Home purchase costs and transfer tax
The price of the home is not the only cost: the buyer also has to pay taxes, fees and moving costs. When you calculate them in advance, your financing is enough and the sale holds no surprises. In this guide you go through the buyer's costs step by step.
You will need
- The home's sale price and debt-free price
- The bank's loan offer and price list
- Details of the housing company loan shares
- A spreadsheet for calculating costs
Steps
Distinguish the sale price from the debt-free price
With a flat in a block of flats, a share of the housing company's loan can be allocated to the home on top of the sale price. The debt-free price is the sale price plus the loan share.
Calculate the transfer tax
Note that there is no first-home exemption
Pay the tax correctly
Find out the loan costs
Remember the property registration costs
Budget for the move and initial costs
Keep a buffer
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