Indians would be better off purchasing property than renting in Sweden because the rental market is far more complicated. Additionally, the nation offers moderate interest terms, which can help incomers save cash over time, particularly when contrasted with the relocating and renting costs they would incur for a used lease.
You can use this article as a resource to learn how to purchase a home in Sweden, whether you wish to reside in an urban or a rural area.
The cost of homes
In Sweden, the going rate to buy a square meter is around 53,500 SEK. Stockholm, its most costly region, has a typical home purchase rate of roughly 74,900 SEK per square foot.
Lidingo and Dandridge are the cities where real estate is the costliest to acquire. The Södertälje has the lowest rates.
Type of estate
The country has a variety of property kinds to pick from. Apartments, detached homes, linked homes, and even remote settings are available. You can search for reasonably priced flats in the regions you like because Indians prefer apartment buildings the most. One-bedroom flats are significantly less expensive if you reside alone in the country and devote the majority of your time to working or hanging out with friends. However, a home or at least a three-bedroom flat is needed if you’re going to live with a family.
Buying a home in Sweden
You can go through all the procedures alone, however, working with a real estate agent to purchase a home is recommended. All your documents that are in the Hindi language are required to be translated into Swedish. You can get assistance from a real estate broker with this interpretation for free or for a small cost.
You will require a home loan to purchase a dwelling in Sweden. You will require the following to get a loan:
- Work contract;
- Income proof;
- Financial statements;
- Residency card;
- Bank account; and
- Personal details.
You might be required to provide extra documentation depending on the bank and the type of property. You can only get loans from banks up to 75% of the estate’s worth. Luckily, you can deduct 30% of your borrowing from taxes.
The procedure for property purchase
Indians are legally permitted to purchase an estate in Sweden without any limitations. The transaction is quite swift and easy after both sides have consented to the deal. The only hardest part of buying a house can be locating one. Obtaining a Swedish property as an Indian involves:
Bidding
Although buying a home in Sweden is less demanding than leasing one, some customs may surprise foreigners. For instance, filling out a rental application could seem like an endless delaying process, and purchasing a home might resemble an auction. You must submit an offer once you’ve found a home you like. You might get involved in a competitive bidding storm because native companies and other foreigners are also trying to buy. Keep your alternatives open and refine your negotiating techniques.
Bargaining
You will need to bargain over a sales contract when your offer is approved. You will need to visit the site and conduct an inspection before signing the contract. You can also appoint a realtor if you need help in inspection and negotiation.
Contract
You and the owner will sign an agreement once the inquiry is finished. The realtor and drafter will both deem this contract to be legal. Although you can request an English translation, a duplicate must be provided in Swedish. Read all the clauses of the contract carefully and then sign the papers under the supervision of your lawyer or realtor.
Final Step
The last step to acquiring the home is to visit the lawyer or realtor along with another party to finalize the contract. The property keys will be given to you at this time, together with the purchase agreement and any necessary financing paperwork. Additionally, the bank or real estate agent will mail your written pact at this time for registration in your name.
