Category: Buying Property Tips

Are you considering buying a property in Mosta, Malta? You’re certainly not alone. In recent years, Mosta has become an increasingly popular and sought-after destination for locals, expats, and retirees alike. 

Finding the right property is the second step in the buying process, after checking the loan sum you can obtain. Whether you are looking for your dream home or a lucrative buy-to-let property, Mosta is an attractive location with plenty to offer. 

If you’re still on the fence and wondering if Mosta is the right place for you, here are our top 5 reasons to make the move: 

1. Centrally located

Location is one of the first things that buyers look for in a property. Apart from being a charming town, Mosta is situated in the heart of Malta, making it the ideal location to get around the island.

With the rising problem of traffic, getting from point A to point B can become a 30-minute trip when it should have been a 10-minute drive. Living in such a central location makes your daily commute to work or exploring the island over the weekend a less stressful task. Additionally, Mosta is well connected, with plenty of bus stops and regular routes to other cities.

2. Close to all amenities

Residents benefit from plenty of amenities that the area offers, such as cafés, restaurants, shopping centres, and supermarkets. You’re spoilt for choice in Mosta! With so many options, you could probably visit a different café or bistro every weekend.

There are also numerous playgrounds and schools around the locality, perfect for families with children. Being within reach of everything you need is easily one of the top perks of buying a property in Mosta. Pave the way to a more comfortable and convenient lifestyle. 

3. Rich culture and landmarks

Mosta is known for its incredible culture and landmarks, notably the famous ‘Mosta Rotunda’. Also referred to as ‘The Mosta Dome’, this magnificent church built in the 19th century is a popular tourist attraction. You can see why, with its impressive architecture and magnitude. Although the Rotunda is the most well-known, there’s plenty to see and do in Mosta. 

At the top of the list are the Ta’ Bistra Catacombs, Cumbo Tower, Speranza Chapel, and World War II Shelter. Make sure to visit them if you haven’t already and learn about their rich history. The town is also home to several galleries and cultural spots. This includes the Aviation Museum and the Mosta Community Theatre, which hosts regular performances and events. 

4. Scenery & hiking trails

Although Mosta is one of the most densely-populated towns in Malta, it still provides greener spots with breathtaking views. If you’re looking for a beautiful spot for a picnic or relaxing walk, we recommend Ġnien l-Għarusa tal-Mosta. The fresh air and stunning scenery will keep you coming back for more.

Whereas, if you’re eager to hike, you can head to the Mosta Valley (Wied il-Għasel). Considered an easier trail, ideal for beginners, it takes 40 minutes to an hour to complete. Not up for a hike? You can still enjoy the view from the Mosta Bridge.

5. Great community

Mosta offers a versatile and lively community, so you can get involved in plenty of social events and groups. It’s the perfect place to call home if you’re raising a family or looking to retire in a comfortable and relaxed environment.

It has established itself as a desirable destination, from its diverse range of services and activities to convenient amenities, fascinating history, and easy access to the rest of the island.

As a continually developing town, finding the right property in Mosta should not be too difficult – whether you’re looking for an apartment, penthouse, or something in between.

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Explore phase 2 of The Pantheon, a superb collection of 31 luxurious new-build apartments and penthouses in the heart of Mosta.

Purchasing your first property can be a stressful experience, especially with costs piling up. Thankfully, there’s some financial solace with the first-time buyer scheme. 

The government has implemented multiple initiatives to encourage new buyers to get their foot on the property ladder. Keep reading to find out more about the stamp duty exemption and property acquisition grant.

Who is eligible for the first-time buyer scheme?

To qualify for the scheme, you must fulfil certain criteria:

1. You (and your partner, if applicable) must not own or have previously owned property, even outside of Malta. An exception can be made for owners of a garage smaller than 30 square metres, who have not benefited from the first-time buyer scheme or refunds in the past.
2. You must be Maltese or a citizen of the European Union. In the case of couples who are married or in a civil union, it is sufficient for one person to fulfil this criteria.

Stamp Duty Exemption

What is stamp duty?

When purchasing a property in Malta, you are obligated to pay 3.5% in stamp duty on the first €200,000 and 5% on the remaining value. Meanwhile, stamp duty is not charged on movable property that is part of the sale, such as furniture.

How does the exemption work?

The first-time buyer scheme exempts you from paying the stamp duty on the first €200,000. This means you can save up to €7,000, which is an immense financial relief! 

This incentive was implemented by the government in 2013 to aid those interested in purchasing their own home. It is important to remember that when signing the preliminary contract, around 1% of the owed stamp duty must be paid upfront. So make sure to take this into account.

When does the stamp duty exemption expire?

The scheme is set to expire at the end of 2023, but it will likely be extended or revised. So far, this incentive has always been extended, and the cap has also increased from the original €150,000. 

How do you apply for the stamp duty exemption?

You can apply for this scheme by signing a declaration that this will be the first immovable property that you will acquire. Your notary must record this in the deed. A form is to be submitted to the Commissioner of the Inland Revenue on or before the 28th of February 2024. 

Property Acquisition Grant

What is this grant?

To further alleviate the financial burden of a new home, the government has implemented another first-time buyer scheme. Announced in the 2020 budget, €10,000 is granted to successful applicants after acquiring their property. This grant is given over 10 years, through yearly payments of €1,000.

Who is eligible for this grant?

The eligibility criteria mentioned above also apply to this grant, with some exceptions or added terms:

1. If a couple is applying for this scheme together and one of the applicants owns another property, they will still be eligible. However, the grant is reduced by half, to a total of €5,000.

2. The property must have been purchased through a loan from the bank and couples must have a joint account. If this account is closed, the grant is immediately suspended. 

3. The property must be used as your primary residence. If you are thinking of transferring your property, the Housing Authority must be informed so they can stop the payments. In the case of a couple ending their relationship, if one person retains the property, they are still eligible to receive the funds.

How do you apply for the first-time buyer grant?

You can apply for this scheme after signing the deed, by filling out the form from the Housing Authority. Thereafter, you must submit an original bank statement of your loan account by March of every year to receive the funds. If the deadline is missed, that year’s grant is lost.

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Buying your first property is one of the most important investments you can make in your life. Now that you have a better understanding of how the schemes work, you can take the first step towards achieving your dream home.

Make sure to check out our Current Developments, a selection of new-build highly-finished homes.

Moving into your first apartment can be an exciting but overwhelming process. Whether you’re moving in alone, with roommates or family, there are many things to consider to ensure a comfortable and functional living space. To make the process easier, here is a comprehensive checklist of home essentials to bring with you, after .

Bedding essentials

After a day of heavy lifting, a good night’s rest is essential. Start with your bedding essentials, unpack your mattress, comforter, and bed linens first. Choose a mattress that’s tailored to your body type. You might want to look into hypoallergenic bedding and mattress protectors for a blissful and healthy sleep.

Cleaning Supplies

A fresh start calls for a clean slate. Before you start decorating, make sure to clean your new apartment thoroughly, especially if it’s not brand new. Be sure to stock up on cleaning supplies such as a broom, dustpan, mop, vacuum cleaner, all-purpose cleaner, and stain remover to maintain a sparkling and healthy living environment.

Basic tools

Being prepared is key, and having basic tools on hand can save you from unnecessary stress. You don’t need to be a DIY expert but having basic tools can help you tackle small projects and quick fixes with ease. Tools such as a hammer, screwdriver, pliers, and measuring tape are undoubtedly on our home essentials list.

Kitchenware

The kitchen is where the magic happens, so make sure you have all the kitchenware essentials. Some examples are plates, cups, bowls, cutlery, pots, pans, and cooking utensils. Basic kitchen appliances such as a microwave and a toaster will come in handy too. And let’s not forget the most important tool of all – a trusty wine opener to celebrate your new space.

Window Treatments

Privacy is essential when moving into a new apartment, and window treatments can provide just that. Curtains or blinds can help control the amount of light that enters your apartment and maintain a comfortable temperature. It’s a small touch that can make a big difference in helping you feel secure and cozy in your new space.

First aid kit

Accidents happen, but there’s no need to panic. Be prepared with a well-stocked first aid kit that includes essentials such as band-aids, gauze, antiseptic, and pain relievers. With this kit on hand, you’ll be ready to handle any minor injuries that come your way, so you can focus on enjoying your new apartment to the fullest.

Laundry essentials

Keeping your clothes clean and organised is essential for feeling your best, so make sure you have all the laundry essentials you need. Don’t forget to pack laundry detergent and fabric softener, as well as hangers to keep your clothes wrinkle-free. And of course, you’ll need an iron and ironing board for those times when you want to look extra sharp. A laundry basket is also a must-have for keeping your dirty clothes off the floor and out of sight.

Bathroom essentials

No one likes to think about plumbing issues, but it’s always better to be prepared. Make sure you have a toilet brush and plunger on hand, along with extra toilet paper so you never run out unexpectedly. With these essentials in your bathroom, you’ll be ready for whatever comes your way – and you’ll always have a clean, hygienic space to start your day.

Storage solutions

It’s easy for a new apartment to quickly become cluttered and disorganised, but with the right storage solutions, you can keep everything in its place. Consider investing in bookshelves, storage bins, or closet organisers to maximise your living space and keep everything tidy. With a little bit of organisation, you’ll be able to relax and enjoy your new apartment without worrying about clutter.

Personal touches

Moving into a new apartment can feel a little impersonal at first, but don’t worry – it’s easy to add some personality and make it feel like home. Consider hanging up some pictures or posters that showcase your personal style, or bringing in some plants to add a touch of nature. Decorative items like candles or knick-knacks can also help make your new space feel cozy and welcoming.

In conclusion, moving into a new home can be a thrilling adventure, but it’s important to be prepared with all the home essentials to make your new space feel comfortable and functional. By taking the time to properly equip your new apartment, you can start enjoying your new space with ease and create a cosy and welcoming atmosphere. 

Make sure to check out our Current Developments, a selection of new-build highly-finished homes.

While there’s no such thing as a maintenance-free home, it is important to invest in the right materials that will go the distance for you and your home. Read our guide for practical tips to make your home a low maintenance one.

Imagine an apartment you never have to repaint or a deck that’s going to last longer than you. It’s not as far-fetched as you might think. With some careful choices and extra resources, you can upgrade your home with long lasting materials that will take some maintenance chores off your to-do list. 

Weighing the odds

Cheaper materials have an allure, especially when money is tight however the initial lower cost may be deceptive. When it comes to choosing materials, the general rule of thumb is that longevity doesn’t come cheap. Expect to pay a premium for longer lasting materials that lead to a more maintenance-free home. 

Another factor to consider is labour costs. Again doing things yourself, attempting a DIY will keep costs down however in certain circumstances it pays you to get things done by a professional. 

Installation is key

Most appliances and materials won’t perform as intended unless installed correctly. Therefore, when you’re replacing such items it’s best to follow the manufacturer’s instructions. If it’s too generic to come with instructions, do some research and find the currently accepted installation methods. It’s better to be safe than sorry.

Read the Warranty

Most manufacturers offer some sort of warranty with their products. Unfortunately, not all warranties are the same.

Manufacturers typically define “lifetime warranty” as a specific life expectancy of the product, while others may define the term as the duration of ownership. The best advice is to read the fine print in the warranty before purchasing a product.

Banish Humidity

Malta’s hot summers and southeasterly winds mean year-round humidity, which gives rise to indoor mould and mildew. Therefore it’s important to keep this dreaded duo at bay, with the following steps;

Prevention:

• Open up your windows daily to circulate the air within your home. Another plus point would be to switch on fans to help in this process. 
  
• Wipe away steam and spills from surfaces after showering and cooking to prevent mould spores from settling.
  
• Invest in humidity monitors to warn when levels are high as well as a dehumidifier to absorb excess moisture.
  
• Paint walls with waterproof paint which won’t flake and peel over time. 

Cure:

• Wash mould and mildew with soap or white vinegar and water and in extreme cases use bleach to lift stains.

Sun Protection

Malta’s strong sunlight can cause furniture and upholstery to fade, especially when owning a south facing home. Invest in curtains, builds and tinted windows in order to prevent fabrics from fading, appliances from yellowing and plastics from cracking.

Blessing or Burden?

Owning a home can be a huge blessing in your life. It offers a warm, safe place to raise a family, nurture children, and be hospitable to friends and loved ones. The right home can weave itself into the fabric of your family. It’s the conduit through which life happens. But if you aren’t careful, a home can be a massive burden instead – weighing you down, suffocating your finances, and leaving you with little-to-no free time to do the things you love.

There are plenty of unique factors that influence whether a home is a blessing or a burden. While being completely maintenance-free is impossible, the less time and energy it takes to clean and maintain the house, the lesser the burden.

GAP builds new, low-maintenance homes that only require small amounts of energy and effort to keep up. Lower the stress and burden of homeownership and enjoy more of the blessings and benefits that come from owning your own home by entrusting GAP to help you with this process.

If you’re in the market for a new home, make sure to check out our Current Developments, a selection of new-build highly-finished homes.

It’s widely known that purchasing a home is an investment. Possibly the biggest investment you’ll make in your life. Although, it’s no secret that buying your first home is expensive. However, what may be a secret to some is that the price of your home is not the only associated cost to think about when purchasing a property. Read on to uncover what other hidden costs you may not have thought about or considered as a first time buyer.  

Deposit

As a first time buyer, the usual cost of the deposit is at least 10% of the price of your property and you will be expected to pay this at the signing of the preliminary agreement. If you are a Maltese or EU national and are planning on financing the purchasing of your home via bank loan, the bank will most likely cover 90% leaving you to fork out the remaining 10%. If this isn’t your first rodeo and you’ve already purchased a property beforehand then you’d be expected to cover 25% if you’ve already secured a loan. 

Notary/Architect fees

The exact amount may vary depending who you’ve chosen to work with and the work required. You will be expected to pay these fees at the signing of the final deed/contract. The work of an architect usually involves carrying out site inspections, tracking down and checking permits and plans to ensure they match the approved plans of the permit.

Whilst hiring a Notary Public is an essential part of purchasing a property in Malta. Notaries have a range of responsibilities including answering questions such as who owns the land or related legal proceedings and carrying out searches on the property. They are also responsible for forwarding your stamp duty payment and register the sale with the Public Registry. 

Stamp duty

If you are a first time buyer you are expected to pay 5% of the total property value above EUR200,000 as stamp duty. You will be expected to pay these fees in this way; 1% at the signing of the promise of sale and the remaining 4% at the signing of the final sale deed. However, if the property costs below 200k then you are not expected to pay stamp duty. However, this scheme is going to expire come December 2022.

Bank fees

In relation to bank interest fees this is dependent on the chosen bank and the fees are settled prior to the final contract of sale. Factors relating to the interest rates charged include the type of bank you choose to finance your loan, your age, lifestyle, property value and an array of other variables which will have an impact on how you are expected to pay. In addition to this there are also bank booking and administration fees to factor in as well as their charges to process legal fees.

Condominium fees

Another often overlooked aspect when it comes to purchasing a home, more specifically an apartment, is condominium fees. Condominium fees are those related to the upkeep of your apartment building’s common areas. These fees vary depending on the chosen apartment building and whether or not they hire a professional contractor to oversee the cleaning, maintenance etc of the building. 

Although this can seem as if it’s an extra expense, nothing beats coming into a clean and tidy apartment complex. Another positive aspect is that if something needs mending such as a bulb it would be handled swiftly by the contractor. This would take the chore off your mental to-do list and would put your mind at ease that it will be handled accordingly.

Takeaways

We at GAP can simplify the process and offer expert guidance throughout every stage of the home purchase process. Take a look at our current developments on offer.

Renting homes is definitely easier than being a home owner, but it won’t make you richer!

Let’s put the age old theory to bed that if you’re a renter you are essentially paying off someone else’s mortgage loan. We boil down the rent vs. own debate down to either you’re paying someone else’s mortgage or you’re not. If only personal finance was that easy. Except it isn’t that easy. Dealing with money never is. 

People make the choice to rent for a whole host of reasons. Same for people who choose to purchase a property. We note down some pointers when it comes to making the switch from renting to owning.

You Need Surplus Money At Hand

Even though you’ve made all of your calculations, you’ve checked and double checked, it might be a good idea to keep some money spare, as it might come into immediate use. Unforeseen or hidden costs can come out of nowhere.

Buying a Home Adds A Lot to the Headache!

Once you become a homeowner you lose the freedom of calling your landlord the moment an issue arises. If your sink is leaking it’s now your problem, you have to solve it. 

You have to hire a plumber, get him to fix it and pay him. All the problems that you never had to think about or deal with are your headache now. It makes you liable for every single thing that’s in your home. On the plus side this gives you more control as it allows you to deal with the workers directly rather than having to rely on your landlord to follow up with them. 

Owning a Home Makes You Rich

As a tenant you pay an amount as rent per month which you’ll never get back. As a homeowner you are still paying an amount per month but in EMI, however, you can always get this back if you choose to sell your home. Additionally, you also get the appreciated value that it has accumulated over the years.  

For example, you bought a house in 2021 for 300k and want to sell it in 2025. The value of the home in five years may increase easily by 30%, which means the net worth is 390k. Also, in those five years you’ve paid 60k as EMI (if 1k a month). Therefore, you gain 150k from selling your home. 

Hence, owning a home for five years will increase your savings by 150k whilst renting a house for that duration will fetch you nothing. 

Owning a Home Will Give You Freedom

As a tenant you aren’t allowed to change the colour of your walls, drill holes to hang artwork, you can’t have pets and many more things that your landlord put restrictions on. On a positive note, owning a home allows you to do all the above; paint, drill and own a pet. 

As with most big money decisions, the confluence of life factors dictate the choices you make. You’re spending money for the lifestyle you want and love. It comes down to having a vision for your life and making choices that best support bringing that vision to life and keeping it there. 

In a nutshell

As read above there are a number of pros and cons to becoming a homeowner however when it boils down to it there’s nothing more fulfilling than owning your own property. With that comes a new found responsibility which is always a challenge and a lesson. 

If you’re interested in buying your first home, do not hesitate to check out our current developments.