Issue link: https://maltatoday.uberflip.com/i/1513737
36 | Architecture & Design HOW TO BUY PROPERTY IN A COMPETITIVE MARKET B y L a r i s s a C i a n t a r S e n i o r M a n a g e r – M o r t g a g e L e n d i n g a t M e D i r e c t B a n k ( M a l t a ) p l c T he property market in Malta can be very competitive, leaving both home buyers and investors scrambling to find properties that meet their needs but that are also within their budget. If you've been wondering about how you might be able to get ahead of the game, here are some tips that might come in useful. BUDGET PROPERLY Creating a proper budget is not necessarily complicated but is always extremely useful. This includes knowing how much your bank will lend you and other expenses you will need to cover. If you have total clarity on how much you can afford, it's easier to take a decision when a property you like comes up. The ability to make swift decisions can often determine whether you secure the home you desire or miss out to another buyer. DO THE RESEARCH Another way to get ahead of the competition and put yourself in a position to decide quickly is through research. Sitting back and waiting for the property you want to miraculously appear is not an effective strategy. Get out there and look around. Visit as many properties as you can. This will help you understand the market better and give you confidence when it eventually comes to putting in an offer. You will realise that perfection does not exist but this will help you to better understand what compromises you are willing to make, either in terms of locations or the nature and layout of the property itself, to be able to finally take a decision. GET THE RIGHT ADVICE When discussing your finances and any investment in property, it's always important to talk to professionals. Friends and family may mean well but they are unlikely to be fully up-to-date with today's realities or have the right expertise when compared to real estate agents or financial advisors. Being able to properly assess a property quickly also plays a key role in giving you the confidence to take a decision. By following the above tips, you will have much more confidence and control over the process. This will be vital in helping you avoid feeling pressured into purchasing a property which, in the end, might not be the best option for you. INCREASING YOUR BORROWING POWER In addition to the above tips, you may also want to explore ways in which you could increase the amount you are able to borrow. Some options could include: • Asking a close relative to act as a guarantor so that his or her finances can be taken into account when your loan is being considered. If you're lucky, family members may also be able to help you out by donating some money towards a deposit. • Start a side hustle or get a part-time job to increase your income to help you save up faster for your deposit. • Clear any existing debts such as a car loan or credit card debt to free up income to pay your home loan. • Cut unnecessary expenses. We all want to enjoy life but missing just one night out a month and putting that money towards your dream home could make all the difference. Finding the right property is not an easy task but with proper preparation and discipline it is possible to get the home you want at a budget you can afford. If you would like more information, you can also contact MeDirect's home loans experts at https:// www.medirect.com.mt/home-loans/. This is a Marketing Communication by MeDirect Bank (Malta) plc. MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank's lending criteria. Terms and conditions apply and are available on request.