Buying a house or an apartment is the dream of many Belgians. And they cannot be wronged as the short, medium and long-term benefits are numerous. This article takes up the first advantages for you.
You save for yourself
As a homeowner, you may need to take out and pay off a mortgage. But even if you pay off a home loan each month, you will actually pay for yourself. You acquire a property that will one day be quiet and free of all charges. Debt-free, then. And at that point, you will have built up a certain heritage. So you’ll just save for yourself in the long run. Arrange an appointment to discuss your options.
You benefit from a special tax system
Several tax regimes are planned in Belgium for homeowners. These plans will vary depending on when you become a homeowner and start paying back your home. The government has always tax-encouraged property ownership. Even if the tax benefits are no longer what they used to be, you will still benefit from a nice amount that will be deducted from your taxable income. This will result in you paying less tax, with a greater chance of actually being reimbursed each year.
You create value on your building
As an owner, you will, of course, need to maintain your property and make repairs if necessary. But by acting intelligently, you will create an added value. A well-maintained house will retain its long-term value and you will, therefore, have a nice pear for thirst. It is up to you, of course, later to decide what you will do with the added value. In any case, here are three examples of what you can do or how to use your property:
1. Using your first home as a springboard to acquire a larger one
You are about to buy your first home. For most Belgians, it will be a “to start” house or an apartment, which will meet their needs of the moment. But as life changes, so will your expectations and needs. So there’s a good chance you’ll sell your first home sooner or later and buy a larger one. At that time, you will be able to use the value (or added value) of your current home as a margin to the bank and will not necessarily need or almost a bridge credit.
2. Use your home as an additional guarantee for the purchase of a second home
If you are a little further in life and are therefore a little older, you may consider buying a second residence (apartment at sea, the house in the Ardennes or villa abroad). If you have always paid off your mortgage correctly, you will once again have a large margin thanks to your current home and will be stronger to negotiate with the bank by offering your current home as collateral. to buy your second home.
3. Selling your home to pay the high costs of a nursing home
If you are later a pensioner or need care, chances are you will decide to live in a nursing home. However, the costs in a nursing home are very high and the average Belgian’s pension is not enough to pay them. Fortunately, your home will be precious to you in these moments. If you then sell your home, you will have built up a capital gain and the mortgage will already be fully or almost repaid. So you can use the sale price as a financial mattress and save yourself a lot of financial worries for your old age.
You create additional revenue
What matters to young people actually matters to everyone. When you buy a report building, you get several advantages:
You become a homeowner
You generate rental income
You keep all the options to save and buy your own home
In another article, we reveal the points to be careful when investing in a report building. Do you want to know more about your real estate project, do not hesitate to set up an appointment with one of our specialists?
As you and your family are the only ones living in the house, you simply have more privacy. You should not consider other people living in the same building. This, of course, applies only to homeowners, not apartment owners. Concretely, you are the master in your home and can do what you want. Taking into account, of course, the neighbors.
More tips on how to become a homeowner
Want even more practical advice on how to become a homeowner and receive information about financing your first home? Contact us without any commitment. Our specialists will be happy to help you calculate a mortgage and will directly simulate the amount you will need to borrow and repay. Don’t wait and start your search with perfect preparedness. Check the map of Belgium to find your regional mortgage office.
But before you buy…
Go through our specialist to present your real estate project. We can already give you some tips on financing your home, but it’s best to talk to a mortgage specialist. Together we can examine your possibilities:
Will you be able to invest equity or do you need a mortgage to borrow notary fees?
How much can you borrow in practice and what should you pay attention to?
Are you going to buy a house for public sale?
Can you already buy a house when you get divorced? When is the best time?
Do you need fire insurance and which one is the best choice?
You find that there are a number of things that need to be considered. Let us help and guide you. Buying a home and entering into a mortgage are important steps in life.
What can you expect from the procedure?
Before you sign a compromise, you agree to an appointment with a specialist.
Below is a checklist to prepare for our meeting:
documents attesting to your income (payslips, account extracts, proof of family allowances and/or alimony, proof of payment of rent, certification of unemployment or disability benefits, …)
role warning-extract (sometimes for individuals, for sure for independents or business leaders)
copy of the marriage contract (if you have one)
copy of the divorce judgment (if you are divorced)
This allows us to analyze your possibilities: how much can you borrow and how much do you pay back for your mortgage.
Once this is clear, you can sign the compromise subject to obtaining your mortgage. The compromise is signed, we meet a second time to build a credit file (i.e. mandate the real estate expert to estimate your home, discover your gift when you conclude your credit via Hypothèque.be) and apply for credit with one of our credit partners (bank or independent credit agency).
When your application is accepted, you receive from our specialist the following documents:
An ESIS (European Standard Information Sheet)
The offer of credit
Our specialist sends the signed documents to the bank, which mandates the notary chosen to prepare the deed of credit. The final step is to arrange a meeting with the notary and sign the deed of credit and after the deed of purchase. Finally, you are the owner. Please be aware that our specialists are always at your disposal. The slightest question will be answered. You can count on us.