Things to consider when buying property in Norway

Things to consider when buying property in Norway

If you´re considering buying a property in Norway, bear in mind that the legal system and steps to follow may be different from those that you have experienced in your home country. In the following, we describe some of the practical implications of buying a property in Norway.

Most real estate transactions in Norway are carried out via a real estate broker. The broker´s task is to make sure that relevant laws and regulations regarding the transaction are followed, as well as to provide correct information to both parties involved (buyer and seller). All payments are handled through the broker´s office, securing the funds until the property´s ownership is formally transferred to the buyer. All costs regarding the broker are handled by the seller.

In the case of buying an off-plan property or property under construction from Myrkdalen Mountain Resort, we provide bank guarantees for all payments made until construction is completed and the property´s ownership is transferred to the buyer. 

Taxes and fees: Norway currently has a 2,5 % stamp duty on all real estate transactions. If you buy a used property, this tax will imply to the full purchase amount. If you buy a new property, the stamp duty is calculated based on the value of the building plot alone. 

Property tax: Myrkdalen is located in Voss Kommune, which currently imposes an annual property tax of 0,0026 % on the property value. This is a tax on the property object itself, and will be payable to Norwegian authorities irrespective of the owner´s national tax affiliation.

Operating costs: You will be charged annually for operating costs connected to sewage treatment, water supply and shared costs (building maintenance and operation, renovation, snow-clearing etc.). Currently this amounts to around NOK 30-40.000 pr. year/unit (estimated average). The owner also pays for insurance for own apartment/cabin directly to the insurance company. 

There may also be other variable or fixed costs connected to real estate purchase in Myrkdalen Mountain Resort. Please contact us for specific information. 

For further information, please contact Myrkdalen Mountain Resort real estate department or our broker partner Kaland & Partners. We will do our very best to provide answers to any questions you might have. 

We can also recommend this link, for tips and further information on circumstances to be aware of when buying property abroad. 

Myrkdalen Real Estate:
Nils Akselberg (Real Estate Director)
Tel: +47 916 73 013

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