Complicated issues when buying a house and this is how you solve it
Buying a house, we'll just do it, I thought. I found the mental part a bigger deal than the administrative hassle. Because you're going to buy a house together (!), so then you're entering into a registered partnership and well, that mortgage together is a new kind of connection. But then suddenly it’s about interest, buyer's costs, being outbid, and inspections. Turns out it's more complicated than you thought. Get out of here, guys.
You should jokingly tell someone who bought a house before 2018 that you can no longer include the buyer's costs in the mortgage. ‘So-so-so you need to have that ready,’ they then ask. Correct. And that if you are going to bid over, that also cannot be financed. ‘But where on earth are you going to get that money from,’ I often hear. I personally thought of La Casa de Papel gone Dutch, why? And I haven't even been scammed with my student financing from the government, so the generation after me is in even more trouble than I already am. Colleague Daan just immediately opened a savings account for her children. I think because she was afraid her children would otherwise live at home forever due to the crazy housing market. Smart thinking. But you want to know things before you try to become a homeowner.
Buying a house; the basic principles…
1. You have to cover the buyer's costs yourself, that's about 5 to 6 percent of the house price.
2. If you make a bid above the appraised value, you cannot include this in the mortgage. Right: you need to have even more money in your savings account.
3. Bidding subject to financing or structural inspection is of course very wise. But many sellers at this moment choose someone who does not bid subject to conditions. So make sure you have the calculations from a mortgage advisor ready beforehand, that increases your chances when making a bid.
4. You can just start negotiating again for unforeseen costs that come from a structural inspection.
5. Hiring a buying agent is smart. They often know the realtors, know tricks to get a house, and look along with you.
6. An appraisal report is required to get a mortgage. It is quite normal for the selling realtor to have this prepared.
7. Make sure you are well informed about the type of mortgage you are taking out. Paying off significantly is advisable in this time of buying houses.
8. And remember that if you are afraid a house will lose value, you are also just shifting that rent every month to the landlord's bank account. You are already losing it anyway. And go back to the previous point, because then you'll be glad you paid it off.
Oh, and if you know of an amazing house in the center of Woerden, I want it.
