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Frequently asked questions when buying a house

When buying a house you can come up with many questions. You do not just buy a house and that is why it is good to have an overview of the frequently asked questions and answers. Some real estate developer companies in ahmedabad provide ease of buying property.

When is a sale final? Homes are sold quickly these days, but when is a sale really final? We often get these questions and we understand that there is a lack of clarity about this. The sale is officially concluded when both parties agree on the price and the purchase conditions and have signed the purchase agreement.

If the buyer has subsequently received a copy of the signed agreement, the statutory 3-day cooling-off period will come into effect. When this 3 day reflection period has passed. the purchase is final, unless the resolutive conditions.

How can I buy a house without my own money? Buying a house without your own money is not possible, because you always pay the costs to, for example, put the house in your name and to pay for a valuation report. You need a valuation report to finance the home.

In addition, it is rare that in the current housing market you buy a home without overbidding. As soon as you buy a home for a price that is higher than the appraised value, you would have to pay this difference out of your own pocket.

Of course there are other options to pay these costs.

For example, you can ask whether your parents support you or, in some cases, you can take out an extra loan in addition to your current mortgage. However, this only applies if you could get a much higher mortgage based on your income than you could get based on the value of your home.

We always advise you to discuss this with your mortgage advisor.

How long does it take to buy a house? Selling a house is not difficult these days, but buying a house can take a little longer than expected. The shortage on the housing market, which means that on average house hunters can choose from fewer than two houses. That figure is a low in history, the price an absolute record.

As a home seeker, you often only have the opportunity to view a home once and then you get the chance to make an offer.

Applying for financing takes on average 1 to 4 weeks.

On average, buyers now spend 3 months buying a home. However, this depends on what your wishes are, the local housing market and how actively you look for suitable homes yourself.

Notify any real estate agent that you are looking for a home and ask them to put you on their list of seekers. Or join the mailing list and follow them on Facebook. Make sure you have clarity about your financing in advance Increase your chance on the housing market and work together with a purchase broker Enlist the help of your friends, family and acquaintances and use your own social media. How much do I have to earn to buy a house? How much you have to earn to buy a home depends on various factors, such as the price of the home, own contribution, type of home and whether you can make use of a starter scheme.

What do I have to arrange when buying a house? As a home buyer it is possible to insure yourself against almost any financial risk. In some cases, certain insurance policies are even mandatory. Keep the following insurances in mind when buying your first home:

Home insurance In the event of damage to your home due to storm, fire or burglary, a certain amount is paid out with a home insurance policy. Buildings mean everything that is attached to your house. Think of doors, windows, kitchen, bathroom, etc. Home insurance is often mandatory when you take out a mortgage with a bank.

Home insurance In case of damage to your belongings due to burglary, fire, storm or flood, an amount is paid out with a home contents insurance. This allows you to purchase replacement items. Household contents mean all items in the house that are not attached to your home. Think of windows, doors, kitchens, bathrooms, etc. Home insurance is often mandatory when you take out a mortgage with a bank.

Housing costs insurance In the event of loss of income due to incapacity for work or unemployment, a certain amount is paid out under housing insurance. With this amount, monthly costs of your mortgage can be paid.

Term insurance In the event of the death of an insured person, a term life insurance policy pays out an amount to the next of kin or partner. When applying for a mortgage when buying a house, this is often compulsory insurance. This gives the bank the certainty that a mortgage will be repaid.

Planning to renovate and move Not every home that you buy meets all your wishes, sometimes it is still necessary to renovate a few things. Therefore, make a clear plan when you are going to do what and what you need to make sure everything runs smoothly.

It is also important to arrange everything properly when moving. You can think of a moving team or a moving van to help you during the move.

Additional costs when buying a home Below we briefly explain what these costs consist of.

transfer tax Transfer tax is the tax that you pay to the tax authorities when you buy a house. You must deposit these costs together with the purchase price into the account of the notary. The notary will then ensure that the tax is paid to the Tax Authorities and the purchase price is transferred to the seller(s).

  Notary fees It is always mandatory to engage a civil-law notary when buying and/or selling a home. The civil-law notary prepares the transfer deed and, if applicable, the mortgage deed. In addition, costs are charged for registering the deeds at the Land Registry. The price of the notary is not fixed, so you could request various quotes for this.

  Bank guarantee A bank guarantee is often included in a purchase agreement. With a bank guarantee, the bank guarantees the amount of the deposit of 10%. If the purchase cannot go through for a non-valid reason, the bank will pay the seller 10% of the purchase price. This is a loan from the bank that the potential buyer then has to repay. It is also possible to pay the deposit yourself; as soon as the sale goes through you will get this amount back.

Construction inspection A building inspection is an inspection in which the house is completely checked from top to bottom using a checklist. The inspection is elaborated in a construction technical report. An extensive architectural inspection, in which a house is fully checked and the result of which is elaborated in a construction report.

How can you help your child buy a house? You must also use the money for the purchase or renovation of your own home, the surrender of ground lease or the purchase of sustainable energy measures. In addition, you may use the money to pay off a residual debt of a previous house, or to (partially) pay off the home acquisition debt of your current home.

How much tax do you get back after buying a house? How much you get back from the tax depends on income. If you buy a house, you can get a part of the costs incurred in that context back. This can be done with the next tax return after purchasing a home.

Exactly how much that is depends to a large extent on the income you enjoy. Incidentally, it does not always have to be a question of getting your money back. You may also have to pay less tax.

The costs that you can get back will be deducted from the tax you have to pay. Most of the costs associated with the purchase of the house concern the interest. If you are allowed to make use of mortgage interest deduction, you can reclaim the costs that you have lost in interest. This can take several years. In the first year, however, the interest costs are highest. After all, the mortgage amount decreases every year and as a result, the interest rate also decreases. What is also an important factor is when in the year you bought the house. You can only request money back on interest that has actually been paid. The earlier in the year you bought a house, the more money you can claim back in the first year.

What does the notary do when buying a house? A notary has several activities in the process of buying a house. It can be a lengthy process in India but professionals and the real estate builders in ahmedabad have these things already sorted as they are in this industry and know the whole process.

Deed of delivery The notary draws up the deed of transfer or transfer deed. With this deed you become the owner of the house on the transfer date. The notary makes this deed of transfer on the basis of the previously signed deed of sale. The notary checks the purchase contract for details, so that inaccuracies are discussed and resolved as quickly as possible.

The deed of transfer describes who buys the house and with what division.

Mortgage deed Are you taking out a mortgage to buy the house? Then the civil-law notary uses the financial documents of the lender to draw up the mortgage deed. The agreement between you and the lender is detailed in the mortgage deed. The basis of the agreement is that you take out a mortgage loan from the lender, you give a mortgage right to the lender.

If you do not meet your agreements, they can sell the collateral, in this case your home. You will find the amount of the mortgage registration in the mortgage deed. The civil-law notary will go through the mortgage deed with you before the transfer. After signing, the civil-law notary writes the mortgage deed in the Land Registry.

It is now publicly registered that you have a mortgage on the house.

Land Registry Your notary takes the initiative to determine the date of passing. This is the day that the deed of transfer and the mortgage deed are signed at the notary. In the meantime, the lender has transferred the money for the purchase to the account of the notary. The notary transfers it to the selling party and then the house is also transferred to you.