Complete guide to buying your first property in Belgium
All the essential steps for a successful first property purchase in Belgium, from budget to the keys of your new home.
Buying your first property is one of the most important financial decisions of your life, and the Belgian market has specific features that are essential to understand. The first step is to precisely define your budget, considering not only the purchase price but also additional costs that represent between 10% and 15% of the total amount. Registration taxes vary by region: 12.5% in Wallonia and Brussels (with possible abatement), and 3% in Flanders for the sole owner-occupied home. Also plan for notary fees, bank processing fees, and the potential cost of a property surveyor.
Before starting your viewings, schedule appointments with several banks to obtain a mortgage simulation. The National Bank of Belgium recommends that monthly payments should not exceed one-third of your net income. Most banks require a personal contribution covering at least the notary fees, and ideally 10% to 20% of the purchase price. Don't hesitate to compare offers: a difference of 0.2% on the interest rate can represent several thousand euros over the total loan duration. Also consider outstanding balance insurance, which is mandatory in most cases.
During viewings, pay attention to the property's structural elements: the condition of the roof, the presence of moisture, the quality of insulation, and the PEB certificate. A property with a poor energy score can generate considerable renovation costs in the coming years, especially with strengthening renovation obligations in each region. Also check the property's urban planning situation, any easements, and the soil condition, particularly in Flanders where the soil certificate is mandatory.
Once you've found the right property, the purchasing process unfolds in two major steps: signing the sales agreement (compromis), followed by the notarial deed within four months. At the compromis stage, you will pay a deposit typically set at 10% of the price. Make sure to include a suspensive clause related to obtaining your mortgage to protect yourself in case of bank refusal. Your notary will be your best ally throughout this procedure: they verify the property's legal situation, calculate the exact costs, and ensure the transaction proceeds according to the rules.
