When moving to a different country, we need to make many important, life-making decisions. One of them is our accommodation options, such as renting a flat or a house and buying one. Let’s look at one of those options – buying a property in Belgium.
Cons of buying instead of renting
Around 73% of Belgian residents own their house, which is considerably higher than the European average of 64%. And it’s not that hard to see why Belgian residents would prefer owning a property over renting one.
First of all, it’s essential to consider the freedom of owning a property. When renting a house or a flat, we’re dependent on the landlord and need to follow the rules made by them to reside in their property. As an owner of the property, however, we are free to do whatever we want as long as it’s legal – completely renovate the place to fit our needs and lifestyle, rearrange the fortunate or even sell it to someone interested.
Buying a property is also a good decision in long-term finances and sustainability. While the Belgian housing market is tricky to navigate if you have no expertise, you can analyse the prices and sell your property at a high price if you ever need or wish to.
Costs of Belgian properties
Of course, buying a property, such as a house or a flat, is much more cost-consuming than simply renting one. We need a certain amount of money before we even can consider buying.
In the latest years, prices of Belgian property have been rising by over 3%. However, the price of a house or a flat is highly dependent on its location and size – with large houses in big cities being considerably more expensive than small cottages in the countryside.
In the Brussels-Capital region, prices have gone up by almost 5% to an average of €425,000. Meanwhile, the average cost of a house in Flanders is €265,000. Wallonia proves itself to be the cheapest place to buy a house, as we need to pay €175,000 on average.
Buying property as a foreigner
Currently, there are no restrictions on buying a property as a foreigner. However, while there is no difference in the process itself, different tax prices are present, so you will need to find out about tax regulations in Belgium.