What does a property really cost?
\nMany homebuyers focus on the asking price. However, that is a mistake. <\/p>\n
When you view a property, everything often revolves around the asking price. Can you make an offer? Does the property fit within your mortgage? And what will the monthly costs be? <\/p>\n
But the purchase price only tells part of the story. Many buyers discover during the purchasing process that they need thousands of euros extra for costs that are not immediately visible. Consider notary fees, appraisals, advisory costs, sustainability improvements, and future maintenance costs. These so-called invisible purchasing costs<\/strong> are often the reason a purchasing budget comes under pressure. <\/p>\n In this blog, we explain which costs you can expect, how much of your own capital you will likely need, and how to avoid financial surprises.<\/p>\n Many buyers discover during the purchasing process that they need thousands of euros extra for costs that are not immediately visible. Consider notary fees, appraisals, advisory costs, sustainability improvements, and future maintenance costs. Why many homebuyers miscalculate the total costs<\/strong> What are the hidden purchasing costs?<\/strong> Appraisal costs: <\/em>An appraisal report is required for almost every mortgage. An appraiser determines the market value of the property. The lender uses this value to assess the risk the financing poses. Although an appraisal is only one part of the purchasing process, this expense is regularly forgotten in the budget. <\/p>\n Mortgage advice and mediation<\/em>: Taking out a mortgage is much more than just comparing interest rates. Consideration is given to: Building inspection;<\/em> A property can look beautiful during a viewing. Yet, there may be hidden defects. Consider: Sustainability costs<\/em>: Sustainability plays an increasingly large role in the purchase of a property. Not only because of lower energy costs, but also because properties with a better energy label are often more attractive in the long term. Examples of sustainability improvements: Moving and furnishing costs<\/em>: These are perhaps the most underestimated costs. Many people reserve money for the property itself, but forget costs for: Maintenance costs after purchase<\/em>: The costs do not stop after the transfer of ownership. Every property requires maintenance. Consider: The biggest pitfall<\/strong> How do you avoid financial surprises?<\/strong> Free purchase cost check at Pandomo<\/strong>
\nThese so-called invisible purchasing costs are often the reason a purchasing budget comes under pressure.
\nIn this blog, we explain which costs you can expect, how much of your own capital you will likely need, and how to avoid financial surprises. <\/p>\n
\nWe increasingly see buyers confusing their maximum mortgage amount with their total spending capacity. And that is, incidentally, very understandable.
\nOnline calculation tools often show how much you can borrow, but not always which costs you must pay yourself<\/em> in addition.
\nIn practice, a property of \u20ac400,000 often costs significantly more than just that \u20ac400,000.
\nTherefore, a good mortgage advisor looks not only at the financing but also at:
\n\u2022 Your total living costs
\n\u2022 Future plans
\n\u2022 Risks
\n\u2022 Savings
\n\u2022 Sustainability wishes
\n\u2022 Maintenance costs <\/p>\n
\nPurchasing costs payable by the buyer (k.k.)<\/em>
\nWith existing properties, you will almost always have to deal with ‘purchasing costs payable by the buyer’.
\nThese include:
\n\u2022 Transfer tax
\n\u2022 Notary fees
\n\u2022 Land registry fees
\nMany first-time buyers think these amounts can be included in the mortgage. However, that is by no means always possible.
\nFor this, you often need to bring your own funds to the notary.
\nA practical example: <\/strong>
\nYou buy a property for \u20ac350,000. When all additional costs are included, the amount you have to pay yourself can range between \u20ac6,000 and \u20ac14,000.
\nFor many first-time buyers, this comes as a surprise. <\/p>\n
\n\u2022 Income
\n\u2022 Future plans
\n\u2022 Risks
\n\u2022 Insurance
\n\u2022 Sustainability improvements
\n\u2022 Taxes
\n\u2022 Fixed-interest period
\nGood advice often yields much more than just a competitive interest rate. <\/p>\n
\n\u2022 Wood rot
\n\u2022 Roof problems
\n\u2022 Overdue maintenance
\n\u2022 Structural damage
\nWith a building inspection, you gain more insight into the state of the property and the future costs. Especially with older homes, this can prevent thousands of euros in surprises. <\/p>\n
\n\u2022 Roof insulation
\n\u2022 Wall insulation
\n\u2022 Floor insulation
\n\u2022 HR++ glass
\n\u2022 Triple glazing
\n\u2022 Solar panels
\n\u2022 Heat pump <\/p>\n
\n\u2022 Moving company
\n\u2022 Flooring
\n\u2022 Painting
\n\u2022 Lighting
\n\u2022 Window coverings
\n\u2022 Furniture
\n\u2022 Landscaping <\/p>\n
\n\u2022 Painting
\n\u2022 Roof maintenance
\n\u2022 Central heating system
\n\u2022 Ventilation system
\n\u2022 Window frames
\n\u2022 Bathroom or kitchen
\nOlder properties, in particular, often require a financial buffer. A good guideline is to always keep savings available for unexpected expenses. <\/p>\n
\nMany first-time buyers first find out the maximum they can borrow. Only then do they look at all the additional costs.
\nOur tip is: turn this around!
\nThe most important question is not: “How much can I borrow?”
\nBut:
\n“Which property fits my financial situation, now and in the future?” <\/p>\n
\nBefore you buy a home, it is wise to answer the following questions:
\n1. How much of my own money do I have available?
\nGet a clear picture of how much savings are available for additional costs.
\n2. Do I want to renovate immediately?
\nA new kitchen or bathroom can make a big difference in the required budget.
\n3. Do I want to make the home more sustainable?
\nInclude these costs directly in the planning.
\n4. What monthly payment feels comfortable?
\nDon’t just look at what is possible. Look especially at what feels right.
\n5. What plans do I have for the next ten years?
\nThink of:
\n\u2022 Living together
\n\u2022 Children
\n\u2022 Working less
\n\u2022 Early retirement
\n\u2022 Self-employment
\nThese choices influence the affordability of your mortgage.
\nConclusion: look beyond the asking price
\nThe purchase price of a home is only the beginning. Purchasing costs, mortgage advice, appraisals, sustainability, furnishing, and maintenance ultimately determine what a home really costs.
\nThose who gain insight into these invisible purchase costs beforehand avoid financial surprises, maintain a sufficient buffer, and make better-informed choices. After all, buying a home is not just a financing issue. It is a decision that affects your financial situation and living comfort for years to come. <\/p>\n
\nAre you looking for a home or have you just made an offer? Have the amount of your own money you actually need calculated in advance. This way, you know exactly where you stand and can make a decision with confidence.
\nSchedule a non-binding consultation with Pandomo<\/a> and discover what your dream home really costs. <\/p>\n","protected":false},"excerpt":{"rendered":"