THINKING OF BUYING PROPERTY IN AUSTRIA?
Finding a new home can be daunting, especially if you’re considering buying abroad. This quick guide will show you what steps you can take to make your dream move a reality.
So, why does Austria stand out as one of the most desirable living locations in Europe? Vienna, its capital and largest city, has been rated the most liveable city in the world for 10 years running – and it's easy to see why. The city is bustling with culture, history and innovation, and housing prices are largely affordable, especially compared to nearby major cities such as Munich or Zurich. The whole of Austria boasts an excellent healthcare system, great levels of education including many top universities and reliable and easy transport links. The landscape of the country is second to none; even the cities are full of green areas, and as you head into the alps you’ll find beautiful lake-side towns and buzzing ski resorts. Not only does Austria have a high standard of living, it is also located in the very heart of Europe, making those weekend getaways to other much-loved European destinations easy.
WHERE SHOULD I LIVE IN AUSTRIA?
The next question you’ll need to ask yourself is where you would like to live. This is an important one, as many of the municipalities currently have different laws, so you’ll need to thoroughly check the requirements. In areas such as Vorarlberg and Tyrol, it is more difficult for non-EU members to buy property, although there are ways around this. Your RE/MAX agent can help you sort out the details once you’ve decided which area caters best to your needs. While Vienna is a hub for culture, with its many famous galleries, music venues and small cafes, other cities in Austria have a lot to offer too, for example, Salzburg is famous for the cultural icons that have passed through it. Around Innsbruck and Tyrol you’ll find chalets on the mountains with great access to the winter sports lifestyle. Each place has its perks, but in the end Austria is an all-rounder; the mixture of the modern with the heritage, and abundance of stunning nature will make your decision difficult.
HOW DO YOU BUY A HOME IN AUSTRIA?
At the time of writing, even non-EU nationals can apply for loans to buy property in Austria, making affording a dream home universally possible. The first step is hiring a solicitor and a notary, who will both be necessary during the buying process. Once you’ve found a home you want to make an offer on, take into consideration that most sellers are willing to negotiate – in fact the asking price for a property is often 5 to 10 percent over what they will actually accept. The deposit will usually be 10 percent of the purchasing price and the exchanging of contracts is done through the notary. As your move-in date gets closer, you’ll also need to consider that as of this publication, home insurance is mandatory in Austria. Household insurance is a plus, and you may even want to arrange a survey of the property, although this is not standard practice. Make sure you calculate these extra costs into your budget and be sure to choose your property both emotionally and logically – there’s nothing worse than finding your ideal home and realizing you can’t afford it. Once the paperwork is finalized, you’ll enter the property into the land register and make the first payment.
FINDING THE RIGHT AGENT IN AUSTRIA
Are you ready to take your first steps? Your experienced RE/MAX agent will not just make the process go more smoothly, helping you navigate through all the laws and regulations, they’ll also be well connected both to the local area and a European network. They’ll have their finger on the pulse when it comes to local development and help you define what municipality and property type suit you best, ensuring you find a place that fits all of your important criteria.
After your considered decision has been made, you’re on your way to enjoying the breathtaking scenery, architecture and culture Austria has to offer. Once you know how to navigate the paperwork and with the help of a great agent who’s on your side, the process of buying your dream property doesn’t have to be difficult!
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.