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Here’s how it works:
Firstly you need to come over to Austria and have a look at several properties, we work with local estate agents and can show you around. You can get a cheap flight from the UK and just rent a car for a few days. We can put you up in our Hotel (Haus Salzburg) and give you the low down on where is best for your requirements.
Once you have decided you want to make an offer on a property, you make a verbal offer through the estate agent or with the owner just like in the UK. Once a price is agreed you then need to make a formal binding offer. This is done through the local Notary and basically proves that you have the funds in place and are committed to purchase. We can set up any meetings with the local banks to provide a mortgage, open bank accounts etc. In most cases it isn’t necessary to have a building survey as the houses are so well made, however this is your choice and will only cost a few hundred euros if required.
Over here the Banks usually lend up to 60% of the value of the house, this does not include any fixtures and fitting etc. these must be paid in cash on top.
Here are some rough figures:
Example 1:
Small Chalet 300K Euros, Fixtures and fittings 20K Euros, Total price: 320K Euros
Additional fees and taxes ~ 10% of House value = 30K Euros
Mortgage total 330K Euros
Bank will lend 60% = 198K Euros
Deposit needed = 132K Euros
Plus the 20K for the fixtures and fittings.
So basically to buy a house worth 300K you will need:
152K Euro in cash
with a 198K Euro Mortgage
The good news is that the bank lending rates are better in Austria then the UK so it is cheaper to borrow.
This sounds more complicated than it is, basically you go to the bank with your passport, they open an account for you, make you a mortgage offer. Job done.
Once you have the mortgage offer you can proceed with the binding offer document. This takes about a week to be processed. Once you have signed this the house cannot be sold to anyone else. It’s then up to you and the vendor to arrange a completion date.
In order to complete the bank must transfer the money to the Notary in full ( this can happen on the same day you collect the keys). You then have to sign the final contact and the house is yours- you get the keys and can move in. The Notary then holds on to your money for a few weeks until the official land registry shows you as the new owner, this is good news as it provides added protection.
We have lot’s of properties available for 80K – 900K
Please tell us your requirements, House, chalet Apartment and of course budget!
So if you are interested in buying a home in Austria, please contact us directly on:
UK 0845 644 3578 or e-mail: carl@freerideskier.com
Carl Owen
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