In North Rhine-Westphalia, private real estate buyers who have purchased or would like to purchase a house, condominium or plot of land this year can benefit from relief of up to 10,000 euros on real estate transfer tax. The prerequisites for this, however, are that they use the property themselves, it has not cost/costs no more than 500,000 euros and they submit a subsidy application to NRW.Bank.
Property buyers can submit the application for the grant online at the link kundenportal.nrwbank.de/nrw-zuschuss-wohneigentum/#/. The NRW Home Ownership Association is pleased with the funding opportunities. After all, property buyers from NRW would have to find an average of half a million euros for their property purchase - an average of around 28,000 euros of which is due for the land transfer tax, which is one of the ancillary purchase costs.
In NRW, Brandenburg, Saarland, Schleswig-Holstein and Thuringia, real estate buyers have to pay the highest real estate transfer tax rate in Germany - 6.5 percent on the purchase price. According to the North Rhine-Westphalia Home Ownership Association, an average household has to save for almost seven years just to be able to pay the land transfer tax. For young couples and families in particular, the tax could thus represent a hurdle to fulfilling the dream of owning their own home.
Sources: wohneigentum.nrw/kundenportal.nrwbank.de/nrw-zuschuss-wohneigentum/#/
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