18/07/2022 by Team Concepts 0 Comments
Homebuyer’s Checklist for Expats in Amsterdam (+ FREE DOWNLOAD)
When it comes to buying a property, you have to think about more than just the price tag. In addition to the property cost, there are many other costs to keep in mind.
With so many different things to pay attention to, it’s easy to get lost in the finer details. To help you, we’ve put together a checklist (with free download) of the costs to consider when buying a property in Amsterdam.
It’s no secret that starting the home buying process begins with your mortgage advisor! An independent mortgage advisor like Arjen at Team Concepts will keep your best interest in mind when helping you figure out your personal financial situation and your borrowing power.
Cost (average): €2,000-€3,500
Cost (Team Concepts): €2,495
In today’s market, a buying agent is basically a must-have. Having a buying agent on your team will not only help you to understand the market better, but it will also significantly increase your chances of submitting a winning bid. A buying agent knows what similar properties are selling for, so they can offer practical advice on how much you should bid. It also shows sellers that you’re serious about purchasing their property.
Cost: 1% of property purchase cost + 21% VAT
Home inspection (bouwtechnishe keuring)
A home inspection is done by a third party. It lets you know the state of the property, including any minor or major issues that may need attention in the immediate or near future. Home inspections are often required by mortgage lenders to help assess risk.
Transfer tax (overdrachtsbelasting)
In The Netherlands, property transfer tax must be paid when buying an immovable property (such as a residential plot or home) and/or the rights to immovable property (such as building and planting rights and leasehold).
Cost: 2% of the property purchase cost
Exemptions: under 35 for first home under €400,000; new builds (vrij op naam).
Property valuation report
A third-party realtor does property valuation to determine the value of the property. Mortgage lenders require a property valuation report in order to accept a mortgage application.
A notary is the only person who can prepare the legal documents needed to transfer the ownership of a property. They are the one who draws up the mortgage deed and deed of transfer of title, and sets the official date of transfer.
Nationale Hypotheek Garantie (NHG)
The National Hypotheek Garantie (NHG) is a Dutch mortgage scheme which lowers the risk of an owner-occupied residential property for both the owner and the mortgage lender. The NHG is only eligible for properties that cost €355,000 or less.
Cost (if applicable): 0.6% of the property purchase cost
Furnishing and/or renovations
When you move into a new place, it’s not uncommon to spend money on DIY (such as painting, laying new floors, etc.) or professional renovations (such as renovating the bathroom or kitchen to your taste). You’ll also probably want to buy fresh furniture or appliances to put in your beautiful new home! These upgrades and renovations can run up a hefty bill.
Cost: €10,000 on average, can be more or less
Moving (with movers)
When doing a big move, like consolidating two households or moving into your second property, many people choose to hire movers. Having movers do the heavy lifting saves a lot of energy for you to put into unpacking and decorating your new home.
The Bottom Line
Hopefully this article has given you the information you need to start planning your finances. For example, you can save some money if you do all the moving yourself, and even more if you don't need to buy new furniture or do renovations immediately. In the end, the extra costs you make will depend on both the price of the property and the choices you make. Are you ready to start the journey to buying a new home? Contact Arjen today for a free consultation at firstname.lastname@example.org.