Buying a Home: Buying Guide, Taxes and Concessions 2024

Buying a home is always a complex choice and in Italy the purchase of a home is, even today, one of the main forms of investment. With the 2024 Budget Law and the Milleproroghe Decree 2024 converted into law, some benefits have been confirmed or extended to the entirety of 2024. The Revenue Agency, in June 2024, provided an updated summary of the main rules to follow when buying a home, so that you can “take advantage” of all the benefits provided by law.

We are talking about reduced taxes, limitation of the power to ascertain value and more. In this clear and detailed guide, let’s find out together what are the benefits for those who want to buy a house
in 2024.

News 2024

Although the first home bonus under 36 was modified in 2024 and limited only to a few specific cases, thanks to the 2024 Budget Law and the Milleproroghe Decree 2024, many grants remain active for those who buy their first home. Here are some of the main changes:

  1. Subsidized loans for large families: Until December 31, 2024, thanks to the Guarantee Fund, it is possible to obtain a maximum guarantee of 80% on mortgages. This benefit applies to mortgages for priority categories, which must meet specific income and age requirements
  2. .

  3. Reduced mortgage for the first home: Also confirmed for 2024, interested young people who meet the ISEE and socio-economic requirements can access dedicated funding thanks to the Consap Fund.

How to Buy a Home: The Steps

Before buying a house, it is useful to obtain as much information as possible about the property and, above all, to make sure that you are making the purchase from the rightful owner. In addition, it is important to know what happens if you decide to enter into a preliminary contract (the so-called compromise). Let’s see what the steps are:

  1. Verification of cadastral and mortgage data: With the help of the services of the Revenue Agency, it is essential to verify the correctness of the cadastral and mortgage data of the property.
  2. Enter into a preliminary contract: This agreement, also known as a compromise, is a formal commitment between seller and buyer that precedes the final purchase agreement.
  3. Sign the purchase agreement: The transfer of the right of ownership to the property takes place with the signing of the purchase agreement before a notary.

What to Ask When Buying a New Home

Before buying a new home, it’s important to ask some specific questions:

  • Ownership and rights: Check who the real owner of the property is and if there are others who have rights to that house.
  • Legal situation: Make sure that the seller is the sole owner of the property and that there are no outstanding mortgages or mortgages.
  • Urban planning documentation: Check that all urban planning documentation is in order and exclude any building abuse.
  • Living area and energy class: Check the actual living area and the energy class of the house.
  • Facilities and condominium expenses: Check if all the facilities are up to standard and that the seller has paid all the condominium expenses.

What Are the Taxes to Pay to Buy a Home

The taxes to pay when buying a home depend on several factors and vary depending on whether the seller is a ‘private’ or a business and whether the purchase takes place with or without ‘first home’ benefits.

  1. Buying a home from a business:
    • Without VAT: 9% registration tax, fixed mortgage tax of 50 euros, fixed cadastral tax of 50 euros.
    • With VAT: 10% or 22% VAT depending on the cadastral category, fixed registration, mortgage and cadastral tax of 200 euros each.
  2. Buying a house from a private individual:
    • Registry tax: 9%.
    • Mortgage tax: 50 euros.
    • Cadastral tax: 50 euros.

Taxes may be reduced if you are part of the “first home” benefits, in line with the new first home benefits confirmed by the 2024 Budget Law.

Buying a First Home: The Concessions

The tax breaks provided for the purchase of a ‘first home’ include:

  • Reduction of registration, mortgage and cadastral taxes: These taxes are reduced if the purchase is made in the presence of the “first home” requirements.
  • Concessions for appurtenances: The benefits also apply to the appurtenances of the building, such as warehouses, garages and sheds, limited to one appurtenance for each category.

Requirements for Obtaining “First Home” Concessions

‘First home’ benefits are recognized if the buyer meets specific requirements. The home must belong to one of the following cadastral categories:

  • A/2 (civil housing)
  • A/3 (economic housing)
  • A/4 (public housing)
  • A/5 (ultra-popular housing)
  • A/6 (rural housing)
  • A/7 (houses in cottages)
  • A/11 (typical local homes and lodgings)
  • Concessions are not allowed for stately homes, villas and castles (categories A/1, A/8 and A/9). It is necessary for the home to be located in the buyer’s municipality of residence or for the buyer to transfer the residence within 18 months of the purchase

    The Guide to Buying a Home in 2024

    The Revenue Agency has made available an updated guide in June 2024, useful for those who want to buy a house. The text is addressed to individuals and refers both to purchases and sales between individuals and those between businesses
    and individuals.

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