Buying a house? | Steps to take for a mortgage

COST OF BUYING

K.K.

This stands for ‘Kosten Koper’. Costs have to be paid by the buyer.

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Costs will be paid by the seller.

Almost everytime properties are sold with k.k. But what are these costs?

TRANSFER TAX

Transfer tax is 2% of the buying price of the property itself. This means that if you also pay an amount for things which are left behind in the house like curtains etc. you don’t pay transfer tax over this amount.

**Civil-law Notary

The notary is needed to register the sale of the house and the mortgage. You’ll need a notary to legally transfer the property to your name and register it at the land registry.Costs are negotiable but will still vary between € 1000 and € 2000.

**Valuation

If a mortgage is needed to buy the property the bank requires a valuation report showing the real value of the property. Costs vary most of the times between € 500 and € 1,000.

** Financial advisor

If you hire the services of a mortgage advisor you will pay a fee to the advisor. we charge a all-inclusive fixed fee.

**National Mortgage Guarantee (NHG)

NHG is a protection against residual debt if you can’t pay your mortgage due to unemployment, divorce or the inability to work. It will cost you 0.9% of the mortgage amount. You will earn your money quickly back because lenders offer lower interest rates if you make use of this protection. NHG is only available for mortgages that are less than 290,000 euros (2019)

Bank Guarantee

You’ll need to provide the seller with a 10% deposit once you’ve signed the purchase agreement. If you can’t provide a 10% deposit, you’ll need to get a bank guarantee for that amount. You can expect the bank guarantee to cost you about 1% of the amount of the guarantee.

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These costs are tax deductible and part of the buyer costs (k.k)

The costs below only apply if you decide to use these extra services.

REAL ESTATE BROKER

A real estate broker is not always involved in the transaction, but since not everybody knows how to sell the property and at what price most of the time there is a real estate broker present. Costs vary between 1.5% and 2.0% of the price of the property.

Structural Survey

Before you buy a property, you can get it checked by a surveyor. With a structural survey you can inspecting your home and you understand if there are any problems before you buy. This will cost between 300 – 1000 euros. Paying for a good survey could save you money on repairs in the long run.

Want to buy a house? Contact us free of charge!

Are you interested or would you like to learn more about our services? Please contact us and make an appointment. We are more than happy to answer all of your questions.

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