Buying your first property is one of the most exciting and overwhelming moments in life. Between securing a loan, finding the perfect place, and navigating contracts, the process can feel like a maze. This step-by-step guide will walk you through everything you need to know, so you can buy with confidence.

1. Get Your Finances in Order

Before you scroll through property listings, you need to know your budget.

• Save for upfront costs: Deposit (usually 10%), notary fees, stamp duty, architect fees, and insurance.
• Check your loan eligibility: Visit different banks, compare interest rates, APRC (Annual Percentage Rate of Charge), and repayment terms.
• Look into schemes: First-time buyers in Malta and Gozo may qualify for deposit support, stamp duty exemptions, or housing grants. Check available grants here.

2. Create Your Wish List

Once you know your budget, decide what you want and what you’re willing to compromise on:

• Location: Proximity to work, family, and amenities.
• Property type: Apartment, maisonette, penthouse, or house.
• Size and features: Number of bedrooms, outdoor space, parking, and energy efficiency. Remember, your first property may not tick every box, so focus on your top priorities!

3. Start Viewing Properties

You can search through our agents, online listings, or directly from owners. During viewings:

• Inspect for water damage, mould, cracks, and structural issues.
• Ask for property plans and details of finishes together with ETAs if works are in progress.
• Check neighbourhood noise, nearby developments, and available amenities.

💡 Tip: Bring an architect for a second viewing to spot hidden issues.

4. Make Your Offer

Research similar recent sales and compare asking prices. Always make your offer subject to bank loan approval (and other conditions, like pending permits) to protect yourself.

Your real estate agent will help you understand recent sales in the area you are interested in and help you with negotiations and getting the right legal professionals to help through the entire process.

5. Sign the Promise of Sale (Konvenju)

A promise of sale (also known as a POS) is a legally binding agreement setting the terms of the purchase to protect both the buyer and seller in front of a notary usually chosen by the buyers, including:

• Price, deposit, and payment schedule.
• Any special clauses (loan approval, permits, completion date)
• Validity period (usually six months for bank-financed purchases) Your notary will register the promise of sale and begin the necessary legal searches.

💡 Tip: Your real estate agent can suggest legal professionals and check and confirm that the notary has indeed registered your POS.

6. Complete Legal & Financial Steps

During this stage:

• Finalise your home loan application and receive your sanction letter.
• Obtain building and life insurance.
• Your notary will confirm clear property title and compliance with regulations.

7. Sign the Final Deed

Once all conditions are met, you’ll sign the final deed at the bank or notary’s office.

You’ll need to prepare payment for:

• Remaining property price balance
• Remaining stamp duty
• Notarial and architectural fees.

Congratulations! You’re officially a homeowner! 🎉🎉

8. Time to Move-In & Settle

Don’t forget the post-purchase checklist:

• Update your address on your ID, driver’s licence, and with any current utility providers.
• Apply for any post-purchase grants (e.g., for renovations or energy-efficient upgrades).

And most importantly:

• Enjoy your new home! 🎉

Thinking of buying your first property? BENESTATES can guide you through every step, from finding your dream home to signing the final deed. Get in touch today to start your journey.