Are you interested in purchasing your first house and have questions?

The main steps and some tips are here for you.

25.07.2022 3 minuti di lettura

Purchasing agreement , deed, preliminary, taxes, concessions, cadastral category…  Many are the terms used by real estate experts, but for those looking to buy their first home this can be a stressful journey. This article explains how to purchase your first house and which preferential treatment you can take advantage of.

Which is the first house?
The common place wants it to be the first house of which you own the property, but on a regulatory level the "first house" is a property located in the municipality where you have residence or you work. 
First-time homebuyers can access some tax breaks if they meet the following criteria:

  1. The residence corresponds with the municipality where you want to buy the property, otherwise you will have 18 months, from the signing of the contract, to move it;
  2. The buyer declares that he is not the owner, even for shares, of real estate in the Municipality in which he is buying;
  3. The buyer is not the owner of other properties, throughout Italy, for which he has already used the bonus, otherwise he must sell it within a year from the deed;
  4. The property is a residential house and not a luxury real estate or villa without elements of cultural importance. 


The tax breaks
The first home offers tax benefits that allow you to get a reduction in costs related to the purchase process. To obtain them, it is important to define whether the seller is a private or a company in order to nail down the real value of taxes. As a result of the bonus, the costs are reduced in this way:

  • registration tax reduced to 2% for purchases by individuals or companies free from VAT;
  • registration tax of 4%, instead of 10%, for purchases from a company with contract put through to VAT;

The taxes relief are extended to some appliances related to basic services of the first house, such as roofs, garages and warehouses, purchased together with the first house or with a separate act.  Attention to false statements made while you were registering the purchase act and not transferring your residence within 18 months from upon signing, in this case the tax benefits you have used will be revoked. 
As a consequence, the bill to be paid is high, indeed the legislation provides that the buyer pays:

  • the taxes that have been saved;
  • a sanction;
  • the interest.


4 steps to buying your first house:
After finding the house which caught your attention, make sure you have the right cards to access the tax breaks. To make the house yours, you need to follow these four steps:

  1. Document search: is a delicate phase of evaluation of all the documents of the property that can hide problems that will make the successful conclusion of the transaction difficult. Being able to see and evaluate them before making an offer, allows you to speed up the process of buying and selling and avoid running into problems. The documents of the house, the cadastral and mortgage data and the information of who is the landlord, it is a good idea to ask for them at the realtor when you are interested in making an offer.
  2. The offer: is the statement of interest in which are expressed the offer is expressed, as well as the extra conditions for the purchase and the date by which the proposal must be accepted.
  3. The purchase proposal and the preliminary contract or compromise: is a contract, which is drawn up in writing, in which it declares that the house will be yours when the conditions have been met. This is a legally binding agreement which also includes paying the established deposit, while the seller will not be able to make arrangements with other possible buyers and they undertake to give the keys to the property on time and under the established terms (e.g. empty, furnished, renovated...) once accepted.
  4. The deed: is the final contract that establishes the conclusion of the agreement and the transfer of ownership.


Buying with Kaaja
Relying on Kaaja means being followed throughout the buying process and having a team always available to answer any questions you may have.
Kaaja, for each property, writes a detailed description of the house including photographs, floor plan and virtual tour. In addition, properties for sale are backed by documents that certify the status in order to be sure of what you plan to buy and have no surprises in the act.

Check out the properties for sale and book an appointment to visit the ones you are interested in.

 

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