Owning your own home is a dream for many Belgians. But to make this dream a reality, it’s important to be well prepared and to follow the key stages of the buying process. Hermanns Real Estate will guide you through this process, which involves several key stages that every buyer needs to be aware of in order to make a successful property purchase.
1. Define your budget
Before you start looking for a property, it’s essential to define your budget and your needs. This includes assessing your monthly income and expenses to determine how much you can afford to spend on a mortgage. In Belgium, most banks require a down payment of at least 10-20% of the property price, which can influence your ability to finance the purchase. In addition, it’s crucial to take into account any additional costs associated with the purchase, such as notary fees, registration fees, possible renovations andestate agency fees.
It’s also important to consider your buyer profile, whether you’re a first-time buyer or an experienced investor, as this will influence your choices and financing strategy. Depending on your criteria and the type of property you’re looking for, whether it’s an old apartment or a new house, it’s useful to define your expectations precisely to find the ideal one. A good plan also includes examining the property’s location, such as the neighborhood or area in which it’s situated, as this can have a significant impact on the property’s value and appeal.
To ensure the success of your purchase, it’s advisable to follow a methodical approach, including consulting professionals such as real estate agents or financial advisors. These experts can guide you through the process, from signing the preliminary sales agreement to securing the necessary financing. Don’t forget to take into account any suspensive conditions that may be included in the deed of sale, such as obtaining a mortgage, to protect your interests as a buyer.
2. Get pre-approved for a mortgage
Before you start looking at properties, it’s a good idea to get pre-approved for a loan by your bank or other financial institution. This gives you a clear idea of how much you can borrow based on your financial profile, including your income, expenses and personal contribution. Pre-approval strengthens your position in negotiations, as it proves to sellers that you are a serious buyer capable of financing the purchase.
What’s more, this step gives you a better understanding of the terms and conditions of your future loan, including interest rate, repayment conditions and ancillary costs. It’s essential to anticipate additional costs associated with the purchase, such as notary fees, registration fees and any renovation work. With a clear vision of your budget, you’ll be able to target properties that match your financial capacity, whether it’s an old apartment or a new house.
As part of the pre-approval process, the lender will review your financial file, including your credit history and resources, to assess your ability to repay. This assessment is crucial in determining how much you can borrow, allowing you to plan accordingly and not waste time visiting properties beyond your financial reach.
Finally, getting pre-approved gives you a competitive edge in a competitive real estate market. It demonstrates to sellers and estate agents that you are a buyer ready to sign a deed of sale without unnecessary delay. This can be a significant advantage, especially in popular areas where properties are selling fast. In short, pre-approval is an essential step that ensures a smoother, more secure buying process, bringing you one step closer to your dream of becoming a homeowner.
3. Define your search criteria
Identify your housing needs and desires:
- What type of property are you looking for? A house, an apartment, a building plot? How many bedrooms do you need? Would you like a garden, garage or balcony?
- Where do you want to live? Location is an important factor to consider, as it will have an impact on the price of the property and your quality of life.
- Specific characteristics: number of bedrooms, presence of a garden, proximity to public transport, schools, shops, etc.
4. Find the property of your dreams
Once you have a good idea of your budget and requirements, you can start looking for the property of your dreams.
- Researching the real estate market: Our experts at Hermanns Real Estate are with you every step of the way. We analyze market data to provide you with detailed reports on property prices in the neighborhoods that interest you. These market reports help you understand current trends and price fluctuations, enabling you to make an informed choice. Whether you’re looking to invest in a rental property or buy your primary residence, we offer you a complete profile of the most promising areas.
- Don’t hesitate to visit several properties before making your choice. It’s important to compare different properties to find the one that perfectly matches your criteria. Take the time to observe each space and ask any questions you may have to the seller or one of our real estate agents. Our professionals are here to ensure that you have all the information you need to make an informed decision.
We’ll help you plan for any additional costs, such as registration fees and insurance. As areal estate agency in Belgium, Hermanns Real Estate offers you a list of properties selected according to your preferences and budget, whether you wish to buy to sell later or to invest for the long term.
5. Visit properties
Schedule property visits with Hermanns Real Estate that match your criteria. During visits, our real estate agents will help you evaluate :
- General condition of the property: Check electrical installations, plumbing, insulation and the condition of the roof.
- The neighborhood: Visit the neighborhood at different times of day to assess its atmosphere and safety.
- Local taxes and charges: Find out about property taxes and condominium charges, where applicable.
6. Make an offer and sign the compromise
Once you’ve found the right property for you, you can make an offer to the seller. Hermanns Real Estate can help you make a realistic offer based on market prices. Our agents will negotiate on your behalf to keep you within your budget. The offer must be made in writing and state the price you are willing to pay, as well as the conditions of sale.
If your offer is accepted, you will sign a compromis de vente. This document sets out the conditions of the sale, such as the price, the date for signing thedeed of sale and the date for handing over the keys. It is binding on both parties and sets out the conditions of the sale, drawn up by a notary to avoid any ambiguity.
7. Insure and move in
Once thedeed is signed, you officially become the owner of the property.
- It’s important to take out home insurance to protect your property against fire, water damage and other risks.
- You can then move into your new home and enjoy your new life as a homeowner!
Conclusion
With Hermanns Real Estate, buying a property for the first time in Belgium becomes a smooth and successful experience. By following this advice and surrounding yourself with our skilled professionals, you’ll maximize your chances of a successful purchase and a secure, satisfying investment.
At the end of the work, make a final check with the contractors to ensure that everything has been carried out according to the specifications and standards in force.
Here are a few more tips to help you with your project:
- Be well accompanied. Don’t hesitate to call on a mortgage broker, a notary and AHRE’s real estate agents for advice and support throughout the buying process.
- Take your time. Don’t rush and don’t let yourself be influenced by market pressures.
- Be vigilant. Beware of scams, and never make a payment before signing the preliminary sales agreement.
Buying real estate is an important investment. By preparing well and following the key steps in the process, you can ensure that your project runs smoothly and that you make a good investment in your future.