NewsHousing market Rik Feijen 31 december 2020

No transfer tax for starters in 2021

For starters, the search for a home is becoming increasingly difficult. The housing market is becoming tighter and, at the same time, prices are rising enormously. The money to be paid for a new home is already expensive enough. But then there is also the transfer tax. The transfer tax for first-time buyers in 2021 was initially set at 2 percent. However, there are several new laws and regulations, which you as a starter can get out of this tax. But how is this possible and what about the following years? Read on and discover what is possible. 

Transfer tax for starters changed in 2021

The transfer tax for first-time buyers in 2021 is currently still 2 percent. This is only for when you buy a second home or recreational house. As an investor or when purchasing a business property, you even pay 6 percent in taxes. When purchasing a home, there can be an exemption of 0 percent. This can add up to an advantage of thousands of euros. The official exemption only comes into effect as of 2021 and will last until 2025. It also applies only to home buyers between the ages of 18 and 35. It is a one-off exemption. For a second home, you do have to pay the transfer tax of 2 percent or even more. 

The conditions to be met

Changing the transfer tax for first-time buyers in 2021 creates new rules. For example, a number of requirements have to be met before you can actually start enjoying this benefit. The starters have to buy a house themselves and actually start living in it. Also, an exemption on the transfer tax may not be given before. Although starters often comply with this, it must be confirmed by the notary. The Tax Authorities will check this before granting the exemption. When you buy a house with two people and one of them is 35 years or older, this buyer will have to pay the transfer tax over the part he will own. 

Small changes with big consequences

When you are 35 years or older, you will have to pay transfer tax as a starter after 2021. This tax is set at 2 percent. The age limit that applies from 2021 is actually the only thing that will really change. The exemption was already applied in various situations but will now apply to everyone. Eventually, this will make it easier for starters to buy a house. It is therefore best to wait until after 1 January 2021 before handing over the keys. As a starter, you should also take into account the expiry of a mortgage offer. This will prevent you from not being able to get the financing done. After all, your mortgage also has to be arranged before you can pay all the documents for the delivery. 

How much money you can save

You may wonder how much the exemption from transfer tax for first-time buyers will save after 2021. With the transfer tax at 2 percent, for a 300,000 euro house you have to pay 6,000 euro tax. For a house of 200,000 euros you pay 4000 euros. This amount may not be co-financed in the mortgage, but must be paid from your own pocket. If you hand over the keys in 2021, you can keep this money and put it into renovating the house. So you need less money to buy your dream house, which can be a great advantage for first-time buyers. In the end, it's all about getting a better position on the housing market. 

Be well informed before applying

But why can't other people in this age group make use of the exemption from transfer tax for first-time buyers after 2021? When you have already bought your own house, you are, as it were, no longer a starter. After all, you are starting on your second home. You may wonder why people buy a house at an early age and start living in it. At the same time, there are sometimes situations where you have no other choice. If you have had an exemption during this period, you are not eligible for this tax benefit. But if you have not had this benefit yet, it is good to be advised and informed about this. This will ensure that you do not lose money and that you can do with the house what you want. 

Good preparation for your house hunt

Being well prepared to start looking for a home can give you great advantages as a starter. Because the transfer tax for first-time buyers will not apply after 2021, you will have plenty of opportunities to enjoy your new home as much as possible. After all, you can use the money to make your home as you wish and make sure everything looks nice. In the end, however, you will have to keep an eye on the final finances.

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