Be prepared: Buying a house in Amsterdam
Here is why it’s advisable to hire a registered estate agent when you are buying a property in Amsterdam.
Nowadays, more and more expats are looking to buy a nice Amsterdam apartment. But how well-prepared are they for what is probably the biggest investment of their lives?
The perfect time?
Buying a house or an apartment may be the right option for you if you are planning to put down roots. Or perhaps you are fed up with Amsterdam’s extremely high rental prices.
This year, Dutch banks are willing to finance 101 percent of purchase costs and interest rates are at a historic low, so this might be the perfect time for you to take the plunge!
Avoid making costly mistakes
During viewings, I see a lot of expats who are not represented by a registered buying estate agent. This worries me. Why? The Dutch housing market, and especially the Amsterdam market, has its peculiarities.
It really is crucial to talk to an estate agent who understands the intricacies of buying a house before you start your search. A buying estate agent will provide you with expert guidance throughout the whole process, so you can avoid making costly mistakes.
The dual estate agent system
In the Netherlands, we work with a dual estate agent system; one represents the seller and one represents the buyer.
› Selling estate agent
The selling estate agent will be trying to get the best deal possible for his/her client.
› Buying estate agent
The buying estate agent will provide you with the necessary information, including background research on the property (for example, whether it’s a leasehold estate), the financial status of the homeowners’ association, and the structure of the building.
They will also give you advice on the purchase price, and if buying the property is a good investment.
Why you should get a registered estate agent
If you are looking to buy property, it’s recommended to hire a professional estate agent who is a member of a real estate association, such as NVM, VBO or Vastgoedpro.
This way, you will know you are properly insured if anything goes wrong. Moreover, if you want the best service, hiring a registered estate agent is ideal because they have the appropriate registration to be able to evaluate property on behalf of the banks.
Consider this when you are (probably) spending the largest amount of money you will ever spend: if you pay peanuts, you will get monkeys!
So, when you decide it’s time to purchase your Amsterdam property, hire a registered buying estate agent. For a house is more than a home, it’s a long-term financial investment.