Are you planning to buy a home but have no idea how to go about it? Here we clearly summarize the process involved in buying a home.
Step 1: Determine your budget
Everything starts with determining your budget. When doing so, don’t forget to really factor in àll costs:
- purchase price of house or apartment
- registration fee
- deed fees
- fee notary
- property tax
- VAT (for new construction)
- renovation costs
- moving van
- furniture
- common costs
- …
Here you will find a overview of all costs when buying a house or apartment.
Make an appointment with the bank or loan officer
Once you know what your budget is, step to the bank or loan broker. He/she will guide you through the process of buying a home. For example, he/she calculates how much your mortgage loan will be and gives advice on what to look out for. Read here how to get a mortgage loan in 6 steps.
Step 2: Find your dream home
Once the budget is determined, the search for your dream house or dream apartment begins. Find listings through various channels such as real estate websites, websites of local realtors and regional magazines and newspapers. Ask your family, friends and colleagues to keep an eye out for houses or apartments for sale. Do you have a specific neighborhood in mind? Then start driving around there regularly. You might discover your dream home this way before an ad is placed! Plus, you’ll immediately get a feel for the atmosphere of your future neighborhood.
Viewing
Have you found some contenders? Then contact the owner or broker for a viewing. Prepare your visit well. Be sure to ask these important questions:
- What does the EPC report say?
- Is asbestos present?
- Are all certificates in order? Find an overview of all required certificates here.
- How favorable is the water report (flood susceptibility)?
- How was the house built? Traditional construction, wood frame , …?
- Are there any possible defects?
- When will the property be vacant?
- Can the property still be expanded?
- Has any renovation work been done?
- …
Easily follow our Checklist for during a viewing of a house or apartment. And/or take a family member, acquaintance or expert with you to check out the structure of the property.
Step 3: Make an offer
Have you found your dream home? Then make an offer. These days, you don’t have to do this in writing. Sending an e-mail or text message is also binding. Do you still like to bid in writing? Then prepare an official document, for which realtors do have a template/template. For the document, this applies:
- Be sure to include the address, price, period of validity of the bid.
- The bid you make binds you to the seller for the duration you specified.
- Does the seller agree and sign the offer? Then the sale is final. From then on, you cannot withdraw the bid.
Note: When making an offer, it is best to mention in writing the phrase “subject to financing.” This usually gives you 21 days to get your financing in place. Within that period – best as soon as possible – contact your bank or loan broker to finalize the mortgage.
House or apartment under option
Have you found the perfect home, but do not have the requested amount? Then you can take the home under option. This means that the seller will not sell the home to anyone else within a certain period of time. This period is often one or two weeks. Make sure you make a written note of this. The seller has the option of asking for a deposit. That way he/she knows that you definitely mean business. Should you later not buy the house after all, this deposit counts as compensation.
Step 4: Prepare the terms of sale
After your bid is approved, clarify the terms of sale. This usually happens one month after acceptance. Once you and the seller agree on the terms of the sale, you draft the preliminary or private sale agreement – also known as a compromise. The word “provisional” is very misleading. In fact, the agreement is just final and binding on both parties. Among other things, what can you find in a sales agreement?
- The cadastral income of your property;
- the moving date;
- stating whether the sale is subject to VAT;
- your marital status;
- the conditions precedent (if any);
- …
Step 5: Receive the notarized deed
Have the authentic deed – also called the notarized deed – drawn up. From then on, neither the buyer nor the seller can deviate from the compromise. Your home purchase is then final. The notary will prepare this deed up to 4 months after the compromise. This means executing the deed. Choose a notary together with the seller or take each separately. When signing the sales agreement, you and the seller agree on a date when you will sign the authentic deed of sale.
What exactly does a notary do?
A notary verifies that the agreement meets all the conditions. He/she must be present when you sign the notarial deed and makes sure everything is done according to the law. Then you pay the purchase price and you are the owner of the property. Congratulations on your home purchase!
When will you receive the key?
Ideally, you will receive the key as soon as possible to take a look around and perhaps already carry out minor works. When the deed is notarized, you as the buyer will receive the house key. Keep in mind that there can be a maximum of 4 months between the signing of the compromise and the execution of the deed. If the seller wants to stay in the house longer, you have the right to ask for rent. Do you want the key sooner? Then make clear arrangements with the seller and put them in writing. Be sure to write down:
- the state of the property at this time in a place description
- arrangements around any claims
- fire insurance information
- the meter readings
- …
Would you like to cite this article as a source? Then use:
Vastmans, J. (2024, Nov. 15). How to buy a home (5 steps). Apartment.com. Accessed on (date XX/XX/202X), from https://www.appartement.be/hoe-verloopt-de-aankoop-van-een-woning/
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