Have you ever wished to live near the sea, to drink your morning coffee for your own balcony with the breath-taking view or spend hot summer days lying on the beach? It sounds like a paradise, doesn’t it? If you have decided to buy a summer house or an apartment somewhere far from your hometown, we recommend you Malta. In the following text, we are going to tell you how to buy an estate here.
As with any purchase, firstly, you have to make the list of all features your new home has to possess. How many rooms do you need? Do you want it to be an open concept? Do you require a large garden? Do you want it to be close to the main road? How important is public transportation for you? These are only some of the questions you have to ask yourself before starting the search for the ideal property.
Once you have come up with every condition, you have to hire a real estate agency. If you are a foreigner, this is the most important step. There is no way you can find and buy a house in your country on your own, let alone buying it in some other part of the world. If you visit remax-malta.com you will find numerous offers not only on the main island of Malta but only on the second-biggest one, Gozo.
When it comes to all legal requirements, here are some things you should know.
First of all, if you are an EU citizen can purchase only one property in Malta or Gozo, although you are able to buy another in “Specially Designated Areas” (Manoel Island, Cottonera, Tigne Point, Portomaso and Chambray). If you are some other nationality, you will have to get an Acquisition of Immovable Property (AIP) from the Ministry of Finance. In order to be granted this permit, there is a specific minimum value of the property. According to the law, the estate cannot be rented and it must only be used by the buyer and his family. If you want to purchase another property, you have to be residing in the country for at least five years.
Once you have chosen an estate, it is time to contact the seller and make an offer. The notary will draw up the contract, but don’t sign it before both sides have agreed on every condition in it. Next, you will have to pay 10% of the total price as a deposit. Also, you have to pay around 5% to the notary as the stamp duty amount. This first contract will be valid for 3 months, and during that time the notary will collect all the documentation regarding the property from the previous owner. After this, the final contract will be written. Upon signing it, transfer all your money from your bank to pay for the property. Additional fees include agency expenses that are shared by both sides and are usually around 5% of the property value and also notary fee.
All in all, as you know buying an estate can be a daunting task. Once you have completed all the steps, it is time to enjoy your new home.