Second-time buyers

Reasons for a Second Home

There are basically three reasons why people become second-time buyers. They need a bigger house, they want a new house, they prefer a smaller house. The second-time buyer is typically a family person whose family has evolved somewhat. The one-child family expands and includes two or more children, and the need for a bigger house is felt. The family has been living in the same house for a number of years and there is a general feeling that mother or father wants to move on to new territories. Or perhaps the family has evolved to the point where the parents are facing a huge and empty nest, and they would now prefer having a smaller and more manageable space to live in. In reality, the Maltese tend to move house one or two times in their lives - in fact according to a recent (March 2015) survey it was confirmed that over fifty percent of the Maltese population have never moved out of their first home. This means that if you are on the move it is probably due to an exceptional milestone in your lives.

Whichever of the above categories that you may fall in, a considerable amount of experience in property buying has already been achieved. The early excitements, the frustrations, the satisfactions, and the practicalities - legal and non, to obtain a previous property has already been tasted. Now in view of the experience of purchasing other property/ies in Malta you should have have a much clearer idea of what the process of buying a new home will entail. In most cases, the misconceptions about home ownership has already flown out the window and the value of capital appreciation is understood.

If your family is growing, this will probably mean that you need more bedrooms and most likely another bathroom. It may also mean that you need more entertaining area and a largish family room. If your family comes with a few pets in tow, you probably also fancy a garden. If your children have moved on you are most likely looking to downsize. Probably into a one or two bedroom property to ensure space for the grandchildren or other guests, with similar amenities but with less maintenance in terms of time and cost.

Finding your Second Home

The Maltese real estate market is overflowing with potentially suitable properties for any of these options and the best way to ensure that you find what you are really after, is to choose a reputable estate agent who can understand your requirements, and source properties to fit in with your needs.

This time around you will likely be more assertive about what you want, you would have clear-cut ideas of what you need, and you will probably not be able to waste much time in making a final decision. Having said that, you may also have to extend your home loan in order to reach what will may be a higher price bracket and you may be relying on the selling of your present property to finance the new property. That is unless you may afford to use your present property as a rental investment.

If your purchase is dependant on selling your property you must place this as a top priority issue and whilst it should be settled before you can engage in the purchase of a new home, if you have done your mathematics correctly and have hired a competent real estate agent to value your home both activities may be done at tandem. Whilst purchasing a new home before selling your old may seem like a doable idea but it is also important to check with a bank about the possibility of a bridge loan as a fail safe. One must appreciate that a bridge loan may actually be a very expensive option that will cost you high sums of money in interest charges.

The Ideal Steps to take before Looking

• 1. Recommended to check with the bank first to understand what you can afford today and also find out what it would entail to get a Bridge Loan just in case you find a home before you sell yours.
• 2. Have a look at our property search engine and choose a RE/MAX Sales Associate that has the type of properties you may be interested in listed on his name. RE/MAX Agents share properties, however those that are listed by them personally are most likely the type of property they will specialise in selling.
• 3. Explain to your chosen agent your scenario and provide him/her with all the information you can so to avoid any disappointment. Many a time it has occurred where the exact information has been withheld and both agent and buyer / seller has been placed in awkward position. If you need to sell by a certain deadline than inform the estate agent as this will only assist you in the long run.
• 4. If you are depending on a sale, list your property with RE/MAX Malta. Consider the Exclusive Listing package which they are selling homes within 90 days.
• 5. Finally, set a deadline with the agent and start looking. Research has confirmed that it takes an average of four months or eleven property visits to find a property. If you take this into consideration, than you have a plan.

Utilising RE/MAX Malta as your agent

At RE/MAX Malta we pride ourselves in being professional as well as competent with the necessary market knowledge which comes with the largest database of properties available for sale and to let on the islands. You are most likely to use our database as the ideal source from where you will find your second home.

If you haven’t bought a property since 2004 than you probably haven’t experienced the superior service that makes RE/MAX Malta the leading real estate company in Malta.

Our agents are trained to specialise in particular niche markets which ensures our customers a sense of security due to the fact that when they choose a RE/MAX Malta agent they will be dealing with an expert in their respective field. Our training goes into further depth where we ensure that our agents understand all different aspects of the business including recent MEPA regulations, bank loans as well as understanding the costs of buying and of course market pricing, which is a major benefit for all buyers on the Maltese Islands.

Should you be looking to purchase a second home, you have come to the right place, where your real estate requirements are our priority and will be met with the experience you will need to enjoy a smooth transition to your second property.

Related Links

What To Keep In Mind When Buying A Second Home

Buying Your Second Home