Buying your first property is an exciting milestone, but it can also feel overwhelming. At MeDirect, we want to ensure that your journey to home ownership is as smooth and stress-free as possible. Here’s a comprehensive guide to help you navigate the process:
Getting ready
The first step in your home-buying journey is to determine how much you can afford. Consider your savings, income, and any financial assistance you might receive. It’s essential to factor in additional costs such as stamp duty, notary fees, and moving expenses. A representative from you bank’s home loans department can help you understand your borrowing capacity and find the best mortgage options for you.
Before you start looking, think about what you need and want in a property. Consider factors such as location, size, number of bedrooms, outdoor space, and proximity to amenities. Prioritise your must-haves and nice-to-haves to help narrow down your search.
Viewing Properties and Making an Offer
Once you have a clear idea of your budget and wish list, start viewing properties. It’s a good idea to visit multiple properties to get a sense of what’s available in your price range. Take notes and photos to help you remember each property and compare them later.
When you find a property you love, it’s time to make an offer. Your real estate agent can guide you through this process, helping you decide on a fair offer based on market conditions and the property’s value. Be prepared for some negotiation before reaching an agreement.
Signing the Promise of Sale (Konvenju)
Once your offer is accepted, you’ll sign a Promise of Sale agreement, known as the Konvenju. This legally binding document outlines the terms and conditions of the sale, including the purchase price, deposit amount, and completion date. You’ll typically need to pay a deposit at this stage, usually 10% of the purchase price.
Final Deed
Before the final deed is signed, your notary will conduct due diligence to ensure there are no legal issues with the property. Once everything is in order, you’ll sign the final deed in the presence of a notary, the seller, and your bank representative. This is when the remaining balance of the purchase price is paid, and you officially become the property owner.
Moving In
The final, and most exciting, step is to move into your new home and start settling in. Make sure to update your address with relevant institutions and set up utilities. Take your time to make the space your own and enjoy this exciting new chapter in your life.
At MeDirect Bank Malta, we’re here to support you every step of the way. If you have any questions or need assistance with your mortgage, don’t hesitate to reach out to our team of experts.
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank’s lending criteria. Your residential immovable property may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured on it. The Bank is also registered as a Tied Insurance Intermediary under the Insurance Distribution Act 2018. Terms and conditions apply and are available on request.
MeDirect Bank (Malta) plc, The Centre, Tigné Point, Sliema, TPO 0001, Malta.
