Wednesday, 17 August 2020 12:07 PM

Reduction of transfer tax:

extra benefit for home buyers

Good news for those who have been looking for a new home for a while or are about to buy a new home. Transfer tax has temporarily decreased from six to two percent. This scheme came about because the cabinet wants to stimulate the faltering housing market. It is now a lot easier for the consumer to finance that beautiful apartment or house for sale. Calculate, if you first paid US $ 12,000 in tax for a two-ton house, that is now only US $ 4,000. A windfall of no less than 8,000 US dollars.

This new measure also allows you to buy a house with a higher purchase price. Before the reduction of the transfer tax, you were eligible for the National Mortgage Guarantee (NHG) if the total costs did not exceed USD 350,000. That amounted to a purchase price of US $ 312,500. Since the additional costs are now considerably less, there is more room for the purchase price. Today you can buy a home for 324,074 US dollars with NHG. Please note, the reduction of transfer tax is only a temporary arrangement that you can use until July 1, 2021.


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