BENEFITS IN THE PURCHASE OF YOUR FIRST HOUSE

The purchase of the first house is undoubtedly a very important moment in the lives of many people. In addition to the living framework that it constitutes, the acquisition of the first housing, can be accompanied by attractive tax benefits. Get to know them.

What are the main financial benefits of buying your first home?

Success in purchasing your first property will always depend on external factors, such as the cycles of the real estate market, the evolution of Euribor rates, the competitiveness of the spreads in housing loans offered by banks and the stability of house prices.

However, regardless of the socio-economic context in which you acquire your property, you can always benefit from certain advantages associated with the purchase of the first home, which we list below.

Municipal Real Estate Tax (IMI)

When buying your first home, you can benefit from an IMI exemption. This tax, variable according to the Tax Property Value (VPT) of the property, has exceptions, provided for in Article 46 of the Statute of Tax Benefits, Legislative Decree No. 215/89.

Thus, this exemption from payment of IMI, in the first property acquired, becomes possible if it is intended for own and permanent housing and fulfilling the following requirements:

• VPT of the property not exceeding 125.000 €.
• Annual taxable income of owners not exceeding € 153,300,00.

This temporary exemption lasts for three years and can be activated a second time.

Housing Loan

The rate of effort consists of the percentage of the household’s income used to pay loans. If you choose to buy your first house with housing credit, the fact that this constitutes your first purchase will be beneficial, as you will have no other housing credits at your expense.

The less debt you have, the easier it will be to approve your housing loan and you will have access to better conditions (spread, TAEG, interest, commissions, insurance and other services).

To support young people in buying their first home, some banks offer specific housing loans to young people up to the age of 35.

Municipal Tax on Honorary Transmissions of Real Estate (IMT)

You may also be entitled to IMT exemption in the acquisition of properties that meet any of the following conditions:

• For own and permanent housing with VPT up to 97.064 €.
• Acquired for rehabilitation works.
• In areas of forest intervention or classified as heritage.

Interested in buying your first house? Contact LEILOSOC® and discover our opportunities.