Do you want to know if this is the right time for you to buy a property? In addition to your borrowing capacityIf you are considering buying a house or a flat in Luxembourg, there are several parameters to take into account before you consider financing the purchase. These are as follows.

Find out about property prices

The first step to take when you want to become a homeowner is to find out about property prices. The Luxembourg market is doing well and prices are constantly rising. Knowing the average purchase price for a house or flat is a good basis, but it will not be enough. There are several criteria that go into the price of a property, starting with its location. The closer you are to the capital, the higher the purchase price of a flat.

Another point to take into account is the surface area of the property. Small areas are very popular and are more expensive per square metre than a large flat.

Council To get a clear idea of the price of real estate in Luxembourg at the end of 2018, consult atHome Magazine.

Take into account notary fees

At purchase price of your home, plus ancillary costs. These include notary fees, which include :

- The amount imposed by the Treasury, collected by the notary and paid to the Administration of Registration and Domains
- Costs related to the land registry, the mortgage...
- The notary's fees

For the purchase of a property, 7% of the sale price is paid to the tax authorities for registration and transcription duties. To this must be added the notary's fees, which amount to just under 1%.
For a flat sold at a price of €500,000, the notary's fees come to €36,650 if you do not benefit from a tax reduction. For a single buyer who benefits from the "bëllegen Akt" tax credit, the notary's fees amount to €16,650. The tax credit amount is limited to €20,000.

Make a home loan simulation

Once the exact amount of the mortgage is known, it is advisable to make a simulation. You can contact your usual bank. However, it is best to compare several loan offers.
The easiest way is to use a broker to take the necessary steps with the financial institutions. Contact theatHomeFinance who negotiate your home loan for you with Luxembourg partner banks. The broker in charge of your file takes care of all the administrative procedures and communicates the best offers to you.