Property developer Van Roey Vastgoed is launching a new concept in which potential buyers of a new building will only have to buy the land value of their home after seven years. The real estate developer indicated this on Thursday during the launch of a new real estate project in Puurs. The objective of this concept is to give potential buyers who do not have sufficient equity to obtain a mortgage the possibility of acquiring a new house anyway. With a surface right, buyers have the option of buying only the house first, and only paying the value of the land later, within seven years. As a result, the equity contribution is halved and the repayment is lower during the first seven years. According to the developer, figures from the National Bank show that the estimated average down payment for first-time buyers has increased from around 36,000 euros in 2016 to 57,000 euros in 2021.
“Many banks now set 20% equity as a condition for granting a mortgage. For many people, this means that they are obliged to continue renting – one in three Flemings is a tenant – and so they don’t get all the benefits of an energy-efficient, owner-occupied home.Even if they have a good job and a more than decent income.With the “Split-It” concept, we lower the purchase threshold of a new building and we ensure that the costs can be better and more intelligently distributed over time”explains Catherine Vangilbergen of Van Roey Vastgoed.
The surface right has a maximum duration of seven years and is recorded in a notarial deed. However, buyers may decide to buy the land sooner. The sale price of the land and its evolution over time are fixed when the house is purchased. As long as the land is owned by Van Roey, residents pay a monthly fee for building rights.