The real cost of acquiring your home does not stop at the purchase price. There are many additional costs to consider.
Notary fees
For the purchase of real estate, a notary must draw up a deed. You have to pay him for this work. But the bill presented to you by the notary also includes a series of taxes that he invoices you on behalf of the State.
Registration fees
Registration fees are a tax on the purchase of housing or land. They correspond to a percentage of the purchase price, which varies according to the Regions:
- 12.5% in the Walloon Region. If it is a modest dwelling located in a zone of real estate pressure, the registration fees can, under certain conditions , be reduced to 5 or 6%.
- 12.5% in the Brussels-Capital Region. A reduction in registration fees is provided under certain conditions.
- 3% for your own home alone, 1% in the event of renovation work aimed at saving energy and 12% for other homes (such as a second residence by the sea, for example) in the Flemish Region .
The notary's fees for the deed of purchase and the mortgage loan
The notary's fees correspond to a percentage of the value of the property. These fees are fixed by law , so that all notaries apply the same rate.
The notary's fees are determined according to a sliding scale of percentages of the purchase price. The more expensive the home sold, the lower the costs.
If the seller and the buyer use two different notaries, this will have no influence on the amount of fees they will have to pay: the two notaries consulted will share the sum.
Administrative costs
To ensure that the sale goes as smoothly as possible, the notary must carry out a series of searches, request certain certificates and make certain notifications.
All of this research has a cost. Transcription of the deed, registration of the mortgage, cadastral extracts, stamp fees, etc. you will also be charged. In total, the bill for these administrative costs varies between 650 and 1250 euros .
Mortgage registration fees
Not to be confused with registration fees for purchase! This is a tax equivalent to 1% of the loan.
Mortgage registration fees
This tax is equivalent to 0.30% of the borrowed capital.
Bank charges
If you have to take out a loan to finance the purchase of your home, the credit agency will charge you fees related to the opening of the file and the real estate expertise.
Architect's fees
Are you planning to renovate or extend the home you have just purchased? In this case, you will definitely call on an architect . If you need to submit a building permit, the intervention of an architect is in principle compulsory. Unlike notaries, architects are free to set their fees.
Planning permit application fees
If you plan to do work, first find out from the municipality about the town planning rules. Depending on municipal regulations, you may need to apply for a permit to be able to replace your frames or add a veranda, for example. These planning permits also have a cost.
The insurance
Before granting a mortgage loan, banks usually require the borrower to take out outstanding balance insurance . In the event of the death of the borrower before the maturity of the loan, the insurance company will pay the bank the capital still due.
Home insurance covers against various risks, such as fire, water damage, theft, etc. It is not strictly mandatory, but strongly recommended. As part of a mortgage loan, the credit company may require this insurance to be taken out in order to protect the mortgaged property.
Family civil liability insurance (called family RC) covers you against minor accidents in everyday life that you and your family members may cause. If, for example, while repainting your facade, you cause the ladder to fall on your neighbour's car, family liability insurance will cover the costs of repairing the car.
Condominium fees
If you buy an apartment, you must take into account condominium costs : cleaning of hallways and stairs, renovation of the facade, maintenance or replacement of the elevator, etc. The deed of sale and the regulations of the co-ownership determine the share that each co-owner must assume in the common costs.