What are the additional costs of a home purchase?
Are you wondering how high will be the additional costs of your future home's purchase?
Then this article is just for you!
Sometimes, home buyers in the Netherlands fail to acknowledge that a house purchase entails additional costs on top of the agreed purchase price. For these costs, buyers have to make sure that they also have enough money in the bank to pay before receiving the mortgage.
Not having the money may deprive the buyers of invoking their rights, such as carrying out a technical inspection on the house, paying for the appraisal, or even the last month's rent for the place you live at while paying the first mortgage repayment.
Sounds confusing? No worries, that's why we simply put it here below!
The additional costs are mainly divided into the necessary purchase costs and, if applicable, mortgage costs.
As said, once buying a house, you are subject to various additional charges. We listed down for you the main costs and their estimated prices:
1. Notary fees:
In the Netherlands, every real estate transfer has to be handled by a notary. It is customary that the buyer is the one who selects the notary office, as he's the one who pays for it. Notary fees increase once a mortgage deed needs to be drawn.
2. Structural inspection:
Diagonal Makelaardij guides its clients to carry out a structural inspection and include this resolutive condition in the purchase agreement. The assessment gives you an overview of unforeseen damages or issues that you may not aware of. Want to know more? Read here.
3. Transfer tax:
Every real estate transaction in the Netherlands is subject to transfer tax levied from the buyer's side. As of 1 January 2021, the tax rate varies between 0% to 8% of the purchase price, depends on the buyer's circumstances. Want to know under which rate you fall? Read here.
4. Mortgage advisor (hypotheker):
Most house-buyers use a mortgage to pay for it. In the Netherlands, it is customary not only directly with the bank but also via a mortgage advisor to arrange a mortgage, where you may compare their fees and loan terms.
5. Appraiser (taxateur):
As part of the mortgage procedure, the bank asks the buyer to get the house appraised to know the "real" value of the house. The house value will use the bank to reckon and decide the scope of mortgage it is willing to give you.
6. House Hunting fees:
A regular agent may throw some light on things you might not have thought about or schedule house viewings. However, pretty rare, but maybe the most important is a professional agent that firmly negotiates on your behalf to get you the best deal - that exactly Diagonal Makelaardij's specialty! As the extent of service varies, so is the price.
Do you want to get a quote for house-hunting? Contact us for a free intake meeting.
Overview of purchasing costs:
Looking for a real estate agent for your house-hunting?
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