Considering investing in property in Malta? With all the options available, we understand that choosing a property can be quite an overwhelming task. Our experienced team at Frank Salt share a few perks of buying on plan.
1. Cheaper price
With property becoming increasingly more expensive – Malta being no exception – it’s becoming even harder for first home buyers to get a foothold on the property ladder. However, when compared to buying an existing property, one bought on plan may be cheaper – even more so if you buy before construction starts.
2. Do it up exactly the way you want to
As with purchasing property in shell form, a great benefit of buying on plan is the possibility of being involved in the design and layout of your property. Rather than having to accept it as it is once finished, you are in time to make changes to the layout proposed in the original plan, be it going for a split-level kitchen or creating an open plan. Of course, this depends on several factors, and must be discussed with the owner.
3. Watch it all take shape!
From a hole in the ground to a block complete with plastering and fixtures – it’s like watching your baby grow up! Emotional.
4. More flexible deposit options
Securing the purchase of a property on plan generally requires settling the initial 10% deposit. Most developments generally require staged payments, such as on signing the promise of sale and upon completion of the roofing. Some buyers prefer this method as it gives them time to organise their finances and save money in between payments. However, depending on the contractor, you may also have the option of agreeing on lower deposits and different ways of splitting payments.
5. It’s totally new!
Not only will your new property be designed for modern-day living with brand new fittings and fixtures, but as long as it’s well-built, you can also avoid ongoing maintenance that older properties often need. What’s more, your property will also be far more energy efficient to meet more stringent energy efficiency requirements, thus reducing your energy bills. Furthermore, those buying as a rental investment will maximise return as an incoming tenant may be prepared to pay more for the luxury of having an apartment that hasn’t been previously lived in.
Therefore, buying on plan provides an easier entry method into the property market and is also a relatively safe investment; many clients pay X for their property, and by the time they settle, its value may have shot up by thousands!
Having been in the business since 1969, we at Frank Salt have cemented our reputation as a leading real estate agency in Malta. So if you’re looking for property in Malta or Gozo, contact us or visit one of our various branches. Our highly-trained team is dedicated to finding our clients the right property, while offering the best service possible.
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