Are you dreaming of making your real estate purchase a reality but unsure if now is the right time to take the plunge? While this is certainly not a decision to be taken lightly, here are 5 good reasons to buy in 2024 that will reassure you in your choice.
1. Reinforced government support
To help individuals realize their projects, the government is strengthening several programs:
- The Bëllegen Akt, a tax credit on notarial acts, increases from €30,000 to €40,000 per person, and it can be doubled for couples purchasing together;
- The ceiling for tax-deductible interest increases from €3,000 to €4,000 per year. Thus, a couple can deduct up to €150,000 in interest for a 30-year loan.
- If you sell your property to the Housing Fund, you are no longer taxed on the capital gain.
2. Exciting real estate projects underway
The government is not just helping individuals acquire their primary residence in 2024. It is also financing several construction projects to revitalize the market. This is why many new buildings will spring up in modern neighborhoods thoughtfully designed for optimal quality of life. Choosing these projects for investment means offering yourself a brand-new home, compliant with the latest energy performance standards, where you can move in without any renovation work needed.
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3. An improvement in interest rates
Last year, many individuals were discouraged from buying due to rising bank interest rates. But this trend has not quite continued into 2024. In fact, since the beginning of the year, while there have been several fluctuations (increases and decreases) in variable interest rates, the fixed rate has been dropping. According to April 2024 data, the rate for a fixed period of 20 to 25 years is 3.40%, for example—3.49% for a period of 25 to 30 years. Don’t forget that you can also renegotiate your loan if rates drop further later on.
4. Your project is clear: it’s time to take the leap
Beyond the arguments related to the current context, it’s time to buy in 2024 if you are ready. If your project is well-defined, your situation is stable, and you’ve had time to build up a deposit, why wait?
As long as you continue renting, the money you spend each month isn’t benefiting you… It’s like it’s disappearing into thin air!”
Paying off a mortgage each month will allow you to gradually build up your wealth and prepare for your future with peace of mind. As long as you continue renting, the money you spend each month isn’t benefiting you… It’s like it’s disappearing into thin air!
5. You have borrower’s insurance
Many people feel anxious about embarking on a real estate purchase project. This is entirely normal, as it involves a significant sum of money and a commitment generally lasting over 20 years. But you must also remember that every loan is associated with insurance. If something unfortunate happens, you can rely on this insurance to continue repaying your loan. Finally, it is important to note that while a purchase is a commitment, resale is always an option in case of difficulties. To reassure yourself at every stage of this project, seek the support and advice of real estate professionals. They will guide you in your decisions and help ease any concerns you may have.
