LegalAspectsOfBuyingPropertyIn Rotterdam





Before you purchase a house in any part of the world, you must understand the property market, the taxing process, and the renting status of the area under discussion. This is vital for making an informed decision since housing costs can take a large share of your earnings. But when you come across a house for sale in Rotterdam, paying attention to several issues can be overwhelming. So, we have brought you in this article some of the most important topics related to buying or renting a propertyinRotterdamsothatyouhaveacomplete overview.
ThePropertyMarketInRotterdam

Rotterdam is home to numerous companies and universities and is a popular place to live due to its great housing possibilities. The rent is around 20% cheaper in Rotterdam compared to Amsterdam, and also, the living costs are much lower. But finding the right place to stay and the perfect house for sale in Rotterdam can be a big challenge because it is a popular housing destination, which becomes allthemoredifficult ifyouareinanother country.
BuyingAHouse
Although the Netherlands does not have any restrictions on property ownership for people of different nationalities, and you can purchase a house even if you live in another country, you are still required to pay a lot more transfer tax and property tax if you are not going to move in your propertyimmediately.

Also, it would help if you were an EEA or EU citizen with a permanent work contract; you and your partner should be a resident in the Netherlands. Self-employed people can also get a mortgage by showing proofoftheirincome overthepastthreeyears.

PropertyTaxAndTransfer TaxInRotterdam
Remember that you need to pay transfer tax right at the time of purchasing a house. The transfer will be 8% if you are not moving in immediately. The property owner and the users/tenants of business properties also have to pay property tax, according to the OZB (Onroerende-Zaakbelasting), which is basedontheofficial value(WOZ) oftheproperty determined bythe government. However, there is an exemption if the property value is under €400,000 and you are between 18 and 35 years of age. This valueisusuallybelowtheactualmarketvaluebutisafairwayofcalculating tax.
Residential property owners in Rotterdam need to pay 0.0774% of the WOZ for the property. Remember that this value is revised and updated at the beginning of each year. Non-residential propertyownersandusersareliabletopaypropertytaxatdifferentrates,i.e.,0.3574%ofWOZforthe owner and 0.2546% of WOZ for the property user. However, the tax rate for OZB can change each year aspertheprevailing economic conditions aswell astheabilityofthepeopletoaffordit.

ShortTermRent

OnethingyoumaynotknowaboutmovingtotheNetherlandsisifyouaregoingtostayformore thanfourmonths,youarerequiredtoregister withthemunicipality,asperDutchlaw,withinthe first five days of your arrival. But this 5-day period is never enough to complete the formalities given that you need to make an appointment for the registration. Also, this process may take longer than five days. For this reason, allowances are made in such situations. You must show proofofresidencewhenyouregister,buthowcanitbepossiblesinceyouhavejustarrivedhere? Thisiswhyyouneed immediate accommodation thatallowsyoutoregister.
The challenges of moving from abroad and finding accommodation can be dealt with the help of real estate agents that provide short-stay and expat rentals. Well, the best way out is to have a short-stay rental apartment, which is perfect for the first six months. But you need to check if they will allow you to register with the municipality, which should not be a problem until you havealegaltenancy agreement.
BottomLine
The best thing to do to find a house to buy or rent will be to work with a real estate agent with a strong base in Rotterdam. Make sure that you choose someone with experience and who knows aboutthelegal whereaboutsofbuyingahouseintheNetherlands.


