OFFPLAN NEWS

(05.06.2007 )
Property Netherlands Buying a home in the Netherlands

Entering the Dutch property market is a big step — particularly for expats. Here is a brief guide to mortgages, the costs involved and the steps you will need to take.

Even with the government push to create more housing stock for sale, the market is far from flooded and remains at the high end. This can make it time consuming to find a good investment. Also be aware, it can be both costly and difficult to purchase a house if you are here on temporary assignment of three years or less.

However, if you are planning to stay in the Netherlands for more than five years and you are paying (or would be paying) more than EUR 1,250 per month for rental accommodation, you might consider buying a home.
 
For example: if you pay 1200,00 a month for rent, but could buy a similar property for 200,000 – then it’s cheaper to buy as your monthly mortgage expenses will be about 700 euro, and you will also accrue added value on the property after three years.

It is recommended that you first do some basic research into whether you are eligible for a mortgage and the sorts of mortgages available. The general basic requirements for a mortgage of up to four times your gross salary are: resident in the Netherlands for a period of more than five years, in permanent, full-time employment or self-employed and able to produce accounts (by a recognised accountant) for the past three years as well as a prognosis for the current year.

These are general guidelines only as individual circumstances can vary and some mortgages can be arranged outside these guidelines (see 30 percent ruling, below).

There is a large range of (currently) low - middle interest mortgages available, including: Aflossingvrij (interest only), Annuiteit (all interest payable over the mortgage added to capital and divided into monthly payments), Leven or Spaar (Endowment Mortgage), and Effecten (Share investment Plan). Shop around to find the best deal.

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