The Finer Choices for the Home Buying

You have probably seen it stand behind the price of a house on online sites.

Notary fees: approximately 1,000 euros

When you buy a house there are always extra costs on top of the purchase price of the house. Consider, for example, the transfer tax and the notary. Buyer costs means that you as a buyer are responsible for this type of additional costs. In most cases, the price of a house is expressed in the buyer’s costs. Sometimes you see behind the price of a house. This means Free in Name. The seller will then bear the additional costs. For more you can visit now.

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What is covered by the buyer costs?

Strictly speaking, only the transfer tax, notary fees and cadastral rights. I will explain briefly what they mean.

Transfer tax

When you buy a house or another property, you have to pay taxes. This tax is 2% of the purchase price of the house. However, you do not pay transfer tax on new-build properties. Read more about the transfer tax here.

Notary fees

When buying a house, the notary draws up two deeds: a deed of delivery and a mortgage deed. The deed of delivery is the official transfer of ownership. The mortgage deed is the official agreement that you conclude with the mortgage provider. The costs for the notary are usually around 1,000 euros.

Cadastral rights

When you buy a property, it will be registered in your name in the cadastral register. The Land Registry charges costs for this. They are paid through the notary. These costs are therefore usually already included in the above costs for the notary.

Can you co-finance the buyer costs?

Since January 1, 2018, you may not borrow more than 100% of the home value. For example, have you found your dream home for € 250,000? Then your mortgage may not be higher than that. In this case, if you borrow € 250,000 for your house, you have to pay the buyer costs from your own pocket.

Are there any other costs?

To the letter, the buyer costs only consist of the above three things. But in practice the other additional costs are often also included. On average, the additional costs are 6% of the purchase price of the house.

When buying a home, there are more costs involved than just the purchase price: you will also have to deal with other purchase costs. Moreover, the (financial) terms often fly to your ears. I help you see the forest through the trees.

What are the purchase costs of a home?

For most people, a home is the most expensive they will ever buy. Not something that you pay out of your own pocket. That’s why you take out a mortgage when buying a house. You borrow the money from a bank. In 30 years you pay the money back to the bank with interest. But only then you are not there yet. You also pay for a lot of other things than just the purchase price. On average 6% is added to the purchase price. This while you can borrow a maximum of 100% of the home value . You must therefore pay the purchase costs for the home from your own money.