Buying a first home is becoming increasingly challenging for first-time buyers. Recent research by MUNT Hypotheken shows that young home buyers (35 years and younger) have to contribute an average of €91,073 in their own funds to be able to realize a house. But why is so much of your own money needed these days? And what options are there to successfully buy a home as a first-time buyer? In this blog, we take a closer look at the financial challenges and solutions.
Why is so much own money needed?
Since 2018, home buyers have been able to finance a maximum of 100% of the home value with a mortgage. This means that additional costs, such as transfer tax, notary fees and appraisal costs, must be paid out of pocket. On average, these additional costs amount to between 4% and 6% of the home value. For a house of €350,000, this quickly amounts to an extra personal contribution of €14,000 to €21,000.
In addition, house prices are still rising, which means that first-time buyers have to save higher amounts to cover the costs. This makes the housing market a difficult challenge for many first-time buyers.
4 Effective Ways to Reduce Input Needed
By making smart financial choices, you can still finance your first home as a first-time buyer. We have listed the most important options for you:
1. Tax-free gift from parents
In 2025, parents will be able to give their children a one-off tax-free gift of up to €32,195 for the purchase of a home. This can make a big difference in the required own resources.
2. Family mortgageSome first-time buyers borrow part of the required amount from their parents or family. This can be fiscally attractive, but it is important to properly map out the legal and financial implications.
3. Starter loan through the municipality
Many municipalities offer starter loans with which part of the purchase price can be financed on favorable terms. Check with your municipality whether this scheme is available.
4. Extra borrowing space for a sustainable homeAre you buying a home with a good energy label? Then you may be able to borrow extra. For example, in 2024, home buyers will be allowed to borrow up to €50,000 extra if the home is energy-neutral.
Increase opportunities in the housing market?
Do you want to buy your first home as well prepared as possible? Then these practical tips will help you on your way:
✅ Start saving early – Set aside a set amount each month, no matter how small.
✅ Research municipal schemes – Check whether you are entitled to subsidies or starter loans.
✅ Consider buying together – Buying with a partner or friend can help you share costs.
✅ Improve your borrowing capacity – Look at homes with a higher energy label to get extra borrowing space.
Need help buying your first home?
Buying your first home is a big step, but with the right preparation and guidance it becomes a lot easier. At HuisPortaal we help first-time buyers with expert advice and smart solutions to get their dream home. Do you want to know what options are available to you? Feel free to contact us and find out how we can help you!
Call us directly 085-7820000 or send an e-mail to info@huisportaal.nl we are ready for you!