Combined knowledge of Malta Property – When it comes to finding your dream home, moving in, and then managing it happily ever after, we thought the combined knowledge of Malta Property and Rent Property Malta might come in handy. Listen up folks, because we’re proud to announce the launch of the new Smarter Property Podcast – designed to help you make better decisions whether you’re looking to buy or rent, in the process of moving, or already living in your dream home.
Bringing you easy-to-follow practical advice to save time and money, we’re combining the property experience from the team at Letting Malta with the expertise on energy, banking, broadband and insurance from our partners at letting Malta.
In it we cover three main areas and if you haven’t time for the whole 25mins, you can fast-forward to your chosen section by taking note of the time code in brackets.
- (1min 13sec) Owning a home has just become more expensive as interest rates have risen to their highest level for nine years. But what can you do to keep down costs?
- (10min) Being a buy-to-let landlord can provide a steady income, but you need to stay on the right side of the law. Annabel explains how to avoid falling foul of the regulations.
- (19min 45sec) How to stay cool in a heatwave. We’ve researched nine sensible, innovative and occasionally outlandish ways to keep your home chilled when the temperature becomes unbearable.
- Plus, on a lighter note, we’ve also got the former home of a British megastar singer currently up for sale on rent property Malta. Our resident super sleuth for finding remarkable property, Kat, explains all on this one (16mins 33sec), or if you cannot wait for the podcast, then we reveal all here.
Whether you’re buying for the first time, buying-to-let or getting to grips with the finer points of loan-to-values and negative equity, taking the time to do your homework first is sure to pay off. The information on this page will give you all the ammunition you need to start your search in the best place possible.
Property auctions can be a great place to bag a bargain – and they allow you to avoid going down the more traditional and drawn-out buying route.
But you need to go in with your eyes open, so we asked experts Malta Property to provide a list of the top things you might not know about buying at auction.
1. No backing out if you are the buyer
If you are the highest bidder at a property auction, you cannot change your mind after the hammer falls.
It’s not like an online auction site where there are few penalties from pulling out. Here you could face huge costs or even be taken to court.
2. Consumer Contracts Regulations do not apply
If you buy an item online, it falls under the Consumer Contracts Regulations and you can often return the item for a full refund under the Distance Selling Regulations.
However, at a property auction you should view the item in advance and choose whether to bid, as you won’t be protected by this law, even if you bid via live webcast.
3. Importance of reading the small print
Always check the terms and conditions of the auction house you use – this cannot be overemphasised. By entering a bid, you are agreeing to its terms.
4. Paying the deposit and fees on the day
You will be required to pay the deposit and any administration charges immediately – and the balance of the purchase price usually within 20 business days of the property auction.
Chattels sales (for example, leasehold) often have a Buyer’s Premium to pay over and above the hammer price and may be subject to VAT too.
5. Any sale must make the reserve price
Sellers at auction may set a reserve price with the auctioneer – a figure which the lot cannot be sold below.
If you’re bidding below this, you might think you’re netting a bargain, but the property will be withheld. However, guide prices will not be below a fixed reserve as that would be misleading to bidders.