Existing homes for sale often have the abbreviation ‘k.k’ added to the asking price. This stands for “kosten koper” and means that in addition to the agreed sales price, there are additional costs for the buyer. In the case of new-build homes, the abbreviation ‘v.o.n.’ is added to the purchase price. This means “vrij op naam” or ‘free in name’, which in turn means that the buyer has no additional costs other than the purchase price.
Which costs are included?
With an agreed sale including “buyer’s costs”, the buyer is charged the following costs in addition to the purchase price:
- Transfer taxes;
- Notary fees for the deed of transfer;
- Costs for mortgage deed (if applicable).
In practise, it’s a few percent of the purchase price that is added to the buyer’s costs. These costs are to be paid during the transfer of the purchased property. The buyer’s costs easily add up to a few thousand euros. Therefore, it’s very important that the buyer takes these into consideration when calculating the total budget for the purchase of a property.
Paying from own resources
These buyer’s costs aren’t usually financeable through the mortage. This means that these costs must be paid from private resources. In case of a sale subject to financing, they usually calculate based off the purchase price or a part of the puchase price. This means that not being able to pay the buyer’s costs is not a part of the reservation.
Think before you act
Another example of why it’s important for a buyer to be aware of the bugetary (im)possibilities and take those into consideration when in the process of purchasing a property. If you seek assistance from a professional buying agent, your personal situation can be taken into careful consideration and disappointments or unpleasant financial surprises can be avoided.
