This is it: you’re ready to start searching for the property of your dreams and make your next real estate purchase! But before becoming a homeowner, you have many questions. Where do I start? What steps should I take? Who should I contact? Where and how do I search?
EASY Estate, your trusted real estate agency, helps you see things more clearly. In this article, discover the steps to buy a house in Belgium!
1. Set your budget for buying your property
Before starting your search, you first need to estimate your budget for buying your property. This will help you avoid unpleasant surprises and disappointments.
Estimating your own funds
First, assess how much money you have set aside to finance the purchase of your property. These own funds can be your personal savings, money you have from the sale of another property, or an inheritance or gift from your family, for example.
Careful: we advise you not to use all your own funds for your purchase. Keep a portion aside in case of unforeseen additional costs.
Estimating the costs
Do you have an idea of the amount you have available? Now, estimate how much the purchase of your property will cost in order to work out how much you’ll need to borrow.
In addition to the price of the property, you must take into account all the additional costs, such as notary fees, registration duties, bank file fees if you take out a loan, and insurance.
Applying for a mortgage loan at the bank
If you feel your own funds don’t cover all the costs, you will most likely need a mortgage loan. To do this, make appointments with several banks to compare offers: interest rates, loan duration, any compulsory insurance, etc.
The banker will analyze your financial situation (income, expenses, contribution) and use this to determine the amount the bank can lend you for your purchase. Choose the bank that offers you the best rate and the best conditions! By doing this, you can begin your search with the certainty that your loan application will be accepted and that you are not putting your financial stability at risk with this purchase.
2. Search for a property
Defining your search criteria
Now you know how much you can borrow. Based on this, define the criteria for your property search: location, type of property, size, condition, orientation, number of rooms, energy performance, etc. Depending on how your search progresses, you may need to revise certain criteria so that the properties you visit match your budget.
Searching for property listings
With your criteria in mind, you can start going through the listings. You’ll find them on property listing websites, at notary offices, or even on social media. Real estate agency websites also let you set up alerts whenever a new property matching your criteria appears.
Also take a walk around the targeted neighborhood. You might come across a property for sale. Finally, don’t hesitate to rely on word of mouth!
Working with a real estate agent
The search process is often long and complex. To spare you this time-consuming and stressful step, we recommend working with a real estate agent. They have in-depth knowledge of the local market and will offer you properties that match your criteria, sometimes even before they’re listed online.
At EASY Estate, your real estate agency in the province of Liège, we offer a range of services to help you find your future home: sound advice, prospecting in your area, etc.
3. Visit the properties
Visiting the property
Have you found a property that interests you, or has your real estate agent suggested one? Schedule a visit!
We recommend bringing along a trusted person, who can give you a second opinion and notice details you might have missed. Also prepare a list of questions to ask the seller or real estate agent. On site, pay attention to the overall condition of the property (walls, damp, roof, windows, etc.). Try to picture yourself living there and ask yourself whether this property matches your expectations.
Second visit before making an offer
Have you completed the first visit and are you still interested in the house? If possible, schedule a second visit. It will let you confirm your interest in the property and observe other elements you might not have thought of the first time. You can also bring along an expert who will assess and check any work that may need to be done.
4. Make an offer to purchase
Price negotiation
Convinced? It’s time to negotiate! Discuss with the seller or the real estate agent whether the purchase price can be lowered. Put forward your arguments, such as the condition of the property and any factors that could justify a lower amount. Be careful not to negotiate too hard, though: the seller could simply refuse your offer!
Drafting the purchase offer
Then draft a purchase offer. It can be worded however you like, but it’s best to do it in writing. It should include the price you are offering for the property, the validity period of your offer (generally 48 hours), the address of the property in question, your name, the date, and any conditional clauses. Add a conditional clause if you are taking out a loan: it will allow you to cancel the sale if your loan is refused.
During the validity period, the seller can accept, refuse your offer, or propose a counteroffer with a different price. If the seller accepts, or if you accept the counteroffer, you are now committed to purchasing their property.
5. Sign the preliminary sale agreement
Drafting and signing the agreement
A preliminary sale agreement is then signed, either at the real estate agency or at your notary’s office. This document serves as the basis the notary will later use to draw up the deed of sale. So be sure to check all the information carefully.
Careful: this agreement obliges you to comply with all the conditions stated in it. If you back out of buying the property, for example, the seller could ask you for compensation of 10% of the sale price, or seek a forced sale.
Sending the administrative documents
Have you got the signed preliminary sale agreement? Send it directly to your banker. They will take care of the documents relating to your mortgage loan and send them to your notary.
6. Sign the deed of sale at the notary’s office
The final step in buying a property is to sign the deed of sale at the notary’s office. The notary prepares all the documents and carries out all the necessary administrative checks to ensure the sale is compliant and takes place under the best conditions.
At the appointment, the parties involved (sellers and buyers) and the notary are present. The notary reads the deed of sale aloud, explains the various clauses, and makes sure everything is correct. Both parties then sign the documents. You receive the keys to your new house or apartment and are finally the owner of the property!
EASY Estate supports you in your property purchase
Looking to acquire a property? Trust EASY Estate, your reliable real estate agency! Benefit from our expertise and our experience of the local property market. We help you find the house, apartment, or plot of land of your dreams in the province of Liège!
