This much equity you need to buy house as a starter
For a €250,000 house, as a starter, you need an average of €10,000 to €15,000 in your own money. You use this amount for costs such as the notary, valuation and possibly transfer tax. Banks do not cover these costs with a mortgage, so you have to bring this in yourself. Due to rising house prices, the amount of money you need can increase. Therefore, make sure you plan your budget well and be prepared for additional costs.
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.
