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Your guide to buying property in Norway

Martina Rados
Marketing Manager at RE/MAX Europe

With an economy that seems to grow each year, a fascinating history and beautiful natural scenery, Norway is a premier destination for those looking to purchase property! Are you ready to make it your home?

Norway’s biggest advantages

What separates Norway from other countries is without a doubt the incredible standard of living that residents enjoy. Norway is praised for the country’s low crime rates and high life expectancy. Thanks to its booming economy, Norway gives workers fantastic employee benefits, and a healthy work-life balance – and those looking to start a family in the country can expect top-tier educational facilities as well. On top of all this, Norway is also home to beautiful fjords, mouthwatering local cuisine and wonderfully insightful museums. If this sounds like what you’re looking for, then get in touch with your RE/MAX agent – it’s time to make the move to Norway!

Start off right to avoid pitfalls

Luckily, there are no restrictions for foreigners who wish to buy a property in Norway, but before you start looking for your dream home, talk to potential lenders to find out what you can ultimately afford. Most banks will provide you with a mortgage to finance the house, and if you are a first-time buyer you can take out a first-time buyer mortgage which allows you to borrow up to 100% of the house’s cost, with the same interest rate for the full period. For non-first-time buyers, you’ll need to submit a pay stub or a tax return form to find how much of a loan you qualify for. A local agent can not only put you in touch with a lender, but they can help you focus your search so you can be sure you are only looking at the right properties that fit your budget.

Finding your dream home

With a low population density, and an excellent range of housing options in the country to choose from, Norway can provide a rural or an urban experience! Your local RE/MAX agent is always going to be more helpful in narrowing your choices, but here’s a preview of the options Norway has to offer:

– A person looking for culture should look no further than the cultural hub and capital of Norway, Oslo! Oslo is a surprisingly walkable and small city despite being the country’s capital, and is full of cultural events and festivities. Check out amazing museums like the Munch Museum and the National Museum of Norway, or experience fantastic Nordic foods made by Michelin-starred restaurants!

– Nature lovers can find a home in Northern Norway, where cities like Tromsø, Alta and Bodø are located. The northern region is especially perfect for nature lovers in the winter when checking out the breathtaking northern lights. And in the summertime, enjoy all sorts of outdoor activities or vibrant nightlife as long as you desire. Thanks to the phenomenon of the midnight sun, the night never turns dark.

– Consider yourself a more quiet person? If so, find serenity in the Fjord Norway region, located in western Norway where the majority of the country’s prettiest fjords are found. Here you’ll also find Bergen, which provides all the charm and coziness of a small town, despite being the second largest city in Norway.

Get ready to act fast

Home buying in Norway is somewhat unique because once properties schedule open house viewings, often the house will go up for auction as early as the next day! Offers are placed on properties fast, so the auction process can sometimes be intense and demanding. But you can put your mind at ease with the right local agent by your side who knows the local market and can react quickly with a reasonable offer to ensure a smooth buying process. Your RE/MAX agent will handle the auction for you, and once your offer is accepted you will be required to have at least 25% of the house’s value for a security deposit; if you’re under 34 years old, you might only have to provide 15% in certain cases.

Countdown to home ownership

Buying a home is an exciting milestone, so it’s easy to overlook important details in all of the emotions. Fortunately, your RE/MAX agent will keep track of the paperwork and let you know what your next steps are. You should expect a few additional costs, such as stamp duty, a registration fee and the real estate agent’s fee, but once a contract is signed the seller will hand over the deed to the property, which is kept by your agent until registration. After it’s registered, you’ll receive a certified copy issued by registration authorities, and usually, the completed sales contract is retained by the real estate agent. After that, you’re ready to figure out the move-in date and get packing!

Time to enjoy your new Norwegian life!

With a local agent and the right resources at your side, it really is that easy to buy property in Norway – so contact your local RE/MAX agent to get started! Soon enough you’ll be taking in the beauty of the Norwegian Fjords, and enjoying some delicious smørbrod. Have fun!

Please Note: While RE/MAX Europe has compiled the information on this page diligently and to the best of its knowledge, RE/MAX Europe does not assume any liability for the accuracy of the information or for any damages resulting from the use of the information.

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