Buying your own home is the dream of everyone who loves security and comfort. Until today, it remains a sustainable investment that sooner or later proves its added value. At the same time, there are a few points for attention to take into account if you do not want to be faced with unpleasant surprises. For example, when purchasing a home there are a number of extra costs involved. We list them below for you!
Buying a home: look beyond the purchase costs
Crucial for a feasible financing of your housing project is that you look beyond the purchase price that is posted. This is because there are many extra costs (taxes, notary fees, insurance, etc.), which means that the actual purchase price is approximately 14% higher than the agreed selling price. For example, do you have a total purchasing power of 300,000 euros? Then focus on homes with a sales price between 240,000 and 260,000 euros. Please note: this percentage is a guide figure. In certain cases it is higher (public sale) or lower (regional differences).
In any case, make sure that you can cover the registration and notary fees with your own contribution. It is also possible via the loan, but banks are less keen on that. Taking out a loan then becomes more difficult or involves a higher cost.
The first extra cost when purchasing a home is the registration fee. This is especially applicable to existing homes. If you buy a new-build home , you only have to pay registration fees on the building land, not on the home itself. But you do pay 21% VAT on the cost price of the architect and the contractor.
For existing homes, the costs of the registration fee depend on the location of the home. While you pay 10% on the purchase price in Flanders, it is 12.5% in Brussels and Wallonia. Although there are cases where you pay less, such as when purchasing a first home (abattement). And if the cadastral income of your home is less than 745 euros, you are entitled to the so-called small description . In that case you do not pay 10% but 5% registration fees.
Notary fees and deed costs
If you buy a home, the notary is of course also entitled to a fee or fee . This cost also depends on the purchase price. In addition, you also have to take into account the so-called deed costs , which, for example, cover the costs for urban planning searches. It usually concerns an amount of around 600 euros.
If you want to safeguard the future of yourself and your relatives, it is also a must to take out the necessary insurance policies. Not only a home insurance policy is an absolute must, but also a debt balance insurance.