How to Buy a Home in Belgium

If you are planning on moving abroad to live in Belgium you may be interested in buying a home once you get there. It is a good idea to spend some time renting in the country first before taking the plunge and purchasing property overseas in Belgium. Depending on the length of time that you plan on staying in Belgium you may even be better off renting out a place to live as opposed to purchasing a home for your self to live in.

Typically foreigners find that if they are planning on staying in the country for a period less than about five year then it better to rent a place to live instead of buying a home in Belgium to live in full time. In Belgium there is not a lot of emphasis or importance placed upon being a home owner. In fact, owning a home is not even seen as a great investment in Belgium. This is partially due to high transfer costs, which have great discourage home ownership among the residents of Belgium. If you are looking into buying a home in Belgium for some tax benefits you should note that the tax benefits associated with owning a home in Belgium tend to vary greatly.

Generally speaking the prices of property in Belgium is considered to be relatively inexpensive, especially compared to property prices in the United Kingdom. However, there are numerous fees, deposits and charges associated with buying a home in Belgium and getting a mortgage that seem to discourage most would be buyers from purchasing property in Belgium. In Belgium there is not mortgage relief on income taxes and you have to pay capital gains taxes if you sell the property within five years of buying it. If you are determined to purchase a home in Belgium and need a mortgage you will be glad to find that they are relatively easy to obtain. However you should not forget about the transfer fees, which will add about 15 to 20 percent onto the price if the home. And if you buy a new home you will have to pay VAT which is at 21 percent.

Once you find a home that you would like to purchase you will have to come to an agreement on the price with the seller. Once that happens you will gave to sign a sales agreement and put down a nonrefundable deposit equal to 10 percent of the purchase price. After this occurs you will have four months to get mortgage for the home. Once that happens you will have to see a notary to get the property transferred to your name.