Buying your first home involves additional costs besides the purchase price. You can think about buyer's fees, remodeling costs, transfer tax, notary fees, appraisal fees, real estate agent fees and costs when you take out the mortgage.
If we make these costs concrete, we quickly arrive at an amount of between €10,000 and €15,000, which is needed in own money when buying a first home.
At homeup, we try to keep the total cost as low as possible for the buyer. How we do that can be read on our page for starters.
How much of your own money do you need?
When buying a house, you need your own money, which is money you put in yourself and do not borrow from the bank. The minimum amount you have to put in depends on the purchase price of the house. For example, for a € 250,000 home, you need to put in between € 10,000 and € 15,000 of your own money. Due to rising house prices, the amount you have to bring in your own money may be higher.
Where does your own money go when buying a home?
Your own money can be used for various expenses. You can think of:
- Purchase costs (k.k.): these are the costs you incur when buying a house. Think of transfer tax, notary fees, registration costs at the land registry and estate agent fees. On average, these costs amount to 2 to 5% of the purchase price.
- Remodeling costs: if you are going to remodel the house, you obviously need money to do so. Keep this in mind when determining your own money. Tip: there may be subsidies available in your municipality when you want to take energy-saving measures. It is therefore always wise to investigate their possibilities.
- Mortgage advice and closing costs: taking out a mortgage involves costs.
- Savings: it is always wise to have a financial cushion for unforeseen expenses.
Tips for saving money
It's understandable that you want to put in as little of your own money as possible. That's why we've listed some tips for saving money:
- Negotiate the asking price of the home with the seller. Perhaps there is room for a lower price. Unfortunately, this is very difficult in this market.
- Compare several mortgage lenders to save on mortgage advice and closing costs.
- Ask family or friends for financial help.
- Consider a start-up loan. This allows you to co-finance part of the cost of the home without your own money.
Buying a house is a big step and it is important to think carefully about the costs involved. It is wise to calculate in advance how much of your own money you will need so that you don't have any unexpected surprises. However, with proper preparation and a little creativity, you can save on costs. That way, you can enjoy your new home without too much financial stress.
The working method of homeup
We make buying your first home achievable. We do that by taking a different approach to the entire search and buying process. By putting you, the buyer, first. We do this by:
Fixed prices
We use fixed prices for the homes we sell. This is how we keep the buying process transparent and fair. This makes overbidding unnecessary!
Exclusive offer
Through the homeup platform you will find homes that are not found on Funda or other platforms. Through our approach, we will find you a home that suits your needs.
Priority for starters
We believe that startups deserve a fair chance in the housing market. Through the homeup platform, we give startups this fair chance.
Personal assistance
From the start of your search to the transfer of the key, we are here for you! We will provide you with the right information and guidance so you can make the right choice.
