Long summers, warm Mediterranean climate, rich culture, delicious food, what more could you want from your holiday home destination? Malta has it all. So where do you begin when looking for a holiday home in Malta? As one of the more affordable destinations in Europe in terms of cost of living, Malta has become a popular spot for retirees, and holiday homers. We outline a few tips below for people interested in purchasing a holiday home in Malta.
This tiny island in the middle of the Mediterranean has a lot to offer.
It’s understandable to want a holiday home where one can feel at home without the impersonal atmosphere or cost of a hotel room. Escaping to the same location every year is convenient without having to pack up your entire home and figure out a way of putting it into a suitcase. If you’re considering buying a holiday home in Malta you should read on to learn more about our tips when it comes to purchasing your holiday home.
A prerequisite when making any sort of large investment, especially in relation to property and more so in relation to a holiday home. Without thorough research you might not get the full picture of the real estate market in the area and what it has to offer and you may make a miserable mistake. That being said, it’s important to scout the location before a final decision is made to fully immerse yourself in lifestyle
2. Making a sound investment
Comfort is key for holiday makers seeking a home away from home. Therefore, it’s essential to ensure you have all the amenities you’d want nearby. It’s also important to ensure that the property is located in a good, secure and popular location. Depending on your own personal requirements and interests, it’s good to bear in mind if the property is accessible from a distance perspective, and within easy reach of the leisure activities available.
After narrowing down the list of potential properties, it’s time to calculate your budget. Calculate acquisition costs such as deposits, transfer fees, etc. Also consider the monthly maintenance, security and insurance costs. Make sure you’re purchasing with your head and not just your heart.
4. Planning Ahead
There are some more important factors to consider beyond your budget, mainly your long term goals for the property. If you’re planning to eventually retire to this home it makes sense to go for a location which ticks all of your boxes. However, if it’s one that you’re potentially renting out in between, it might pay you to invest in seeking out areas of high rental potential in order to maximise your rentability.
5. Residency Programmes
The Maltese Government has a few different residency programmes on offer at the moment. One of which is The Malta Permanent Residency Programme is available to third country nationals; Non-EU/EEA/Swiss nationals based on investment in property or government contributions. As well as, the Nomad Residence Permit, which supports third country nationals who would normally require a Visa to work/travel to Malta. Currently, Malta already supports EU nationals who wish to work remotely on the island.
In a nuthsell
A holiday home should be as low maintenance and hassle free as possible. The only way to succeed is to find a good balance; a property in an area that you’d love to spend a lot of time in and one that has good rental/resale value.
Unsure if the property or location you’ve chosen is the perfect fit? Speak to the locals, give us a call or set up an appointment. We’d be happy to help find the perfect home for you. Alternatively, have a look at our current developments.