Buying a property through ESTATE AGENTS in Malta

However you find a property to buy in Malta, during this type of economic climate real estate agents are bound to be in a better position to assist you in finding a property in Malta or Gozo. They are in touch with thousands of property owners on a daily basis wanting to sell urgently and therefore there may be a deal out there just waiting for you. So the better you know and work with them, the more likely you are to get the property you want.

Even though estate agents act on behalf of the vendor, those that sign up to a code of practice will look after anyone who registers and buys through them. Good agents recognise that treating buyers professionally is essential if they are to gain a sale. The really good ones also recognise a longer-term advantage if they treat you well — you may contact and instruct them to list your property for sale in Malta or Gozo with them later.

Put yourself in the estate agent’s shoes for a moment. Most people that register with them to buy a property never go through with it. Nevertheless, they still have to do all the work: get details prepared and sent out, follow up to see if they want to view a property, take them to viewings and continue to follow up on the vendor’s behalf. Imagine if half of your work were a wasted effort. How would you feel? So, don’t be too hard on estate agents. If you can show you are a serious buyer, you are much more likely to receive a good service and quality attention.

And don’t be too hasty to reject all estate agents. Unlike in the States, there appears to be a real lack of trust between agents, buyers and even the sellers.

Hopefully, having read these pages, you will better understand why agents ask the questions they do and do some of the things they do - even the things that irritate you.

BE SPECIFIC ON YOUR BRIEF

 One of the most common ‘dinner party’ gossip complaints by buyers is that your agent sent property details outside his/her brief: the properties were too expensive, under the specified budget, had too few bedrooms, or too many, had no garden or something else that you did not want.

 

WHAT QUESTIONS AGENTS ASK AND WHY

When you register as a buyer, the first job for the real estate agent in Malta is to validate you as a real buyer for themselves and for vendors. They do this by asking standard, key questions. Here are some of them.

It can’t be stress enough the importance of being honest when answering any questions a real estate agent may ask. If you are not honest it is likely that you will be found out at some stage and your offer may fall through, losing you the property you wanted. 

 

Have you a property to sell?

 The agent needs to work out if you are a potential future instruction (you might sell your house through them). Furthermore, the agent wants to find out if you are in a strong position to buy.

 
Are you a cash buyer?

The vendor will want to know this. If you are not a cash buyer and there are properties that need to be sold quickly, there is little point introducing you to those.

 If you are not in this position and went to view such a property, you would no doubt tell off the agent for wasting your time, Many people don’t really know what cash buyer means. There are two types. A real cash buyer has an amount of money that is immediately accessible and equals the price of the property to be purchased. The second type of cash buyer has nothing to sell, but needs a mortgage to fund the purchase.

What stage is your sale at?

If you are selling a property, the agent will ask whether you have received any offers, how long your property has been on the market and he may want to see it to value it and make sure that its priced to sell. This helps the agent assess if you really are intending to purchase and are not just having a look. It also helps them to judge how quickly you could make an offer and in what time frame you are likely to be able to sell your property.

 
Have you agreed or looked at obtaining a mortgage?

The main reason agents ask this question is that if the buyer does not investigate with a local bank, based on their salary/equity, how much they can borrow from the bank he/she may eventually end up disappointed later when he/she finds out that he/she cannot afford to buy the property because the bank will not provide them the finances required. This also affects the vendor which, at the end of the day, affects the reputation of the estate agent not to mention the hard work and wasted time of the agent having been mislead with a false budget. This happens all the time and can be frustrating for an agent.

 

Look out for this blog for more interesting articles, tips on buying and updates on Property in Malta.

 

‘Hotel for businesses’ opened in Swatar

 

Prime Minister Lawrence Gonzi yesterday inaugurated a new business centre in Swatar, Malta -which he described as a “hotel for businesses”.

 

The Regus City Centre is a building full of offices that can be rented out for short or long periods and are supplemented with common kitchen and printing facilities.

 

“We take care of your office and everything else, while you take care of your business,” Olivier de Lavalette, Regus’s vice president said.

 

Regus is an international company based in 75 countries and in more than 1000 different locations.

 

It provides a flexible and convenient solution to travelling businessmen who need a place to work - but it also gives a chance for young companies to have fully functional offices without having to make a big investment. 

 

Dr Gonzi thanked Regus for choosing to bring its business model to Malta, where every square inch of space is extremely valuable, making it expensive to buy property. He said it was nice to hear good news at a time of global economic slowdown.

 

Mr de Lavalette said Malta had been chosen because it is a growing economy, part of the EU, and full of trained and educated people.

 

Brought to you by www.timesofmalta.com

 

If you are looking to start up your business and do not want to risk renting an office for more than one year or over, the Regus Business Centre or Flexible Office Space may be the ideal solution for you.  Contact a reputable real estate agent in Malta that can assist you in seeking out such a commercial property in Malta.

 

MAKING A WISH LIST

When people first look to buy a property in Malta or anywhere, they often start out with an assumption of how many bedrooms they want and then see what it might cost. This maybe jumping the gun.  Buying a house is probably one of the biggest purchases or investments you will make.  So rather than look at how much properties cost, why not first think about the way you live your life in relation to your home?

                For example, what is it you like about your current home? What is it you don’t have now but want from a new home? This exercise is not just about what you want, but also about what you really need.  Here is a list of questions prepared that you need to ask yourself to assist you in deciding what you really are after in terms of Type of Property, Where you want to live and what you really require for your new property in Malta.  These questions will also help you communicate with your real estate agent in Malta.

WHY CREATE A WISHLIST?

§  Everyone agrees on what is important to everyone else involved in the move. Unless you have an unlimited budget, there may be compromises you need to make.

§  Knowing your ‘must haves’ is helpful. You may need to prioritize features according to your budget. The clearer you are about what you must have compared with what would be nice, the easier it will be for any estate agents helping you find a property.

§  A detailed brief for your agent makes it easier for them to send you to properties that you are likely to want to buy. They may also tell you that what you want is impossible in a particular neighborhood or within the price range you’ve given, so you may need to go back to your lists and start making some hard choices.

§  You can take a ‘reality check’ by putting some figures against the list and see exactly what you can financially afford. There are two types of finances to consider:

-          The cost of buying a property in Malta which involves fees such as legals and surveys.

-          The running costs associated with moving to a new home. These may involve increased mortgage and utility payments.

 

WHERE DO YOU WANT TO LIVE?

§  What type of area do you want to live in?

§  You might be sure where you want to live but what about the rest of the family?

-          Will moving to a different type of area affect your daily routine?

-          Out in the sticks: no neighbors, no local amenities.

-          In the city: lots of action, lots of noise.

-          Villages: good for schools, local amenities.

WHAT TYPE OF PROPERTY IN MALTA DO YOU WANT TO LIVE IN?

§  Being sure on this can help narrow down where you look for properties.

-          Older property: lovely character but maybe hidden costs or restrictions.

-          New build: you’re the first to live there, but when will it be finished?

WHAT CONDITION DO YOU WANT THE PROPERTY TO BE IN?

§  You may initially like the idea of renovating a home, but are you happy to replace kitchens, bathrooms or floors?

§  If you agree that you are happy to view properties in a poor condition, does that mean you will do structural work or just painting?

§  Or are you prepared to pay a premium for somewhere in excellent condition but if it doesn’t exist, are you prepared to pay less and then get someone in to do the work? 

TRAVEL TIMES AND DESTINATIONS

§  Living in the far from your work like Mellieha or M’Scala might seem a good idea to begin with, but what if it means long travel times and what if you work in Sliema or Valletta?  You need to identify your regular journeys and what you consider a reasonable amount of time:

-          Work: half an hour each way; what’s acceptable?

-          School: do you need the school run or can the children all walk or take public transport instead?

-          Amenities and leisure activities: how far to the nearest supermarket, hairdresser, doctor, golf club, video rental?

-          Public or private transport: congestion is increasing but is public transport better?

-          Regular visits: are you prepared for longer journeys to see people or keep appointments?

WHAT FACILITIES DO YOU NEED?

§  If you have children you may want to get home at a reasonable time. Or if you go to work early and return late, having late-opening local shops might be essential.   If you enjoy a drink on a Friday and Saturday night, are you happy to get a taxi home or does the entertainment need to be on your doorstep?

§  Clubs and associations: are your interests catered for in the new area; will they be better or worse than now?

§  Health: is it important to be near a doctor and hospital or can you live with them further away?

§  Outdoor facilities: do you use local parks or other facilities much and do you want more?

WHAT ACCOMODATION DO YOU WANT?

Having a clear idea of what you need and want helps you give a good brief. Make sure you know:

§  How many reception rooms, bedrooms (double or single), bathrooms you need.

§  Does any room need to be a certain size; does your favorite furniture fit?

§  Do you need a garden big enough to play in or land to accommodate a horse or other pets?

§  Garage or off-street parking: can you leave your car(s) on the street or does your insurance require them to be parked off-street?

 

By narrowing down your options and focusing on what you really need and afford as opposed to what you would like to have will assist you when dealing with a professional real estate agent in Malta or in Gozo.  In reality, the property value of real estate in Malta or anywhere for this matter is what it is according to the day’s market.  Being realistic will save you time in finding the right property. 

 

If you require any information regarding property in Malta or Gozo kindly do not hesitate to contact us at one of our offices or you may go direct to our website and view our vast selection of properties available in Malta and Gozo.