Additional expenses when buying a house
Buying a house costs money. In addition to the purchase of the house, and quite possibly the land, you will face purchasing and financing costs. Which additional expenses do you have to take into consideration when purchasing a house?
In order to make the additional expenses when buying a house more transparent, we will distinguish between existing houses and newly developed property. The height of the costs partially depends on the purchase price. A mortgage with a National Mortgage Guarantee (Nationale Hypotheek Garantie (NHG)) involves additional costs.
Existing houses
Purchase costs:
- Transfer tax (overdrachtsbelasting): 2% of the purchase price
- Transfer contract (Leveringsakte): +/- € 700 depending on the civil law notary and city
- Costs for renovation or improvement of the house
- Possible: surrender of ground lease
- Possible: Realtor’s fee (expenses vary from approx. € 800 up to sometimes 2% of the purchase price)
- Purchase price of possible moveable goods
Finance costs:
- Appraisal costs: from approx. € 605 - € 800*
- Possible: architectural inspection (+- € 350)
- Mortgage deed: +/- € 700 depending on civil law notary and city*
- Advice and brokerage fees: We charge € 2,995 to € 3,495 (for entrepreneurs the costs are higher)
- Costs for the National Mortgage Guarantee (Nationale Hypotheek Garantie) for purchase prices under € 435,000): 0.6% of the mortgage amount
- Costs for a bank guarantee (costs vary, maximum 1% of the deposit)
*These costs may be deductible
Newly developed property
Purchase costs:
- Purchase price of a house. This is usually divided into the purchase price for the land and the contract price (the building costs).
- Additional work. These are costs in addition to the standard construction plans (walls, floors, bathrooms, kitchen etc.)
- Construction interest. A contractor usually passes the incurred (interest) costs in the period prior to the purchase or commencement date of the mortgage onto you.
- Possible: surrender of ground lease.
Finance costs:
- Mortgage contract (Hypotheekakte): +/- € 700 depending on the civil law notary and city*
- Advice and brokerage fees: Read here how you can choose the advisor best suited to your needs. We charge € 2,995 to € 3,495* (the costs are higher for entrepreneurs)
- Costs for the National Mortgage Guarantee (Nationale Hypotheek Garantie) for purchase prices under € 435,000): 0.6% of the mortgage amount
- Costs for a bank guarantee (costs vary, maximum 1% of the deposit)
- Double expenses during construction (also referred to as loss of interest): Subject to interest (and principal payment!) as soon as the mortgage commences. This often starts as soon as construction begins. The construction of the house will not yet have been completed. Therefore, you are charged costs, but you cannot move in yet. The double charges in this period are partially compensated by the interest which you receive over the construction deposit.
*These costs can possibly be deducted from taxes.
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