{"id":19256,"date":"2022-12-06T09:00:11","date_gmt":"2022-12-06T08:00:11","guid":{"rendered":"https:\/\/my-life.lu\/?p=19256"},"modified":"2025-08-27T11:50:00","modified_gmt":"2025-08-27T09:50:00","slug":"the-steps-to-follow-when-buying-a-property-10050","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/the-steps-to-follow-when-buying-a-property-10050\/","title":{"rendered":"The steps to follow when buying a property"},"content":{"rendered":"

Buying a property is no simple task, especially for first-time buyers. Even if you think you\u2019ve found the perfect property, it\u2019s important to take your time and consider a number of key issues about the purchase. myLIFE presents them to you.<\/p>\n

Despite high prices, many people in Luxembourg still dream of owning their own property. So when the opportunity finally arises, the urge is to seize it straight away \u2013 even if this means skipping a few steps. However, this can lead to mistakes with serious consequences. myLIFE sets out a few steps that will help you avoid such mistakes and give you the best chance of success.<\/p>\n

1. Set a budget<\/h2>\n

Buying your first property<\/u><\/strong><\/a> is no easy task. You need to think ahead and stay calm. In addition to listing your desires (flat or house, number of bedrooms, location, etc.), you should have a clear idea of the budget actually available to you before signing any sales agreement. In other words, you should determine the personal contribution you can afford to make plus the loan you can expect to receive. Estimate your borrowing capacity online<\/u><\/strong><\/a> or by asking your banker<\/strong><\/span><\/a>, who can also help you draw up a financing plan. To identify the best option for you, make sure to carry out several simulations. Once this is done, you can start looking for a home that offers the best compromise between your needs, your desires and the limits of your budget.<\/p>\n

2. Get a home loan<\/h2>\n

After a number of visits<\/u><\/strong><\/a> to the property (preferably in the company of an expert), you fall in love with it. Now you have to sign the preliminary sales agreement<\/u><\/strong><\/a> committing you to buying the property, get a notary to prepare the deed of sale and ask your bank for a home loan<\/u><\/strong><\/a>. For the home loan, you should pay particular attention to the loan amount, the repayment period and the formula chosen, especially for the interest rate<\/u><\/strong><\/a>. Before giving you the loan, the bank will ask to prepare a file<\/u><\/strong><\/a> containing various documents (ID, payslips, sales agreement, proof of income and expenses, etc.). Once you\u2019ve received the final offer, you can sign the deeds of sale at the notary\u2019s office with peace of mind.<\/p>\n

As a first-time buyer in Luxembourg, you may be eligible for a homebuyer’s allowance, subject to certain conditions.<\/p><\/blockquote>\n

Useful info<\/strong>: as a first-time buyer in Luxembourg, you may be eligible for a homebuyer’s allowance<\/span><\/strong><\/a>, subject to certain conditions. The amount can be increased by 15% for a semi-detached house and by 40% for a commonhold property. To benefit from the allowance, you must among other things have signed a mortgage agreement with a bank and not be a (co-)owner or usufructuary of another property.<\/p>\n

3. Determining the costs to be paid<\/h2>\n

In addition to the price of the property set by the seller, other costs are to be expected<\/u><\/strong><\/a> when becoming a property owner. These costs associated with the purchase include:<\/p>\n