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Apartment progress: 5%

Road to home ownership
1. Starting my journey towards my own home
2. Should I buy or rent my first home?
3. Hotel room investments aren’t all-inclusive
4. Apartment here, apartment there
5. The big move and moving around
6. My mortgage: an interesting experience
7. Apartment progress: 5%
8. How one tax deduction reduced my apartment cost by 17K
9. Coronavirus impact on my new apartment
10. Apartment progress: 15%

Last Updated on September 21, 2020 by Mr. FightToFIRE

It has started! The first patches of dirt have been moved. Coinciding with the start of the construction I also signed the notary documents. A while ago I found a great mortgage deal that now got officialized at the notary.

It took quite a while to get to this point. I signed the sales agreement all the way back in June 2019 and which I wrote about in August. The majority of this time was lost on waiting. After signing the sales agreement the developer still needed the sign up the deed which took until November 2019.

Signing the deed at the notary
This is the moment I received, read, and signed the sales deed that contained all the information about my apartment.

Sign the deed here please, and here

While the construction is underway, there was one last thing that remained after I signed the mortgage with the bank and that’s the signing of a couple of documents at the notary:

  • Mortgage agreement
  • Mandate agreement
  • Sales deed

All of this needed to happen on the same day. The mortgage and mandate were to rectify the agreement I signed with the bank, and the deed was to officially hand over the apartment rights (land + construction) to me. Of course, this didn’t mean that the construction wasn’t underway already.

In the deed, I can find information such as the parts that are private and public. In other words, which were legally considered mine (from the tiles on the floor to the fixtures in the ceiling) and not (the balcony, the hallway, i.e., anything considered the main building).
It also contained the start date and importantly, how long it can officially take before fines are written in my benefit. The apartment must be finished within 560 days, in other words, by 17 May 2021.

Slow start, fast delivery

With only 18 months to go and already 3 months past, “only” 15 months or 1 year and 3 months are left. Since the contractor has experience with larger projects there shouldn’t be any cause for concern.

Construction under way!

As you can see in the image above, not much has been constructed; Hence the 5%. Since it’s close to a railway station and older buildings additional fortifications were required before they could start digging. It’s hard to see on the picture but that’s what happened already. THe 5% is also for the 5% deposit I made at the time of the sales agreement signing.

While the start has been slow so far. It’s all but certain that it will go fast in second half of the year. This is for the simple reason that the main purpose of the project is as an investment. 90% of the apartments will have renters. It’s in the developer’s best interest to have this up and rented out asap as they also provide stewardship. It’s exactly this stewardship that made it interesting for me as I can rent it out and for a small premium let it get managed. This way I can move around and abroad depending how my fiancees search for a job goes.

What's next?

The next steps are as followed:

  • The foundations — UPDATED 21 September 2020
  • Plates of the floors
  • Roof
  • Pipes (for electricity, water and gas)
  • Kitchen
  • Temporary delivery (time to move in!)

I will keep you all posted on the progress 😉

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Mr. FightToFIRE

I'm the owner and the main writer of FightToFIRE, a personal finance blog focussing on Financial Independence and Retiring Early. During the regular working hours, I'm a developer for a major financial institution in Belgium. During my off-hours, I write. do some weight lifting and other stuff to keep me healthy and fit.

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