The dream of purchasing your first home can now become a reality
Discover how to overcome the challenges of accessing your first home with 100% assistance and financing. From discounts on the ITP to ICO guarantee programs and regional aid in the Balearic Islands, we show you how to make your dream of buying your first house come true. Dive into our article to get all the details on accessing your first home without financial complications. Don't miss out!
Acquiring your first home may seem like an insurmountable challenge, especially for young people facing obstacles such as high prices, taxes, and the need to save for the down payment. However, nowadays, there are a series of aids and financing programs that make the dream of homeownership more achievable than ever.
One of the main concerns when buying a house is the Property Transfer Tax (ITP). But did you know that in some regions, like the Balearic Islands, you can save up to €21,600 on the ITP if you meet certain requirements? For example, if you are under 30 years old, a resident in the Balearic Islands with more than 3 years of seniority, and purchase your first home for less than €260,000, you could benefit from an ITP of 0% instead of 8%. Additionally, there are other scenarios where you can pay only 2 or 4% of the ITP, depending on the degree of compliance with certain requirements. We encourage you to consult us and we will advise you in your particular case.
But the aids do not stop there. At the national level, the Government offers programs such as the ICO Guarantee, which covers up to 20% of the home's value, allowing banks to finance up to 100% of the property. This means that buyers only need to save 10% of the home's price to cover the expenses and taxes derived from the sale.
At the regional level, the Balearic Islands have also implemented measures to facilitate home buying. For example, the Balearic Government will guarantee mortgages up to 100% through the IBAVI program. This means that Balearic residents who have been on the island for at least five years can access a mortgage that covers the entire value of the property, as long as they meet certain requirements such as having annual incomes below €57,117. Again, if you want to receive more information or advice on this type of aid in the Balearic Islands, contact us and we will study your case.
These aids and financing programs are designed to make the dream of homeownership a reality for young people. It is no longer necessary to wait years to save enough for the down payment or worry about the high costs associated with buying a home. With a little research, planning, and guidance, buying your first home can be closer than you think.
Do not miss this opportunity and start your path to homeownership today. Your home is waiting for you! Contact us!
