 are easier to find.” 


Although age plays no role in this game, First Time Buyers do tend to be of the younger generation; but there are no limits. The target market, however, is made up of young graduates settled in their professions, newly-engaged couples or young families who are starting their life together. Whatever the reason, investing in property as a First Time Buyer is a rewarding way of stepping into the property market.