You’re planning to buy a new-build house. How do you start the search for your dream house and what are the major steps you should take into account? Our Sales Administration Manager Kelly Pattyn gladly gives you an overview below.
Make an appointment with the bank to discuss your financial possibilities. How much can you contribute yourself and how much will you be able to pay towards your loan every month? Ask an expert at the bank to assist you. He or she will also give you information about the additional costs relating to the purchase of your new-build home, like registration tax, the costs of the deed of purchase and the notary public’s fee.
Tip: Visit several banks to compare the interest rates.
The normal VAT rate for a new-build home is 21%, but for some of our new developments you can temporarily benefit from the reduced rate of 6% if you meet certain conditions. More information about the relevant projects is available here.
Step 2: Choose where you want to live
Now that you have a better idea of your budget, you can decide which houses are affordable and meet your requirements. Determine your region, look online and check the new development projects on our website. All our new developments are off-plan properties. This means that your future home still needs to be constructed and that you will not be able to move in immediately. The law of 9 July 1971 governing the construction and sale of housing (the so-called “Wet Breyne”) is applicable to the sale of off-plan properties and protects the buyer.
Have you found a suitable new development? Contact us and explore the neighbourhood.
Step 3: Make an appointment with us
Our sales staff will be delighted to give you more information about the different types of homes that will be constructed. They will also explain the specifications, the plans and the sales price. The specifications contain a lot of information: the budget for the interior decoration, the choice of materials for the woodwork and the technical and electrical installations that will be provided in the home. For instance, you will know which type of heating will be installed and what the budget is for your kitchen and bathroom.
At the end of the sales talk you can sign a reservation agreement so that the home you have chosen will be reserved for you pending the signing of the sales contract.
Once you have decided to buy the home, the seller will draw up a sales contract in consultation with your notary public. In the meantime, go to the bank to contract a mortgage loan. You will then be required to sign the sales contract and pay a 5% advance on the purchase price into the bank account of the notary public. This advance will be deducted from the amount that has to be paid when you sign the deed of purchase.
Step 5: Choose materials and decoration
The advantage of buying an off-plan property is that there’s a lot you can decide yourself. You can choose the floor and the materials for the kitchen and the bathroom, for instance. And you can visit showrooms to find inspiration. Our consultants will assist you in making your choices so as to make sure that your home will be entirely to your taste.
After having signed the sales contract, you will be invited to sign the deed at the notary public’s office. The notary public will peruse the deed and give you any information you need on the purchase of your home.
If you have contracted a loan for the purchase of your home, your bank will send the notary public all the required documents and make the necessary payments into the account of the notary public before the deed is executed. If your home is not completely finished on the date on which the deed is signed, you will pay your share in the ownership of the land and the registration tax at that moment, together with the price of the works already carried out and the VAT on this amount. According to the “Wet Breyne”, we are only allowed to invoice the works that were actually carried out.
If you want to visit your home while it is still under construction, it is best to make an appointment via the consultant assigned to you, who will look into the possibilities.
Once your home has been completed and is ready for use, we will make an appointment for the provisional acceptance. During this visit, you should check the home thoroughly to see whether it meets the requirements you had set in advance, and report any apparent defects. After the provisional acceptance, you have one year to report defects before proceeding to the final acceptance of your home.
Finally! You have received the key and can move into your new home. Now it’s time to decorate and make your house a real home. Thanks to the liability applicable to new-build homes, you will be covered for construction defects, if any, for the next ten years.
Are you itching to move to a new-build home?