The Real Estate Norway Buying Process
When it comes to real estate, Norway’s buying process is relatively easy. Foreigners are allowed to purchase real-estate with no issues but the process will go much easier if the foreigner has a residence permit.
It’s assumed being here that you’re looking for some Norwegian real-estate. Norway can get pretty expensive depending on location, especially in cities such as Oslo, Bergen and Stavanger. But property prices can go down quite cheap the further away from urban areas. Wherever the property is, the important thing is how easy the transaction will be. As mentioned, if you are purchasing real estate Norway (https://www.bluehomes.com/Immobilien-Norwegen/N/de/debut.html), it is much easier if you have a residence permit. Meaning, you are in Norway to either migrate, study or work there. Norwegians are pretty easy to talk to as English happens to be their second language and many foreigners make due just by speaking English alone.
Real estate in Norway can be very liquid thanks to the influx of foreigners as well as locals looking to rent or purchase properties, and bidding is very competitive. When purchasing property, be prepared with enough cash or financial resources to commit to the sale. It’s pretty much a done deal when the seller accepts your offer. Be prepared to commit to the purchase because there are penalties upon backing out.
Hiring an agent is a must. Things are made simpler as the agent will represent both the buyer and the seller. The agent’s fee however is shouldered by the buyer which is usually 1% to 2.5% of the property price plus VAT. The agent will be the one to guide the buyer and draw up the sales contract. The agent will also handle the property registration and will keep the deed until the process is completed.
Also, when purchasing real estate, Norway also allows for mortgages. If you are a resident at work with a bank account, tax return and pay slip, you can check with a local bank and see if you qualify for a loan.
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