Prepare for the housing market: the most important updates for 2024 Buying a home is a big step and requires careful planning and preparation. Every year, rules and things change when it comes to buying a home. Consider, for example, the increase in the National Mortgage Guarantee (NHG), the impact of energy labels and the influence of student debt. Also in 2024 there are new rules and points of attention that you have to take into account. We will take a closer look at this in this article.
Modification 1) Energy label and energy-saving measures
In 2024, the energy label of a home will have become more important when buying a house. Homes with a high energy label (A or B) are naturally more attractive to buyers because of the lower energy costs and the environmental benefit. But as of this year, it is also possible to get a higher mortgage for homes with a high energy label. This can even amount to €50,000 for the highest labels (A and above).
There is also good news for houses with a low energy label. Energy-saving measures such as the installation of insulation, solar panels or a heat pump are increasingly being encouraged. In 2024, various subsidies will be available for buyers who want to make their new home more sustainable. To make the house more energy efficient, a maximum of €20,000 extra in mortgage can currently be borrowed for homes with energy label E, F or G. Previously, this was no more than €9,000.
Modification 2) Wage increase
A positive development in 2024 is wage growth, which increases the borrowing capacity of many homebuyers. The exact increase varies by sector, but a general increase in incomes means that you may be able to borrow that little bit extra to buy your dream home.
However, it is important to carefully consider whether you are taking out a maximum mortgage and how much interest rates different mortgage lenders offer. You can compare different mortgage providers and calculate how much you would have to pay per month. This way you can already make a clear financial picture for yourself.
Modification 3) Influence of student debt
Student loan debt can have a major impact on your borrowing capacity. Mortgage lenders take your student debt into account when calculating your maximum mortgage.
The good news is that in 2024, the weighting factor of student debt will have changed. Instead of looking at the amount of the original student loan (excluding any repayments), the monthly repayment amount is now considered. For example, have you repaid part of it in the meantime? Then you will probably be able to borrow more than with the old scheme.
Modification 4) National Mortgage Guarantee (NHG)
The NHG will continue to play an important role in buying a house in 2024. The cost limit for NHG has been increased in 2024, which means that more houses will be eligible for this guarantee. NHG offers homebuyers certainty because it guarantees your mortgage if you are (temporarily) unable to pay it due to circumstances.
In addition, with an NHG mortgage you often benefit from a lower interest rate, which reduces your monthly costs. Therefore, consider carefully whether a mortgage with NHG is advantageous for your situation.
Well prepared for the housing market
Despite positive developments in matters affecting mortgage levels, house prices are expected to continue to rise. This is because the demand for existing owner-occupied homes will continue to rise in 2025.
Therefore, be well informed about the changes regarding energy labels, energy-saving measures, wage increases, student debts and the NHG. This will allow you to enter the housing market better prepared.