Buying Made Easy: 5 Expert Tips to buying Property in Malta and Gozo

aerial shot ancient city valletta malta

Stepping onto the property ladder is a great feat in life. Not only is property an investment, but it’s also a great way to secure your future and stability – investing in the Maltese property market is an exciting and fulfilling process.

But if you’re not all that prepared it could result in a number of stressful situations that could make the experience much harder than it has to be. Luckily the Simon Mamo experts are here to help and will always put their best foot forward in guiding you to property success in Malta and Gozo.

Learning expert tips, straight from the horse’s mouth will give you all the tools you need to find your dream home, go through the processes and get those keys for the big move in a few easy and swift steps.
Buying Property in Malta with 5 Easy Steps: The Simon Mamo Way
We’ve got a secret weapon and quite a few tricks up our sleeves; but our confidence in Malta’s real estate market is 100% due to our experience in the field and our passion for the industry. We’ve been through all the tumbles and challenges that Malta’s economic, social and cultural set upon the property market and found our unique way of rising above!

Our simple 5 step process to buying property in Malta is no different to any other real estate agency’s technique – but what we can guarantee is of the highest standard and a threshold above the rest is our attention to detail, client-oriented approach and focus on the ultimate goal: finding your dream home!
Kick things off with the Property Hunt through our Portfolio
We make things easy right from the start with our easy-to-use and highly responsive website; www.simonmamo.com equipped with all the features and assets needed to search for your dream home or secure rental investment.

Buying property in Malta is based on a few criteria, primarily the type of purchase you wish to be entering – be it a family townhouse in Rabat or a luxury apartment for rent in Marsascala, the probability is that we’ve got the choice for you.

You can begin your search by using our category filters and targeting exactly what you’re after in your next property. This will give you a good idea of what’s on the market within your budget.
Make things a little more realistic with the Bank Choice
Banking in Malta might take some coordination and planning, especially if you are new to the bank you eventually choose to take out a loan with. The most important part of this step is to take your time – you will be obligated to pay off your loan for a long stretch of years, so an extra month to make the right choice will definitely pay off in the long run.

Here you will speak about the amount that will be offered by the bank, the rates at which you will be paying back your loan, the duration of time to pay off the entire loan and other fees that may apply to your application.

Meeting with the bank will allow you to cement your budget and visualise your dream home within a financially stable target. This will also give our agents at Simon Mamo Real Estate the correct guidelines to help you choose the right property within your specifications.
The Expert Contact is where we become Family
With a thorough search through our website, a quick meet up with your bank of choice and a clearer picture in your head; your next step in making your dream home purchase a reality gets that little bit closer by meeting us – the Simon Mamo Real Estate experts who will guide you every single step of the way.

Our motto in every property search is simple and resonates with the principles of 1) getting our clients what they want, 2) finding the solutions to any issues that may crop up and 3) doing all this within a time and financial budget! During this phase you will make an offer and we’ll be there to negotiate on your behalf.

We don’t waste time, we get right to the point and show you properties that we know you will love. Neither do we go far outside your budget or take you to far away locations that do not appeal to your property location specifications. Family listens, guides and supports – and that’s what we’ll do for you!
Things get real with the Official Promise of Sale
This is where all the technical stuff comes into play and where an expert real estate agent will guide you into taking the right steps for an easier and more straightforward process. You’ll need to look into these 3 key phases to make a Promise of Sale contract work your way:

Find a notary that will conduct your research in a timely manner – this is usually a 3 month or 6 month period as agreed on with the seller.
Prepare the funds needed for the 1% Stamp Duty (if applicable) and the 10% of total property price to be held by the notary.
Draw up your Promise of Sale Contract with a “subject to bank loan” clause to make sure your deposit is secure should bank loan applications be rejected.
The Final Contract makes you a new Home Owner
It’s time for celebration… well almost… after a few documents are officially signed and the final bank cheque is handed over to the seller in your name. If applicable, you will also need to settle the 4% Stamp Duty before your new property keys are handed over!

We’ll be there for you during this stage too, so there’s absolutely nothing to worry about – simply prepare yourself for a nice dinner to celebrate your new success and step onto Malta’s property ladder!

Buying property in Malta through Simon Mamo Real Estate is an exciting process that will ensure your first, second or third home purchase is fun, easily-paced and straight to the point!
If you’re looking to buy property in Malta or Gozo, get in touch with one of our experts today to get the process started, maybe get steps 1 and 2 out of the way first; we’ll guide you through the rest in person!

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