Buying in Amsterdam
If you’re planning on staying in Amsterdam for three years or more, then one option may be to buy a property. Despite strong competition in the current economic climate, you’ll find there are significant tax incentives and long-term benefits of owning your own home. Read our guide to cracking the market and how to take out a mortgage.
Getting on the property ladder in Amsterdam
If you’re considering buying a house or apartment in Amsterdam, it is advised to first meet with a mortgage advisor at your bankor an agency. This will give you a realistic picture of what you can afford.
The choice of property is either freehold (eigen grond) or leasehold (erfpacht). Make sure to read up on housing rights. As a buyer/occupier you will not require a housing permit for an existing property, nor for a new build. However, if you are not occupying the property you have purchased, you may need a housing permit for your tenant. You are allowed to use your second home (pied-á-terre) for residential purposes, but not for holiday rentals, lodgings for free or (partial) office. In those cases it is considered as a hotel or office, which could lead to a fine. For more information, see our article about rental property in Amsterdam.
Arranging a mortgage in the Netherlands
Generally the cost of buying a home is around 8% of the purchase price. Banks may lend up to five times your salary if you meet the following conditions:
You have a valid residence permit.
You have lived in the Netherlands for five years.
If self-employed, you can produce statements for the last three years and show future potential earnings.
You’ll find a wide variety of mortgages(hypotheek) on offer but as an expat, it’s advisable to do your homework and ask friends or family for recommendations to get the best deal.
When it comes to the actual purchase, you will have to provide a property valuation report (taxatierapport), which is usually arranged by a surveyor (taxateur) for a fee. Note: this report is not a comprehensive structural survey, simply an advisory valuation.
To conclude the sale, both parties must sign a transfer contract (akte van levering). Typically this will take place in Dutch, therefore it is advised to ask for an interpreter in advance if you feel you need one. Upon completion, the lawyer will inform the Land Registry (Kadaster) and you should get your keys within two to three months.
Bron: Gemeente Amsterdam