Buying and Selling Apartment

I want to share my experience with buying and selling apartment here in Norway. I have been living in Norway for almost 7 years now. I bought my apartment in 2011, 2 years after working permanently. The process of buying an apartment starting from visiting the bank to get a loan. In order to buy a house/apartment here, people need at least 15% own capital and the rest of 85% is covered by the bank. After getting confirmation from the bank on how much loan I can get, then I started with searching the available house/apartment through finn where people usually use here in Norway. There is also advertisement in the newspaper and the broker’s website, but finn is the most common website that people use to find an apartment/house. There will be written some information about the house/apartment and the asking price from the buyer. I also can download the prospect which includes all the information about the house/apartment from the website.

After finding the interesting house/apartment, then I have to go to open houses (it is called “visning” here in Norway) which is usually posted in the advertisement. During the open house, I can go through the house and check everything, and also I can ask many questions related to the house to the broker who will sit there. After going through the house and asking the broker, if I am interested in buying the house, I need to fill in the form which is provided by broker to include my name, contact number, etc.

Usually, the next day after the open house, if there are many people interesting in buying the house/apartment, then the broker will start the bidding process.  Usually the bidding process will be closed at 1200 during the day. The people who are interested to buy the apartment usually get updated by sms each time people put their bidding. I’ve been through many open houses and the bidding process before finally buying my current apartment.

When I bought my current apartment, there were only 2 people, including me, who came to the open house. It was due to the apartment was so ugly and it needed to be renovated. I was the only one who puts the bid, and I put the same amount as the seller’s asking price. I was happy when I finally bought my current apartment. Even though it took me one month to renovate it, since I only can do it during the weekend and I had to do it by myself (sometimes my friends came to help me too). You can see the pictures of my current apartment before and after I renovated it. I painted all the room, put in a new floor. In the kitchen, I had to pay for the people from Ikea to put on the kitchen cabinets and white goods, except for the tiles and the floor which I did it by myself. I did not upgrade the bathroom since it is too expensive to do it and I was planning to do it in the next 2 or 3 years.

The Apartment View from Outside

The Apartment View from Outside

Living Room

Living Room

Kitchen

Kitchen

Main Bedroom

Main Bedroom

Secondary Bedroom

Secondary Bedroom

Entrance

Entrance

After living for 3 years in my current apartment, I had to sell it this year, since I got a new job in another city in Norway. The process of selling the apartment starting from finding the broker. I invited 3 brokers to come and give an overview about the process, how much they propose to sell and the cost. I choose a broker who gave me most discount 😉 and also after discussing with my friend whether the broker is recommended or not. After signing the contract with a broker, then he continued the whole process. In my case, since I need to sell it fast, the process was quick. A week after signing a contract with broker, a photographer came to take pictures of my apartment and in line, a house value estimator also came to check the apartment. Then, a week after that, the broker sent me the prospect to review before putting it in an advertisement. After checking it and made some corrections, they broker put it in the finn website and also advertise it in Saturdays newspaper. The open house was held a week after the announcement in finn. During the open house, only broker who stay in the apartment. I had to wait outside before the open house finished. The open house took 1 hour. There were 17 people came to the open house and they were interesting of buying the apartment. The day after the open house, the bid process was open and my apartment was sold at 1200 at a higher price than the price that I asked 🙂

I had already signed the contract with the new buyer and she will take over the apartment by the end of next month. Now, I have to pack and prepare to  move to the new place. I will start by renting an apartment first, before deciding to buy a new apartment again.

That’s my story regarding my experience with buying and selling an apartment here in Norway 🙂

 

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