Buy or rent a flat - What you need to look for
If you would like to buy flats in Malta or enter an agreement where you can long let one (a contract where the property is leased for at least six months), in this article we outline a list of factors to consider when looking for the right one.
Factors to Consider
Flats (otherwise known as apartments) are found in great abundance in the Maltese market. Previously the main housing options on the island were townhouses and terraced houses. Lately, due to the increase in population, the Maltese have been building blocks of apartments to accommodate a number of families in an area previously occupied by one. This type of property in Malta comes in different shapes and sizes, with those situated higher up the block selling or being rented at higher prices than those on the bottom floors. Since they make use of a common entrance, the apartment owners generally share the associated maintenance and upkeep costs. Newly built ones generally are serviced with a lift, but older ones might lack this feature - something you would need to take into consideration if you are eyeing one on the topmost floors. Budget, location, number of bedrooms and bathrooms, total area, the availability of a balcony or terrace: these are other things that you would usually consider when looking for a flat to rent or buy.
Budget for renting or buying
If you are working with a real estate agent keeping your ceiling budget in mind you can find the best place that you can afford. If location is not a problem, you can go for cities where the real estate rates are lower, so that you can rent a bigger apartment within the same price range. A real estate agent can show you which apartments best fit your requirements. If you use realestates.mt, you can browse through the local selection being advertised by agencies, while being also able to view those properties for sale or rent directly from their owners.
Conditions of the place
Moving into a new house is exciting and stressful at the same time. When viewing a flat you wish to rent or buy, keep an eye open for the condition of the place first. Is it brand new, used, furnished or half-furnished? Are you ready to spend money on renovations, or maybe a new paint job if you are considering buying a relatively cheap apartment that you feel has great potential? On the other hand, you can always invest in a brand-new property with its advantage being that it is finished to suit your personal tastes and needs.
The legal process of renting or buying a Flat in Malta
Let us say you found one of your liking. How does the legal process of acquiring the property go? If you are working with an agent, you should find out how long it has been on the market. Are there other potential buyers? Schedule a viewing of the property so that you can have a feel of what the neighbourhood and the flat itself is like. Be firm with your ceiling budget because if you go overboard, you might run into monetary problems later on. Once your offer is accepted, make sure that everything is in perfect legal order, whether you are buying or renting the property.
True enough, nothing’s more exciting than the prospect of acquiring new real estate property, whether it is rented or bought. If there is one that you wish to acquire, it would greatly help to do thorough research so that you can find a unit that is best suited for your lifestyle, budget, and even your personality.