Modern day Malta has increased in need for rental properties. Because the prices are very competitive now on all types of properties and banks are more willing to borrow at attractive rates, there is no better time than now to own a rental property for investment. You can make up to 9% of your investment in a rental property every year with the real value of the property increasing also. Even if the funds are available for you to invest in a rental property in Malta, there are some essential tips on property rental investments in Malta and Gozo that you should be aware of.
Buying homes for rent in Malta is an age long practice. People buy property and rent it to others for a periodic fee. This practice was the way it was done as far back as the early 1900s with local Maltese subletting their homes to British soldiers and other Maltese that needed somewhere to stay.
Be sure of your investment objectives: The possibilities for investment properties in Malta are plenty. The real estate market is very vibrant at the moment, and mortgage lenders are willing to finance your plans. You have to decide whether you want to own a ready-made home or do a fixer-upper.
Do you want to rent or resell? As a new homeowner, it is advisable to buy residential properties that you can rent out as soon as you purchase. This way, you learn the ropes before expanding your portfolio.
Another essential tip on property rental investments in Malta and Gozo is to get an experienced real estate agent: New homeowners need to resist the temptation to go into the property market by yourself. Carry out adequate research and enlist the services of a trusted real-estate agent. Your agent will help you locate suitable buildings at a great value and guide you through the negotiation and purchase process to find the right property in Malta or Gozo.
Ensure you have the finances taken care of: Before you begin to look for a rental property in Malta actively, be sure of how you want to pay for it. If you need to take a loan from a mortgage lender, have a talk with your financial planner first. He will let you know whether you can afford it. Also, try to find out the best financial plan that gives you the most opportunity to succeed as a rental property investor. Bear in mind that you will be responsible for paying the monthly mortgage whenever you do not have tenants so be ready for that.
The location is paramount: When buying a rental property are Malta, you need to consider the amenities within proximity of the property. Properties in Tigne Point, Sliema, St Julians and Mellieha are highbrow locations and tend to be overpriced, and appreciation may also not be as high. For high rental value, choose properties close to the school district and hospitals to attract young families. Being close to the highway is favorable to working class professionals. Before deciding on where to buy a property in Malta, factor in your investment plan projected returns and investment tenure.
Invest in finishing and maintenance: Your property rental investments is morelikely to command a higher rent on the market if you furnish it to modern tastes. When you furnish your property very tastefully and provide amenities such as free internet or cable, your rental property becomes more attractive to prospective renters. You can also get a higher rent than similar properties. Regular maintenance of your property rental investments is crucial. Sometimes there may be damage to some facilities which you find out about only when a tenant moves out. Fixing everything and making sure that the property is fully renovated and made ready for the next renter.
Our team of experienced and dedicated real-estate agents is always willing to help you find the rental property of your dreams that will be in line with your financial and investment goals. For a free meeting, you can call us on +356 77047001 or visit one of our local offices today.