Costs when buying property in Austria

Buying real estate in Austria is a rather complicated procedure that is best left to professionals. The fact is that it is impossible to buy real estate in Austria for yourself, as an individual. To do this, you need to either be an EU citizen or open two companies with the balance of which to purchase real estate. We talked about this in more detail in the article “Purchasing real estate in Austria: features and limitations.”

Two companies are established as follows: first, one company is opened, which establishes the second and it is this that becomes a “purely Austrian” company. The cost of opening a company in Austria is approximately 25 thousand euros. Companies are opened by professional lawyers, and the company must have a director and an accountant, since the company must submit a balance sheet every quarter and yearly. Opening companies usually takes several months.

Purchasing real estate in Austria entails the following costs:

  • tax on the transfer of property rights to you – 3.5% of the value of the object;
  • registration with a notary – approximately 1% of the cost of the object;
  • registration of the transaction with a notary – 1-2% of the value of the object;
  • lawyer’s services will amount to approximately 3% of the cost of the property.

The services of a lawyer may also be needed for other transactions in Austria. Legal services may include correspondence with the management company of your house or apartment. The management company monitors the payment of utilities and minor repairs to the house.

Also, a lawyer in Austria will be needed in case of controversial issues with the residents of the house or with the authorities. Therefore, it is very important to have a knowledgeable, highly skilled attorney in real estate matters. The solution to this issue will be to contact our company. JustReal has reliable and trusted partners in Austria who will assist in resolving any issues related to your real estate directly in the country.

Source link