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First Time Home Buying Help: Benefit and Opportunities

First time home buying help: benefit and opportunities - Buying your first home: here's how to move around and what you need to know

First Time Home Buying Help

Whether you buy the house to live there or to rent it, the investment in brick is the one most loved by Americans. The economic crisis has led to lower prices and this may be the right opportunity to get rid of the costs of rents and invest, perhaps by turning on a first home mortgage. For a purchase of the first home safely, you need to weigh in on some points that allow you to avoid mistakes and find the "almost" perfect home. Here's what to evaluate:

  • What area? New or refurbished house?
  • Taxes to be paid
  • Convenience of value price
  • Decline of first-home benefits
  • Where to buy a house


What area? New or refurbished house?

Buying from the manufacturer eliminates restructuring problems, but customizations are not possible. On the other hand, we have state-of-the-art technologies, greater energy efficiency and standard systems. A period house has more charm, generally has large spaces and is more cost-effective. The facilities, however, may not be in compliance and the refurbishment of bathrooms and kitchens could mean maintaining obsolete installations.

The offers of houses to be renovated, on the other hand, are more numerous and, as a result, it becomes easy to find the dream home. But is it better to have a condominium apartment or a villa? The advantages and disadvantages are numerous in both cases. Living in an out-of-town villa means owning green spaces and parking space but the expenses are higher than you would have in an apartment building and if the house is located in another municipality the buyer must transfer the residence within 18 months of the purchase in order to take advantage of the first home facilities.

The apartment, on the other hand, requires that any expenditure of the building be approved by the assembly, thus limiting the autonomy of the individual, but it could be more comfortable than the center. Whatever the choice, those who decide to start a first home mortgage can use the benefits of deductions: the 19 on interest expense, ancillary charges and real estate brokerage.

Taxes to be paid

The cost of buying the first home is to be added taxes. When there are first home purchase facilities if the seller is a private person or a VAT-free business, the register tax is 2 while the land and mortgage taxes are 50 dollars each. If the seller is a company subject to VAT, the buyer pays VAT on the 4th. The register tax, the land tax and the mortgage tax are 200 dollars each.

The tax regime without the first home benefits, if the sale is made by a VAT-free company or a private individual, is 9 while the mortgage and the land tax scheme are fixed at 50 dollars each. VAT is applied when the seller chooses to tax the transaction and is 22nd for properties classified as A1, A8, A9 and 10 for different property categories. The fixed register tax is 200 euros, as well as the mortgage and the land tax.

The convenience of the value price

The system launched in 2005 has tax benefits for the buyer and protects against any disputes with the Tax Office. What does it consist of? In the transfer between individuals, taxation refers to the land value and not to the price: this is an advantage because the land value is always lower. If there are no benefits for the first home, the calculation is made by multiplying the value of the land annuity, revalued by 5, by 120. The coefficient changes with the benefits for the purchase of the first house where the land rent, revalued by 5, is multiplied by 110. This system does not apply to sales subject to VAT. Facilities are provided for category A2, A3, A4, A5, A6, A7 and A11 homes while they are not allowed for stately homes (A1), villas (A8) and historic buildings (A9).

The decline from the benefits for the first home

The facilities for the purchase of the first home are enjoyable if the statements are true and if within 18 months of the purchase there was the transfer of the buyer who resided outside the municipality. In the event of a default or non-compliance, taxes are paid without any relief, along with interest on arrears and penalties. However, the Law takes into account some causes of force majeure for which there is no decline from the benefit: for example in the case of non-habitability of the house or when the previous tenant does not free it.

Where to buy a house

The house can be purchased by a private individual, a real estate agency or by participating in an auction. In the first case, a lot of caution is required: you have to look at the documents of the property, check the compliance of the facilities, inquire with the administrator of the condominium if there are arrears to be paid and if renovations are planned. At the technical offices of the municipality, a check about the agility and habitability may be required.

If you are looking for a home using the brokerage of a real estate agency, you must verify that you are a registered professional. The presence of mortgages and a possible renovation of the building is information that should not be searched for on its own because it is provided by the real estate agent to whom, at the time of the compromise, the commission will be paid.

The costs of buying the first house can be very low by participating in an auction: often, in fact, the property is awarded at a lower price than that of the appraisal and if it remains unsold, at the next Auction you have a reduced cost of 25. Buying at the Auction means using a transparent system where all participants compete on an equal footing. The expert documents are always available and those who win the property get it relieved of any mortgages. The buyer is given all the information so that he can make a weighted purchase. The first document that the person must consult is the sales order, which shows the base price, the terms for the deposit of the offer and the date by which the award price must be paid. The telematics auctions, of course, offer identical guarantees but also allow a significant saving of time: to participate it is enough to register and deposit the deposit.

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