A financial push for startups
The new year brings good news for you. The government has decided to increase both the limit for the transfer tax exemption and the National Mortgage Guarantee (NHG). This means that for many, the dream of owning their own home is closer than ever before.
The transfer tax: how was it again?
Transfer tax is a tax that must be paid when buying a home. For starters, there is a special exemption that helps them buy a home without this extra cost.
In 2024, as a starter, you can benefit from this exemption if you buy a home up to 510,000 euros compared to 440,000 euros in 2023. Important is that you are between 18 and 35 years old and will use the home as your main residence. If you have used the starter exemption before, you will not be eligible again.
Capitalized canon
An important detail: is your dream home on leasehold land? Then the value of the capitalized canon counts toward the value of the home. Huh what, capitalized canon? Yes, unfortunately we can't put it any other way and make it easier. If you're buying a property on leasehold land call or app us and we'll explain it to you!
Buying together: but not the same age?
If you are buying a home with your partner, it is good to know how the transfer tax exemption works in your situation.
- Under 35: Are you both under 35 and meet the conditions? Then both of you can take full advantage of the exemption. A double benefit that makes buying a home together extra attractive.
- Mixed ages: is one of you over 35? Don't worry, the exemption is not all or nothing. The partner who is under 35 and meets the requirements can still benefit from the exemption for his or her portion of the home value.
NHG: a safe net for your mortgage
The NHG is a guarantee on mortgages up to a certain limit, which will be increased from 405,000 to 435,000 euros in 2024. This guarantee protects both the mortgagee and the lender against financial problems in the event of unemployment, divorce or disability, for example.
To qualify for NHG, the purchase price of the home must be below the set limit and meet the income requirements and lending conditions.
But there's more. For the green thinkers and doers among us who want to make their new home more sustainable, there is extra good news. With energy-saving features, you can borrow up to 461,100 euros with NHG in 2024.
This provides not only a safety net, but also a springboard to a more sustainable future. If you want to know more about NHG read our article: What is NHG.
Positive development
The increase in the limits for both the transfer tax exemption and the NHG is a positive development for first-time buyers. It makes the step to owning a home smaller and offers more security.
As a starter, it is now more important than ever to be well aware of these schemes and investigate whether you qualify. With these financial benefits, your dream of owning your own home can become a reality.
Want to know more?
Are you planning to buy a home in 2024 and want to know more about the transfer tax exemption or the NHG? Our advisors are ready to provide you with personalized advice and answer all your questions.
Readmore about how we can help you, or contact us directly on 020 341 6587 and take the first step towards your own home today!
