Published by carratelli4 years ago

First-time homebuyer bonus for under-36s: requirements, how to obtain it, and the benefits available for first-time homebuyers under 36.

First-time homebuyer bonus for under-36s: what is it?

The first home bonus under 36 It is a special measure implemented by the Government to encourage young people under 36 to buy their first home.

The emergence of a difficulty for this age group has in fact pushed the institutions to protect the need for independent living" (as stated on the AdE website). How? Let's take a closer look at the nature of this benefit, who it is aimed at, and how to obtain it.

The Bonus for Buying a First Home for Under-36s

The bonus, first introduced with the Sostegni bis Decree (Legislative Decree no. 73/2021), was extended with the 2022 Budget Law and will expire on December 31, 2022.

 

In particular, the bonus allows access to the following benefits:

  • -exemption fromfirst home registration tax, mortgage and land registry tax for purchases not subject to VAT
  • -tax credit corresponding to VAT in the case of purchases subject to VAT
  • -stamp duty exemption
  • -in case of a mortgage, state guarantee on 80% of the purchase value
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For purchases subject to VAT, the credit can be used on personal income tax (IRPEF), to cover F24 payments (using code 6928), and for the purchase, renovation, or construction of residential properties where the substitute tax is not due.

 

The bonus also applies to appurtenances attached to the main residence, which are registered as C/2, C/6 and C/7 (respectively: warehouses, sheds and garages and canopies).

 

First-time home purchase incentives: who is eligible?

 

These benefits are available only to those who meet specific requirements. Specifically, the following are eligible for the bonus:

  • -is under 36 years of age in the year in which the sales contract is signed (upon reaching 36 years of age the right to access the bonus lapses)
  • -has an ISEE that does not exceed 40,000 euros per year
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It's important to remember that the ISEE refers to the registered family unit on the date the DSU is submitted. Since the ISEE refers to the economic situation for the previous two years, in the event of significant changes (e.g., termination of employment, reduction in overall family income of more than 25%), it is possible to submit a current ISEE, which is valid for a shorter period than the ordinary ISEE (approximately 6 months).

Since the bonus is for first-time homebuyers, all the "first-time homebuyer" requirements must also be met. Buyers must:

  • -have or establish your residence within 18 months of the purchase in the municipality where the property is located
  • -not be the owner of another property intended for residential use in the same municipality
  • -not be the owner of another property purchased anywhere in the country with "first home" benefits
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Finally, the tax relief is only available for purchases of properties registered as:

  • -A/2 residential type dwellings
  • -A/3 low-cost housing
  • -A/4 popular housing
  • -A/5 ultra-popular housing
  • -A/6 rural-type dwellings
  • -A/7 villas
  • -A/11 typical local dwellings and accommodations

Luxury homes (A/1, A/8 and A/9) are therefore excluded.

 

Buying a first home for under-36s: Find your property now with Carratelli RE

As already highlighted, this tax relief applies to properties purchased by December 31, 2022. After that, the tax reduction will remain.

To quickly find your property, contact our real estate agency Carratelli REThanks to our professionalism and local network, we can identify the real estate solution best suited to your needs. 

Carratelli

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