Buying an apartment in Austria

Find a commission-free apartment to buy in Austria

Buying an apartment is a huge investment. We have summarized the most important steps to ensure that everything runs smoothly when buying an apartment. Buying an apartment: Advantages of a condominium

But let's first take a closer look at the arguments in favor of buying your own apartment. Because while some people swear by renting, many people dream of owning a condominium as soon as possible. Which option is the better choice in the long term cannot be assessed across the board, but always depends on personal circumstances and private plans for the future.

Many people see the following aspects as significant advantages of owning a condominium:

• No more rent to pay: The current rent is money spent. If, on the other hand, you pay off a loan, you will eventually own a debt-free apartment. But beware: operating costs and other ancillary costs (household insurance, heating, electricity, internet, etc.) must be taken into account. Owners must also pay a contribution to the repair reserve. Tenants do not have to do this.
• Independence: More and more tenancy agreements are fixed-term. Anyone who owns an apartment does not have to worry about whether a landlord no longer wants to re-let the apartment. Rent increases and indexation no longer play a role either.
• Right to have a say: As an apartment owner, you have the opportunity to make proposals and vote at the owners' meeting. This means you can influence whether the stairwell should be repainted, for example.
• Self-realization: While you are not allowed to carry out any renovation work in a rented apartment, you are relatively free to design your own apartment - provided you have the relevant planning permission. This allows you to create your own personal dream home.
• Quality of living: Many apartments offered for rent in Austria are in a clearly used condition. Condominiums, on the other hand, are often first-time-occupancy apartments, i.e. freshly renovated old buildings or newly built apartments.
• Investment: An apartment in Austria is generally regarded as a safe, long-term investment, as real estate prices have always risen over the decades - with temporary exceptions. As a result, property owners are hoping for solid value growth in the future, regardless of whether the apartment is rented out or owner-occupied.

Many individual factors can also reinforce the desire to buy a home. It is clear that buying a condominium involves a certain amount of effort, but it also brings valuable advantages.

Buying an apartment in Austria: explained step by step

Before the purchase contract can finally be signed and you can move into the condominium, a few processes are necessary, which we will now go into in more detail.

Step 1: Define what you are looking for

To begin with, it is important to clarify what advantages the apartment must offer. The regions that are suitable for the purchase should also be clarified. If you would like to buy an apartment together with another person, agree in advance as specifically as possible which requirements must be met and which absolute exclusion criteria exist. This is how you define your search requirements.

Step 2: Secure financing

Now you need to clarify which apartment is actually affordable. Create a budget calculation with all income and expenditure. Record how much equity you have. You can use this information to obtain and compare loan offers. This will clarify the purchase price you can afford and the price range in which you can start looking for a home.

Step 3: Search for a suitable apartment

The search criteria have been defined and the budget has also been set - now the actual apartment search can begin. Our tip: Also check properties that are slightly smaller or perhaps slightly more expensive than originally defined. After all, you may be able to live with minimal deviations if everything else is perfect. So don't limit your search too much.

Step 4: Viewing and making an offer

As soon as you have possibly found suitable apartment advertisements, make an inquiry and arrange viewing appointments. It is always advisable to make a written request. Many providers ask for your details in advance so that they can provide you with detailed information.

During the viewing, it will become clear which apartment is your dream home. Make an offer to purchase this property. Make sure that you set a time limit for the offer and indicate any reservations associated with the offer (e.g. that the seller still needs to submit an e-fund).

If your purchase offer is accepted, this is deemed to be an agreement of intent. At this point, the estate agent's commission claim also arises if the apartment was not sold privately and commission-free.

Step 5: Acceptance of the bid and processing of the purchase contract

Once your purchase offer has been accepted, it is best to inform the financing bank immediately. Discuss the timetable with the seller and have the purchase contract sent to you as early as possible.

Our tip: Unless the seller insists that a specific lawyer must handle the transaction, compare the costs for drawing up the contract - these can vary greatly and are typically between 1.2 and 2.5 percent of the purchase price.

It is also worth comparing costs when choosing a notary. Apart from the commission, these items are practical ways of saving money when buying a home.

Step 6: Bureaucracy and moving in

As soon as the purchase contract has been signed, the bureaucratic processing of the legal transaction takes place. You will be entered in the land register as the new owner and the bank will also receive the land register security. You are now part of the community of owners of the house. Remember to reregister energy supply contracts and contact the property management company regarding the advance payment.

It usually takes between six and ten weeks from the time the purchase offer is accepted to the time you actually move in, unless the apartment is under construction. You can shorten this period by not transferring the purchase price on the last possible day, but by making the payment to the escrow account immediately after signing the purchase contract.

On the day you move in, it is best to introduce yourself to your new neighbors and check that the apartment has been handed over in the contractually agreed condition before you move in.

Buy a commission-free apartment!

Buying an apartment is a financial and personal "milestone". Buying an apartment requires a certain amount of preparation. The decision to buy should be carefully considered and never rushed. There is potential for savings at several points - be it by buying a commission-free apartment directly from a private individual or by choosing an inexpensive lawyer to handle the transaction.

The entire process is basically straightforward. Start preparing the purchase of the apartment in good time (define criteria, clarify financing, etc.), then nothing will stand in the way of a successful, speedy move.

Would you like to buy a commission-free apartment? On our portal you will only find properties that meet this criterion.