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Buying your first home: Tips & Tricks
21 Mar 2023

Buying your first home is an exciting and significant milestone in your life. It is one of the biggest decisions you will ever make.

With so many things to consider, from your budget to the neighbourhood, it's normal to feel overwhelmed. It's essential to have a solid and realistic plan in place before you begin your search. This article shares helpful tips and tricks to navigate home-buying more confidently!

#1 Determine your budget

The first step is an imperative one. What is your budget? This doesn't apply solely to home-buying but also to many things in life, such as buying a car, planning a holiday, and starting a family. Before you start looking at property, know what you can afford. Outline your income, debts, expenses, and savings clearly to understand what you can afford to spend on a home.

#2 Know what you can borrow

This is an important step in the home-buying process. Get an estimate or an accurate quotation of how much you can borrow. This will also give you a clear picture of your expected monthly payments.

Remember that if you search for a home already knowing what you can afford, you have an advantage over other buyers.

#3 Choose the right neighbourhood

Your neighbourhood is the environment you see every day. Before buying a home, searching for a neighbourhood that meets your needs, routine, and lifestyle is important. Consider these factors:

l    Is the neighbourhood close to your office/school?
l    Do you have a nearby store to buy essential goods such as food? 
l    Does the neighbourhood cater for how you start off your morning?

#4 Hire a real estate agent

A real estate agent can guide you to find the right home. They also support you in negotiating a deal and navigating any potential issues. Make sure to choose a reputable and experienced agent who has your best interest in mind.

#5 Get a home inspection

Before closing the deal, it's vital to get a home inspection. This will identify any issues with the home, such as structural problems, leakages, roof condition, and any repairs needed. Getting caught in the big picture and overlooking the simplest details is easy.

Remember that these details can impact the long-term cost of owning the home.

#6 Plan for the future

Planning is key whether you've just applied for the loan or already bought your home. Consider your long-term goals, such as starting a family or a comfortable retirement, and ensure that your home meets your needs now and in the future.

Buying a home can be a complex process. Still, with the proper preparation and guidance, it will be a rewarding journey. Remember to take your time, research, seek advice from reputable experts and keep track of the whole process.

Where do you start?

You can start taking the first steps today online. You don't need to visit a branch. Through our Online Home Loan Tool, you can:

l Obtain an accurate or rough estimate of how much you can borrow 
l    Get an accurate quotation
l    Apply for your home loan 
l    Monitor and track the status of your pending application

This can all be done online without leaving your home.

Check it out.


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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).