The key things you need to know about selling a home in Norway
Whether it's time to relocate or step up another rung on the property ladder, there are a few things about selling your home in Norway that you should know about before contacting a realtor.
If you've bought a property in Norway before, you will probably be having flashbacks to the buying process, securing a loan, the viewings and – of course- the notorious bidding wars.
Don't fret if the associated stress with those memories has started to remerge because, thankfully, selling is a bit more straightforward.
But before taking your house to the market, there are a few key things to know about selling.
An overview of the process
To help familiarise you with the process, we are going to summarise the process briefly. So, the first step is deciding its time to sell up. After that, you'll contact estate agents to come and put an estimate on your home. You can have multiple valuations and go with the one you think is best.
From there, you'll choose the estate agent you want to work with and develop a marketing plan for the home. The realtor and yourself will also work with a bank, the land registry and contracts.
Then your home will receive a complete and thorough valuation from a takstmann. They will make a note of the quality of the property and any major works or repairs buyers may be required to make. All this information will be available to buyers in the prospective.
Once this has been done and the property has been listed, viewings will take place. There will be at least one public viewing. You can also decide to hold smaller private viewings. Once the public viewings have finished you can begin to receive bids once 24 hours have passed.
When you've accepted an adequate bid, a meeting will be held between the buyers and sellers, where paperwork will be exchanged. If all the documents are in order, they will be signed, and you can discuss moving dates or whether the buyer wants to purchase any furniture.
Including all significant flaws or areas that need repair in the sales report is important
While you may be worried about putting off potential buyers by including the property's faults and issues, it is imperative.
Homes in Norway can longer be sold "as is". This means sellers have a bigger responsibility to disclose information about the property's condition than before.
If you don't disclose any issues you were aware of, it could cause you much more significant problems down the line.
Bidding rounds
The two words that strike fear into first-time buyers (bidding process) aren't too frightful when selling thankfully.
As those bidding on homes have to prove that they have the finances in place, the deal falling through isn't a huge concern.
Additionally, you will be notified of all bids that come in. You will also not need to accept the highest offer, and you can choose whichever bidder you prefer.
You may get an offer before the bidding round
In Norway, there is a common practice called "kupping", whereby buyers will send an offer directly to the seller before the bidding rounds to try and get them to sell.
This means the buyer avoids the bidding process and potentially missing out on the home.
However, realtors will only sometimes advise you to accept these offers.
"For the seller, we seldom recommend accepting a bid before having a viewing of the house, as they then don't get to test the market. If someone is willing to buy a property at a good price before others have viewed it, the chances are high that others will be interested too," Trine Dahl-Pettersen, a real estate agent with Eiendomsmegler 1, previously told The Local.
Don't worry if you are part of a housing association
Despite all the rules, fees and nuisance listed above, buying into and selling out of housing associations in Norway is pretty much the same as a freehold property.
The only notable change is that if you sell your share in a housing association, other members may be informed before the home officially heads to market. This means that you may be asked about the home by other association members.
Tax rules
Gains and losses made on real estate can be taxable or deductible, so it is essential that you familiarise yourself with the rules.
Typically, any money you make on the sale of the home will be tax-free if you meet the period of ownership and occupancy requirements. You can read about the rules in more depth here.
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If you've bought a property in Norway before, you will probably be having flashbacks to the buying process, securing a loan, the viewings and – of course- the notorious bidding wars.
Don't fret if the associated stress with those memories has started to remerge because, thankfully, selling is a bit more straightforward.
But before taking your house to the market, there are a few key things to know about selling.
An overview of the process
To help familiarise you with the process, we are going to summarise the process briefly. So, the first step is deciding its time to sell up. After that, you'll contact estate agents to come and put an estimate on your home. You can have multiple valuations and go with the one you think is best.
From there, you'll choose the estate agent you want to work with and develop a marketing plan for the home. The realtor and yourself will also work with a bank, the land registry and contracts.
Then your home will receive a complete and thorough valuation from a takstmann. They will make a note of the quality of the property and any major works or repairs buyers may be required to make. All this information will be available to buyers in the prospective.
Once this has been done and the property has been listed, viewings will take place. There will be at least one public viewing. You can also decide to hold smaller private viewings. Once the public viewings have finished you can begin to receive bids once 24 hours have passed.
When you've accepted an adequate bid, a meeting will be held between the buyers and sellers, where paperwork will be exchanged. If all the documents are in order, they will be signed, and you can discuss moving dates or whether the buyer wants to purchase any furniture.
Including all significant flaws or areas that need repair in the sales report is important
While you may be worried about putting off potential buyers by including the property's faults and issues, it is imperative.
Homes in Norway can longer be sold "as is". This means sellers have a bigger responsibility to disclose information about the property's condition than before.
If you don't disclose any issues you were aware of, it could cause you much more significant problems down the line.
Bidding rounds
The two words that strike fear into first-time buyers (bidding process) aren't too frightful when selling thankfully.
As those bidding on homes have to prove that they have the finances in place, the deal falling through isn't a huge concern.
Additionally, you will be notified of all bids that come in. You will also not need to accept the highest offer, and you can choose whichever bidder you prefer.
You may get an offer before the bidding round
In Norway, there is a common practice called "kupping", whereby buyers will send an offer directly to the seller before the bidding rounds to try and get them to sell.
This means the buyer avoids the bidding process and potentially missing out on the home.
However, realtors will only sometimes advise you to accept these offers.
"For the seller, we seldom recommend accepting a bid before having a viewing of the house, as they then don't get to test the market. If someone is willing to buy a property at a good price before others have viewed it, the chances are high that others will be interested too," Trine Dahl-Pettersen, a real estate agent with Eiendomsmegler 1, previously told The Local.
Don't worry if you are part of a housing association
Despite all the rules, fees and nuisance listed above, buying into and selling out of housing associations in Norway is pretty much the same as a freehold property.
The only notable change is that if you sell your share in a housing association, other members may be informed before the home officially heads to market. This means that you may be asked about the home by other association members.
Tax rules
Gains and losses made on real estate can be taxable or deductible, so it is essential that you familiarise yourself with the rules.
Typically, any money you make on the sale of the home will be tax-free if you meet the period of ownership and occupancy requirements. You can read about the rules in more depth here.
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