You've got your eye on a beautiful home and you're all set to take the plunge. But then reality sets in: on top of the purchase price comes "buyer's fees. These costs can add up, but fortunately there are ways to reduce them. In this blog, I share tips and tricks for keeping buyer's fees as low as possible.
What is cost buyer?
Before we get into how you can save, a brief explanation. 'Buyer's costs' (k.k.) are the extra costs you incur as a buyer when buying a house. Think of transfer tax, notary fees and costs for the mortgage advisor.
Transfer tax
The transfer tax is a tax you pay on the purchase price of the house. The transfer tax for first-time buyers in the housing market between the ages of 18 and 35 has been abolished once for homes up to €440,000 and as of 2024 even up to €510,000. So if you fall into this category, this could be a nice savings.
Choose a cheap notary
Notary fees can vary quite a bit. You are free to choose your own notary, so it pays to compare prices. Don't automatically go for the cheapest, but also look at other people's experiences.
Negotiate consulting fees
Mortgage broker fees are not set and allow room for negotiation. Feel free to talk about this and who knows, you might get a discount. If you are well prepared, you can also opt for an "execution only" mortgage, where you arrange everything yourself online without advice. This is recommended only if you have sufficient knowledge of mortgages.
Putting in your own money
If you have savings, consider putting them in when you buy. As a result, you will need a lower mortgage and save on interest. You can also pay certain costs, such as those for the appraisal, directly yourself without co-financing them in the mortgage.
Apply for grants and schemes
In some cases, you may be eligible for subsidies or other financial arrangements, such as the National Mortgage Guarantee (NHG). Research carefully what options are available in your situation.
Engage a buying agent
It sounds contradictory: saving money by hiring yet another professional. But a good buying agent can save you a lot of money by sharply negotiating the price and advising you on the best strategy.
Completion
Buying a home is expensive enough, and the extra cost of buyer doesn't make it any cheaper. Fortunately, there are plenty of ways to save. From choosing the right professionals to using your own money smartly, with a little research and guts, you can cut buyer's fees quite a bit. And that means more money for decorating your new palace!
