People often talk about the disadvantages for first-time buyers in the housing market. These are certainly there, but fortunately these days there are also a number of advantages. In this blog, we highlight these.
A starter will pay no transfer tax in 2023. This is a big advantage as it can save thousands of euros. In fact, the transfer tax is 2%. Due to the current situation in the housing market, the government has decided to temporarily reduce it to 0% for starters. This only applies to the first home you buy.
The current housing market is slowly cooling down. This means that houses are not rising further in price. A big advantage for first-time buyers. It creates more room to negotiate the price of a house. Starters often have a limited budget and so there are more opportunities to find an affordable home.
As a starter, you may be eligible for a starter loan in some cases. This is a loan that allows you to borrow just a little extra to buy your home. This is because it bridges the gap between the price of the house and the mortgage at the bank.
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