If you buy cheap, you buy twice!
Amsterdam's fickle property market is something of an enigma. It's not always easy to know where to start, whether that be finding the best people to work with, the location you'd like to live in, or knowing whether or not the home you have your eye on is really worth the money.
It's true what they say - it's better to aim for quality the first time.
We all know that if you buy something cheap, it's likely to be poor quality and it'll break, wear out or not be fit for purpose. As a result, you'll need to buy a replacement, costing you more money in the long run. Well, the same applies to the housing market!
Why work with a real estate agent?
A perceptive real estate agent will help you to navigate prospective homes, costs and advise you on the necessary steps so you can feel confident in the knowledge that you are making informed decisions when in unfamiliar territory. Despite the pandemic, the market in The Netherlands is hot right now; but making sure you have the right team behind you is essential. If you choose to team up with someone that's not particularly experienced within the Amsterdam real estate market, chances are you'll be selling yourself short - and nobody wants to be stuck with a home they want to get rid of!
Manage your expectations
In our article about managing expectations , we delve into the fact that the prices you see first day do not always align with the actual purchase price. Buying a home is the biggest investment most people will make in their lifetime. Unless you have unlimited funding, you need to be realistic about what it is you can afford because chances are, the price will be higher than what was advertised.
How does one calculate what's affordable?
If you are unsure about what you can afford, a mortgage advisor or bank can help you to weigh up your income and expenditure to determine the most cost-effective solutions for you when it comes to purchasing your property. In the Netherlands, the purchase price can vary greatly from what you originally see online. Your real estate agent will guide you through the effects that the valuation process will impact on the property you are interested in.
Okay - so where do I start?!
From there, we can draw up a list of appropriate options to suit your needs. That being said, there is no point in purchasing a home that doesn't live up to the value of the property, so do proceed with caution and consult your real estate agent beforehand to do any background research.
Why work with a real estate agent?
Barry Burgemeester is a Dutch native. Originally hailing from Utrecht, he has worked for over 23 years in real estate in Amsterdam and his extensive knowledge of the area is uncontested.
Barry's background and expertise are invaluable to our expat clients, mainly because his wealth of experience within the Dutch market guarantees that he will be able to predict any potential issues or concerns you may have when introduced to this unfamiliar territory. Get in touch at info@burgemeestervastgoed.nl today!
Managing Expectations in the Amsterdam Property Market
When it comes to purchasing your property in the Netherlands, there is a lot you need to be aware of prior to landing your dream home. All is not always as it seems, and there are many pitfalls to be cautious of along the way! Luckily, a good real estate agent can help you to navigate this unfamiliar territory.
First thing's first - what do you mean by 'managing expectations'?
In this unusual market, it can be hard to know what kind of property is right for you, as well as what is attainable. A knowledgeable real estate agent will be able to guide you through properties you're interested in in order to ensure your needs are met personally, financially, and holistically - whatever they may be.
An important thing to remember is that although purchasing a property can be a very exciting milestone in your life, it is paramount that you are realistic about the outcome. It is possible that you may be disappointed during the journey to find your home, so try not to get too attached to an idea before it's a reality.
What is bidding, and how can it affect the purchase process?
A 'bid' means that you're showing interest in purchasing a house - it's more like a gesture, or even a proposal. It is one of the elements of buying a property that needs to be managed with the utmost diligence, mainly because of the uncertainty of the result when the seller opts for a 'closed bid.' A closed bid may occur when multiple parties are interested in the property, so the seller.
I've heard that the value of the property does not always match that presented online… is this true?
A part of managing expectations is that the prices you see first-day do not always align with the actual purchase price. Buying a home is the biggest investment most people will make in their lifetime. Unless you have unlimited funding, you need to be realistic about what it is you can afford because chances are, the price will be higher than what was advertised.
In the Netherlands, the purchase price can vary greatly from what you originally see online. Your real estate agent will guide you through the effects that the valuation process will impact on the property you are interested in.
Making Changes Within the Canal Ring
Something else to consider when buying property in Amsterdam is that if you are hoping to buy within the canal ring, it is a protected area. Since being added to UNESCO's World Heritage List in 2010, you need to be aware of some restrictions placed on the buildings should you want to make any changes to your home.
The majority of the time, it is not possible to make any changes at all, and if it is, a permit must be approved prior to the alterations. For example, if you'd like to add a rooftop terrace, balcony, or make any changes to a building, you must have a permit known as an integrated environmental permit.
This permit is often required before you can make changes to the outside of the building, too. Handling these unique challenges can be tricky, however Barry will be able to guide you every step of the way so you can make a confident and informed decision when it comes to purchasing your home. Even if you have permission to make alterations, it is good to consider that this will be costly, which brings to mind the phrase, 'caveat emptor' - let the buyer beware!
I'm ready to know more! Where can I find a good real estate agent?
Barry Burgemeester is a Dutch native. Originally hailing from Utrecht, he has worked for over 23 years in real estate in Amsterdam and his extensive knowledge of the area is uncontested.
Barry's background and expertise is invaluable to our expat clients, mainly because his wealth of experience within the Dutch market guarantees that he will be able to predict any potential issues or concerns you may have when introduced to this unfamiliar territory. Get in touch at info@burgemeestervastgoed.nl today!