First Time Buyers

If you follow the next few steps and with the help of our professional advice your home buying journey will be smoother and enjoyable.

1. Check your finances.

One crucial mistake that first time buyers usually do is the start viewing properties based on what they wish not what they cannot afford. To avoid any disappointment the first thing one should look at is check your financial situation and what one can really afford. If one intends getting a loan, we suggest setting up a meeting with one or more representatives from local banks on the island.

These are a few things one has to look at beforehand:

• Deposit on account of the property price. This is usually between 10% & 20% if the selling price, but it may vary depending from which bank will you be getting a home loan.
• Check for any government schemes.
• Stamp duty. This is a tax payable over and above the selling price, the maximum is 5% but currently there is a first time buyer scheme the does not have any stamp duty up the first €150,000.
• Notarial fees, this is usually a percentage if the selling price. Ideally once should ask the chosen notary to give them an idea of costs beforehand. The only cost that cannot be confirmed are the research fees as they depend on the amount of researches a property owner has.
• Any over and above amount needed to complete and furnished a property if planning on buying an unfurnished property.
• Current loans and expenses.

2. Time to set a meeting with one of our agents.

Once a budget is set, it’s time to get to the exiting part. There are many types of properties of all forms and prices on the island, so let’s meet up and discuss what are the best options available for you. We will focus on the following point:

• Location
• Type of properties
• Number of bedrooms & bathrooms
• Size of property
• Indispensable requirements such as wheelchair accessible, lift or close to amenities.
• Desirable features such as garden, yard, pool views etc…

3. Get ready for viewings

Now it’s in the hands of the agent to start the ground work and offer you different options within your preferred criteria. We usually communicate view email and offer you different options, once you decide which ones you would like to view , we will set the appointments accordingly.

We suggest you give the agent your available time slots for appointments so we know beforehand when to set appointments.

Once we start visiting the properties you will be presented with details of the properties, plans and photos. We also suggest you take notes of the properties you short list and revisit the ones you really like.

4. Have you found “ The One”

Once you decide on a property you want to live in, it’s time to put down an offer, it is also a good idea to inform your agent about any detail that should be discussed with the owner before a deal is done, such as term of the promise of sale, time frame for moving in and inventory when furnished. Our agent will make sure to try and get you the best possible price for your chosen property. Once an offer is accepted by the owner and all the details agreed upon all we need to do is to find a trusted notary of your choice.

5. Signing a promise of sale

This is a very important part of the process and we will help you through all the steps. the‘Promise of Sale’ or Konvenju, is a pre contract between you and seller that sets out the terms you have agreed in writing.

Here are a few point which are covered by the ‘Promise of Sale’ :

• Date on which you will meet again to sign the final contract
• Conditions agreed upon
• Condition of pre-existing contracts
• Ground rent
• Dues to the government
• Condominium
• Inventory
• Plans & Permits
• Payment of agreed deposit and 1% of stamp duty

6. The day has come to get the keys to our new home.

The days you have been waiting for is finally here, let’s make sure we are all ready before we meet.

• Check with your bank manager a few week before that all paper work is ready such as insurance.
• Check with the notary that documents have been vetted and passed to the bank.
• Ask the notary to give you a detailed summary of expenses that need to be paid on the contract day.

Now You Are a Proud Home Owner !!!!!!!