Buying
Most of the Luxembourg banks can help you with a mortgage and there is more competition these days with interesting first-time buyer packages and interest rate deals, therefore it is good to shop around before you settle with one lender. Most banks offer mortgages up to 25 years, although it is possible to get a thirty year mortgage if you qualify. You will normally have to put down quite a hefty deposit, possibly around 20% but again this varies according to your situation.
Most buying is done through an estate agent and it is hard to find property on your own, although bill-boards are starting to gain in popularity. Word-of-mouth is also a good idea, especially within the international community.
In Luxembourg the seller pays the estate agent (normally 3%) but you will have to pay solicitor’s fees (0.7-1%) and property registration (6-10%), with an additional transcript price (around 1%).
Sale agreement is usually drawn up by contract (although verbal agreement can also be binding) which, if you pull out of, can leave you with a large fine. Purchase is done through a notary, who deals with all the legal issues for both you and the seller, and you have to be present for the final declaration and signing.
A municipal charge (0.7-1%) is payable annually for community services.
USEFUL LINKS
Long-term accommodation:
www.athome.lu
www.habiter.lu
www.immostar.lu
www.immofinder.lu
www.guideimmobilier.lu
www.station.lu (information website for the international community)
editusnet.luxweb.com
Newspapers and magazines
Isquare Magazine (monthly edition)
352 (weekly news and small ads in English)
Luxemburger Wort (daily Luxembourg newspaper)
www.wort.lu
Lux-bazar (on Fridays)
www.luxbazar.lu
Furniture rental
Interior Rent Luxembourg
63 rue des Trévires
L-2628 Luxembourg
Tel: +352 498 389
Fax: +352 498 399
Email: info@interiorrent.com
www.interiorrent.com