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Everything you need to know about buying your first home in Malta

First-Time Home Buying in Malta

Embarking on the journey of purchasing your first home in Malta is a milestone filled with excitement and opportunities. For many, it signifies a major step towards independence, financial stability, and personal growth. The process, while rewarding, comes with its challenges and complexities, making informed guidance and support invaluable. First-time buyers in Malta can benefit from a range of schemes and incentives designed to make this significant life event more achievable and less daunting.

First-Time Buyer Scheme (FTB) Overview

The First-Time Buyer Scheme (FTB) in Malta offers a helping hand to those purchasing their first home, providing a €10,000 grant spread over ten years. This initiative, aimed at properties bought between October 12, 2021, and December 31, 2024, seeks to lighten the financial burden on first-time homeowners, making the dream of owning a home more accessible to a broader audience.

Eligibility Criteria

To qualify for the First-Time Buyer Scheme, applicants must meet specific criteria. Key requirements include being a Maltese resident and the property in question being the first immovable property acquired for the applicant’s sole and ordinary residence. This scheme is targeted at assisting residents in securing their first home, emphasizing the need for the property to be the applicant’s primary and only residence.

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 Additional Financial Assistance Schemes

  • Deposit Payment Scheme: Supports individuals under 39, aiding with the 10% property deposit not covered by loans. More information can be found on the Housing Authority’s services page.
  • Equity Sharing Scheme: Tailored for those 30+, this scheme helps those whose age and income limit their loan amounts, offering a viable path to home ownership.
  • Home Assist Loan Scheme: Aimed at low-income earners, this initiative provides an opportunity to finance a home loan, making homeownership accessible to a broader demographic.

These schemes collectively aim to reduce the financial barriers to homeownership, addressing various needs and circumstances of first-time buyers.

Practical Steps for First-Time Buyers

Embarking on your first home purchase requires careful planning. Start by setting a realistic budget, considering your current income, savings, and expenses. It’s crucial to understand the full spectrum of costs involved in buying a home, including down payments, closing costs, and ongoing maintenance. Visiting your bank or a financial advisor to discuss mortgage options will provide clarity on what you can afford, laying the groundwork for a financially sound decision in your property search.

Here are some recommended steps to take as a first-time home buyer:

  1. Assess Financial Health: Start with an honest evaluation of your financial situation. This includes understanding your income, debts, and credit score.
  2. Set a Budget: Determine how much you can comfortably afford to spend on a property, including mortgage payments, taxes, insurance, and maintenance.
  3. Save for a Down Payment: Aim to save at least 10-20% of your home’s purchase price for a down payment.
  4. Get Pre-approved for a Mortgage: Approach banks or financial institutions to get pre-approved for a loan. This will give you a better idea of what you can afford and strengthen your position when making an offer.
  5. Understand Additional Costs: Factor in additional costs such as stamp duty, notarial fees, and any renovations or furnishings needed.
  6. Consult with Professionals: Consider hiring a real estate agent who specializes in first-time buyers. They can provide valuable guidance and help navigate the buying process.
  7. Research Financial Assistance: Look into government schemes and incentives for first-time buyers that can help reduce the financial burden.
  8. Visit Multiple Properties: Don’t rush. Take your time to visit various properties to find the right one that meets your needs and fits your budget.
  9. Consider Future Needs: Choose a home that can accommodate your needs for the next several years, considering potential changes in family size or employment.
  10. Finalize the Purchase: Once you’ve found the right property, work with your agent and legal counsel to make an offer, complete the necessary inspections, and finalize the purchase.

How Simon Mamo Can Help

Simon Mamo Real Estate is dedicated to guiding first-time buyers through the intricacies of purchasing their first home. Our expertise not only lies in finding the perfect property that fits your budget and preferences but also in offering comprehensive support through financial schemes and incentives available for first-time buyers. From navigating the First-Time Buyer Scheme to understanding additional financial assistance options, Simon Mamo ensures a smooth, informed, and personalised buying experience.

Ready to embark on your journey to homeownership? Simon Mamo Real Estate is here to guide you every step of the way. From exploring financial assistance options to finding the perfect first home that suits your budget and lifestyle, our experts are dedicated to making your dream a reality. Don’t hesitate to contact us for a personalised consultation or to begin your property search. Your new home awaits, and we’re excited to help you find it.

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