You have more flexibility when renting because you can easily cancel your rental agreement. The rental contract states the notice period, with one month being common.
"}},{"title":"2. Fewer additional costs","richBody":{"value":"Besides the rent you pay, you have fewer additional costs if you rent rather than buy a home. The owner (landlord) is responsible for maintenance, insurance and taxes. Remember, however, that the rent you pay can increase every year (in Dutch).
"}},{"title":"3. No financial risk if house prices drop","richBody":{"value":"You run no financial risk if the property loses value. On the other hand, you miss out on the opportunity to build up capital over the long term. For this reason, make sure that you save or invest money every month to build up a nest egg.
"}},{"title":"4. You can’t simply change the property to your own taste","richBody":{"value":"If you want to change something in the house and make it completely to your taste, you may well find that your rental contract restricts your freedom in this respect. In any case, it’s not a good idea to invest money in major changes to a property you don’t own.
"}},{"title":"5. Right to housing benefit","richBody":{"value":"You may be entitled to rental allowance (huurtoeslag) (in Dutch), depending on the level of your income and savings, among other things.
"}}]},{"componentType":"sectionTitle","title":"The 5 pros and cons of buying"},{"componentType":"accordion","accordionList":[{"title":"1. Build up capital","richBody":{"value":"If you buy a property, you usually build up capital over the long -term. If you pay off the mortgage in full, the property is all yours. If you then decide to sell, you will find you have hundreds of thousands of euros in assets.
"}},{"title":"2. No problems with annual rent increases (due to inflation)","richBody":{"value":"If you take out a mortgage, you know where you stand in terms of monthly costs for the entire period that your mortgage runs. The rent on a house usually rises annually due to inflation, but this is not the case with your mortgage. Subject to certain rules, you can also deduct the mortgage interest you pay from your income, so you pay less income tax.
"}},{"title":"3. Any maintenance is at your own expense","richBody":{"value":"You have to pay the maintenance costs yourself. This could vary from replacing a broken tap to major roof repairs, so make sure you have some cash tucked away for these expenses.
"}},{"title":"4. Risk of negative equity","richBody":{"value":"If you want to move, but your property has fallen in value, you will find yourself with a residual debt due to the negative equity.
"}},{"title":"5. Change your home to your liking","richBody":{"value":"You can completely renovate and change the property the way you want. This may increase its value. If you do this and have a mortgage with us, your monthly repayments could be reduced in certain circumstances.
"}}]},{"componentType":"sectionTitle","title":"Still unsure?"},{"componentType":"paragraph","richBody":{"value":"First list the costs:
A mortgage advisor will be happy to share their thoughts about the best way to proceed in your situation. You can base your options on your current rent, for example. You will then find out what you need to take into account. A free exploratory consultation lasts an hour, without committing you to anything.
"}},{"componentType":"cta","textLink":{"url":"https://www.ing.nl/en/personal/mortgage/contact/cmnl-english?subscrid=cmnl-mort-engelstalig","text":"Schedule free orientation meeting"}}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","title":"Good to know","richBody":{"value":"
The English text of the website is a translation of the Dutch original version. This translation is intended for the customers convenience only. In case of any discrepancies between the two versions, the original Dutch version shall prevail. The mortgage offer and contract will be signed in Dutch. Also, all further communication after signing the mortgage contract will be in Dutch. You acknowledge and accept this. If any assistance or clarification is needed, we recommend contacting your mortgage advisor or to call our customer service via the ING app.
"}}]}}}