Buying your first home
Exciting Times
Buying your first home is an exciting step, but it can also bring many questions and uncertainties. At Orion, we make this process clear and guide you from start to finish. We assess your financial options, find the mortgage that suits you, and assist you with every step involved in purchasing your first home. With our expertise and personalized approach, we ensure you can buy your first home with confidence.
When can I buy a home?
You can buy a home if you meet certain financial and legal requirements. Here are the key conditions:
- Stable or Steady Income: Lenders will assess your current income and its stability. A permanent contract is a plus, but even with a temporary contract or as a self-employed individual, there are options as long as you can demonstrate sufficient income.
- Personal Funds: While it’s possible to finance a large portion of the home price through a mortgage, you will need personal savings to cover costs such as transfer tax, notary fees, and advisory fees. This is typically estimated at 5-7% of the purchase price.
- Clean Credit History: Your creditworthiness will be checked through the BKR (Credit Registration Bureau). Any outstanding debts or payment arrears can affect your borrowing capacity.
- Affordable Housing Costs: The mortgage you can obtain depends on your income and how it compares to your other financial obligations. Lenders have standards in place to ensure that your housing costs don’t overly strain your budget.
The step-by-step guide to buying a home
Buying a home is a big step, and there’s a lot to consider. To help you stay organized, we’ve created a clear step-by-step guide. From setting your budget to signing the mortgage deed at the notary – we’ll support you every step of the way. With our guide, you’ll know exactly what to expect, and we’ll ensure you’re well-prepared to purchase your dream home.
Follow our guide and take the first step towards your new home with confidence!
Orientation
Buying a home begins with thorough orientation, considering various factors:
Type of Property: Determine which type of property suits your preferences and lifestyle, such as an apartment, terraced house, or detached home.
Location: Consider the proximity to work, schools, shops, and public transportation. The surrounding area affects both your living experience and the future value of the property.
Maximum Borrowing Capacity: Analyze your financial situation to determine how much you can borrow. This depends on your income, savings, and any outstanding debts.
Monthly Costs: Calculate the monthly expenses, including the mortgage, insurance, taxes, and maintenance, to ensure they fit within your budget.
Future Plans: Think about your long-term plans. Do you expect family growth or changes in your career? Choose a property that aligns with these expectations.
Condition of the Property: Consider whether you are willing to invest in renovations or if you prefer a move-in ready home.
Amenities and Infrastructure: Check for the availability of amenities like supermarkets, healthcare, and recreational facilities nearby.
A thorough orientation helps you make informed decisions and ensures a smooth purchasing process.
Searching for a home
The search for your dream home is an exciting and important step. There are various ways to find your ideal property, and it’s worth taking a broad approach:
- Online Property Platforms: Websites like Funda, Pararius, and Huislijn help you explore the market and find homes that match your preferences.
- Buyer's Agent: An agent can assist with viewings, negotiations, and determining a property’s value, strengthening your position.
- Multiple Viewings: Visit several properties to better define your preferences and make an informed decision.
- Social media: Platforms like Facebook and Instagram often offer hidden opportunities, so keep an eye on them.
- Property Alerts: Set up notifications to stay informed about new listings that match your criteria.
- Flyers and Networking: Distribute flyers in your desired neighborhood and tap into your network—often the best tips come through word of mouth.
With these strategies, you increase your chances of finding your ideal home. Be prepared and enjoy the process!
Bidding and negotiating
Bij het bieden en onderhandelen zijn verschillende factoren belangrijk:
- How long the property has been on the market: The longer a property has been listed, the greater the chance that you can negotiate the price.
- The seller's motivation: If the seller needs to sell quickly (for example, due to dual housing costs), this can strengthen your negotiating position.
- Competition: In a busy market, you may need to offer more, while in a quieter market, a lower offer may be more realistic.
- The true value of the property: Compare the property with recently sold homes in the area to determine what constitutes a fair offer.
- The condition of the property: If renovations are needed, this may justify a lower price.
- Flexibility in terms: Sometimes, your terms, such as the delivery timeline or avoiding suspensive conditions, can make your offer more attractive.
- Personal situation: Sharing your situation (for example, being a first-time buyer or a family with children) can sometimes influence the seller.
With these insights, you can tailor your bidding strategy and increase your chances of securing your dream home at a fair price.
Signing the preliminary purchase agreement
After signing the preliminary purchase agreement, the three-day cooling-off period begins. This is your chance to review the contract. Following this, the suspensive conditions come into play, which provide protection if something goes wrong. The most common conditions are:
- Mortgage reservation: You can cancel the purchase if you are unable to obtain a mortgage within an agreed-upon period (usually 6-8 weeks).
- Building inspection reservation: If there are hidden defects, you can stop the purchase.
- Sale of your own property reservation: The purchase can only proceed if your own property is sold within a certain period.
- Residence permit reservation: If a permit is required, you make the purchase contingent on obtaining it.
Be sure to pay attention to deadlines and costs, and consult with an advisor to ensure everything is in order. This way, you can proceed confidently with the buying process.
Arranging your mortgage
Has your offer been accepted? Congratulations!
What a fantastic step towards your new home. Now it's time to get the financing in order. We are here to guide you through the process of arranging your mortgage and everything that comes with it.
Our Approach:
Personalized Advice: We’ll schedule a meeting with you to thoroughly discuss your financial situation and preferences. We’ll explore which mortgage provider suits you best, determine the ideal fixed interest period, and choose the mortgage type that aligns with your situation.
Valuation and Building Inspection: We’ll advise you on the importance of a property valuation and a building inspection to avoid unexpected costs after purchase. If desired, we can arrange these for you.
Insurance: We’ll inform you about necessary insurance, such as property and life insurance, which are often required when taking out a mortgage. We can arrange these insurances for you and advise you on the best options.
Document Submission: After our meeting, you’ll receive a list of required documents. We’ll guide you in collecting and submitting these to ensure the mortgage application runs smoothly.
Complete Support: Throughout the process, we’ll keep you updated on important deadlines and ensure everything is handled on time. You can rely on our expertise and support so you can focus on your new home.
- Once you’ve received the mortgage offer, you’ll usually have two weeks to sign it. It’s essential to carefully review the offer and verify that all the details are correct. After signing, we’ll send the offer to the lender, who will then prepare the final mortgage deed.
With our comprehensive service, we ensure you’re well-prepared and confident as you move into your new home.
At the notary
You’ve found your dream home, and the mortgage is arranged! The next step is the transfer at the notary, where you will officially become the owner of your new home.
What happens during the transfer?
On the day of the transfer, you and the seller will sign the deed of transfer and the mortgage deed. Once everything is signed, you’ll receive the keys to your new home and officially become the owner.
What is important to check?
Final inspection of the property: It is advisable to do a final inspection of the property just before the transfer. During this inspection, you check whether everything in the property is in the agreed-upon condition, such as movable items (for example, appliances and furniture) and the overall condition of the property. It’s also important to take meter readings.
Checking documents: Ensure you have all the necessary documents with you, such as your ID, purchase agreement, and proof of your mortgage. Review the deed of transfer and mortgage deed carefully to verify that all the information is correct. It’s advisable to have your advisor review the draft mortgage deed in advance.
Notarial verification: The notary ensures that all legal matters are in order. They check whether the seller is the rightful owner of the property and whether there are no encumbrances on the property. Additionally, the deed is registered in the Land Registry, officially making you the registered owner of the property.
Financial settlement: After signing the mortgage deed, the notary ensures the purchase price is transferred to the seller. Be mindful of any additional costs, such as notary fees and taxes.
Our role in the transfer:
At Orion, we support you throughout the entire process:
Preparation: We ensure that you are well-prepared for the transfer by providing the necessary documents and information on time.
Advice: We offer advice on the final inspection of the property and ensure that you are fully prepared for the notary.
Aftercare: After the transfer, we remain available to answer any questions and assist you with your new situation.
With our guidance, you can confidently take the final step toward your new home.
NHG
Discover the benefits of the National Mortgage Guarantee (NHG) for financial security with your mortgage.
Offer Certificate
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Starter loan
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Well-prepared to buy your first home
At Orion, we help you gain insight into your financial possibilities and guide you step by step through the process. This way, you'll know exactly when you're ready to buy your dream home, and we'll ensure you're fully prepared to get started. Contact us for a no-obligation consultation!
