Buying a new home is unfortunately not that easy. There are many things involved in buying a new home. From finding a new home to the final handover. At V&W Adviseurs, we help you make the best decisions because we know the market extremely well and think along with your personal situation. In this article, we explain how to buy a new home in five steps.
Step 1 Free mortgage interview with the mortgage adviser
Before starting your search for a (new) home, the first step should really be to obtain accurate information from an independent expert adviser. V&W Adviseurs will discuss your personal situation in detail. All your questions will be answered. On the basis of this exploratory interview, you can find out what is and what is not possible.
You will be given the answers to at least the following questions:
- Can you get a mortgage?
- Do you qualify for subsidies such as a first-time Buyer’s Loan?
- Will you get the National Mortgage Guarantee (NHG)?
- If so, what is the maximum possible loan amount?
- What additional costs are there?
- What are the corresponding monthly charges?
- What forms of mortgage are there?
- How long do you have to fix the mortgage interest for?
- What best matches your wishes?
In short, if you want to take the right path, we strongly urge you to come and talk to us, so that you can start searching for houses within your budget. In the next chapter, we will tell you more about the aspects involved with financing your new home.
Step 2 Starting your search for your new home
You are now aware of your financial options. The next step is to see if your property wishes can also be turned into reality. It is therefore important to think carefully about what property wishes requirements are and which wishes can be watered down.
V&W Adviseurs also has its own estate agent business, V&W Makelaars. If you wish, you can talk to our NVM estate agent after the financial interview. In that way, you can gain a first impression of the possibilities. You can also do some exploratory work on the internet. There are many sites where you can search for a suitable home, the most popular one is www.funda.nl.
You may of course decide to buy the house without involving an estate agent, but then you will not get the expertise that an estate agent has to offer. He can assist you with many financial and legal matters and help you draw up the right contracts. The estate agent will support you throughout the purchasing process. He will, for instance, assess the asking price and the structural condition of the property and will conduct the negotiations on your behalf.
Make no mistake, the selling estate agent has only one interest and that is to negotiate the best price and the most favorable conditions for the seller. After all, the seller is paying this estate agent. All the more reason to engage your own estate agent. The estate agent will of course charge a fee for his services: the commission. This commission can often be recouped because the estate agent can conduct negotiations better than you can. He stays business-like and objective, whereas this is harder for you. You are emotionally involved in the deal, because you are really keen to live in that house. And he can also protect you from a bad buy or from paying too much. You should not be willing to take any risks when buying a home.
“A good estate agent (such as an NVM estate agent) knows the market and can provide you with advice and support better than anyone else.”
Step 3 Buying the property and the purchase deed
You have chosen the right property and have decided to buy it. The negotiations are starting. The most asked question in a buyers’ market is: What percentage can we get off the asking price? In a sellers’ market, the most asked question is: How much should we overbid to have a good chance of buying this property? This is a question that cannot be answered directly. Is it a desirable neighborhood, are there any other buyers on the horizon, how long has the house been on the market, is the seller in a hurry because he has already bought a new property? It depends on a number of factors, and it is, therefore, advisable to engage an expert, an independent estate agent from V&W Makelaars. You will certainly make a good purchase!
As soon as an agreement has been reached about the price of the property and the completion date, the agreement of sale is drawn up. We advise you to always include a number of conditions subsequent in this. In a so-called seller’s market, we see that buyers sometimes drop these conditions because it makes the offer more interesting for the seller and thus increases the chance of getting the house. If any of the conditions mentioned are not satisfied, you can withdraw from the purchase without incurring any charge.
Examples of these are:
- Obtaining a suitable loan under normal conditions
- The results of a structural inspection
- Obtaining the National Mortgage Guarantee (NHG) or for instance First-time Buyer’s Loan
- Obtaining a housing permit
- Selling your own house before a certain date
Step 4 Finding the right financing
Now that you have bought the property, it is important to make definite arrangements for the financing. You should already have inquired about the possibility of getting a loan and found out how much the maximum mortgage is.
Finding the right financing from the right lender also depends on the type of property you have bought. There are lenders that are particularly suitable for people who have bought a new building or who have a lot of their own money or surplus value. There are also housing cooperatives that sell property with certain constructions. In short, the property itself can also affect the available form of mortgage or lender. This is of secondary importance, of course.
The best type of financing for you depends to a large extent on your personal situation, your wishes, and your ideas. We are certain that we, with our specific knowledge and our contacts in the market, can save you (a great deal of) money. In a separate chapter, we will discuss in greater detail the aspects that are important in regard to financing.
Step 5 The civil law notary and the eventual conveyance date
The purchase deed for the property often states that you have to arrange a bank guarantee for the sum of 10% of the purchase price of the property or you have to pay a deposit. This is to give the seller additional security that you will actually continue with the purchase. A deposit is when you actually transfer the amount (10% of the purchase price) to the civil law notary. Not everyone is able to do this, and in that case, a bank guarantee is sufficient. This means that the lender has had access to your financial details and stands as guarantor for that amount. The civil law notary ensures that you satisfy this obligation in the purchase deed.
When the lender’s civil law notary has received the mortgage documents, the official documents can be drawn up. The civil law notary creates two deeds: the deed of conveyance and the mortgage deed. The deed of conveyance is the title deed of your new home.
At last, it’s arrived, the conveyance date. On this day, you conduct an inspection of the property along with the estate agent. Together, you check whether the property is in the same condition as when you saw it during the viewing. Assuming that
everything is in order, you then go to the civil law notary to sign the deeds. The civil law notary then arranges all the financial matters. Congratulations, you are now the owner of your new home!