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Advantages of buying a house in the Netherlands.
When you first move to the Netherlands, a rental property is ideal for finding your footing. However, there comes a time when you’re hoping to settle down. A moment when you could consider buying a house in the Netherlands.
Historical average home prices show an upward trend. Mortgage rates have risen this year, but we are still far from the levels of the 1980s. The mortgage interest you pay is TAX deductible and paying off the mortgage contributes to capital creation. Investing and, at the same time, enjoying your own Amsterdam real estate can be a smart choice.
FINDING YOUR HOUSE
Before the house hunting can start, it is important to have a few things clear. Important are your living requirements, how long you are planning to live in the house and what you expect to happen in your life and family during that time.
We can help you in the search for your home. We will select homes that meet your requirements and will accompany you to viewings. In this process we will learn an even better picture of your requirements.
When we find your house, we will start with the negotiations. In addition to the price, we will set the conditions for your offer. By stating the conditions, you can still refrain from the purchase in specific cases. This is because the purchase is binding once you agree on the price and conditions with the seller. The most common condition used is the condition of financing. With this you agree on a date. The idea is that you have arranged financing before that date. If you fail before that date, you can still get out of the purchase. If you don’t manage to arrange financing after that date, you must pay 10% of the purchase price to the seller. In response to your offer, the seller can make a counteroffer until you finally reach an agreement.
SIGNING THE PURCHASE CONTRACT
The real-estate agent of the seller will draw up the purchase contract. This will contain among other things you’re and the details of the seller. It also contains details of the house, the purchase price, the conditions, and everyone’s rights and obligations. After signing the contract, you officially will still have 3 days for reflection. During the reflection period, you may still refrain form the purchase without giving any reason. You can have a building inspection performed by a specialist during the cooling-off period. If this reveals something you do not like, you can still cancel the purchase.
In case you need a mortgage, you need a mortgage, you need to contact a mortgage advisor to arrange the loan. You must pay 10% of the purchase price as a deposit or provide a bank guarantee for this amount. You will receive a statement from the notary, all the financial amounts are noted related to the purchase. There is a total amount that you will have to pay and you will have to make sure that this amount is in the notary’s account before the transfer takes place.
On the agreed day, the transfer will take place at the notary. Just before the notary appointment, you will meet at the house to inspect it. You check that everything is in the agreed condition. Then you will go to the notary. First, the notary goes over the delivery deed. This states that the seller will deliver the house to you. You both sign this deed and then the seller hands over the keys of the property to you. If you take out a mortgage, after you also sign the mortgage deed and then the house is now officially yours.
A SUMMARY OF THE COSTS
Costs on top of the purchase price when you’re buying a house in the Netherlands:
Transfer tax: 2% of the purchase price
Notary: on average between €1.000 and €1.500
Appraisal: average between €500 and €1250
Building inspection: average between €300 and €500 (optional)
Mortgage advice: between €2.500 and €4.000
Bank guarantee: 1% of the amount of the deposit.
Real estate agent: on average between around 1% of the purchase price.
Good to know: the costs in connection with the financing can be deducted from your income tax. The transfer tax can be waived if you are under 35, it’s the first house you use, you live in it yourself and the mortgage is less than €440.000, -.