Buying a house is not something you do every day. What are the costs of buying a house? It is one of the biggest purchases of your life. At the moment you can borrow a maximum of 100% of the market value. Note: this does not mean 100% of the purchase price. On top of the purchase price, you also have to pay the additional costs. These come to 5% to 10% of the purchase price.
Contents
- Advice and brokerage fees
- Notary fees
- Arrangement fee for an NHG loan
- Bank guarantee
- Valuation report
- Buying agent fees
- Building survey
- Transfer tax
Advice and brokerage fees
Taking out a mortgage is an important choice. That's why it's important to get good advice when taking out a mortgage. You can choose an independent adviser or a financial adviser from the bank. Expect to pay around €3,000 for this.
Notary fees
You are required to use a notary for the transfer of the house. In most cases, the buyer may choose the notary. Ask several notaries for quotes. But pay attention to the additional costs and the bottom-line total. Expect to pay around €1,200.
Arrangement fee for an NHG loan
The Nationale Hypotheek Garantie (NHG, the National Mortgage Guarantee) is a guarantee for your mortgage. For the lender, it is a guarantee in cases where you are unable to pay your mortgage. The arrangement fee is 1% of the amount borrowed. You can take out NHG on a mortgage of up to €265,000.
Bank guarantee
Article 5 of the NVM purchase agreement: the deposit or bank guarantee. This is 10% of the purchase price as standard. It is also the maximum amount. You can pay the deposit into the notary's client account (derdengeldenrekening), or the bank can act as guarantor for you. In general, the bank charges 1% of the amount to be guaranteed. So if you have the money, it is sensible to deposit this amount with the notary yourself. Average costs for a bank guarantee are €350.
Valuation report
To determine the value of the house or apartment, the house has to be valued. Most mortgage lenders will ask for an NWWI report. The valuer independently determines the market value of the home. Note! Since 2018 you may only borrow 100% of the market value. A valuation report by a valuer costs an average of €500.
Buying agent fees
In your search for a house, a buying agent can be extremely valuable. A buying agent doesn't just give you tips, but also looks at zoning, legal aspects and the current value. A buying agent is not compulsory. But a good buying agent pays for themselves. The costs of a buying agent are on average €3,500.
Building survey
It is advisable to have a building survey carried out. The surveyor inspects the home thoroughly and indicates the expected repair costs. It would be a shame to find out after the purchase that the wooden floor is rotten. The costs are on average €365 per survey. Depending on the type of home.
Transfer tax
Then there is transfer tax. This is 2% of the purchase price. Are you buying an apartment, and does the VvE (owners' association) have money in its reserves? Then your share in the VvE is deducted from the purchase price when calculating the transfer tax.
So the purchase price alone isn't the end of it. Make sure you have saved enough if you are planning to buy a house. The costs of buying a house are high. One bright spot: part of the costs is deductible from your income tax.
