Do you dream of buying your very own house or flat? But do you find the process unclear and overwhelming? Do you find it hard to work out what's important and what isn't? Then read on here, where we walk through the overall phases involved in any home purchase.
Get an overview of your finances Before you start looking for your dream home, you need to establish whether your finances can support buying a house. You should therefore always talk to a bank advisor or financial advisor first, so you get an overview of your financial situation and whether it fits with your plans for the future.
When the bank gives you the green light, it can also be a good idea to get a home purchase certificate (boligkøbsbevis) so you're ready to buy the moment the right place comes along. With a home purchase certificate, you have the bank's word that you can borrow a specific amount for your new home — before you've even found it.
Read more: How to work out how much you can afford to spend on a home
Find the perfect home
Then the hunt for your new home begins. When you find a home that matches what you're looking for, it's important that you check it for any faults and defects. There can be invisible issues that mean you can't use the home the way you'd like. For example, there could be local development plans (lokalplaner) or registered easements (tinglyste servitutter) that prevent you from making future extensions or renovations to your home.
Make an offer on your dream home
Have you found exactly the right home? Then the next step is to make an offer on it. Be aware that the asking price doesn't have to be the same as the final sale price. Depending on the circumstances, there may therefore be room to negotiate the price down. If several parties are interested in the home, the seller can start a bidding round. Here, everyone interested gets the chance to make their best offer, and the seller then chooses whichever offer is best.
By bringing in a buyer's advisor (Køberrådgiver) for this part, you have an advisor who secures the best terms and conditions for you — there are, after all, a lot of emotions involved once you've found your dream home.
Sign the purchase agreement
Once the seller has accepted your offer, you both need to sign the purchase agreement (købsaftale). The purchase agreement sets out the terms and conditions of the deal in writing and is without doubt the single most important document in the home purchase. That's why it's really important that you read the agreement thoroughly and understand it fully before signing it. We recommend that as a buyer you get legal advice to review the purchase agreement, to make sure the necessary conditions for the purchase are in place.
Remember you have a right of withdrawal
If you should have second thoughts about the home purchase, you have a right of withdrawal (fortrydelsesret) of 6 days. The right of withdrawal takes effect from the moment the seller has signed the purchase agreement. If you want to exercise your right of withdrawal, you must give written notice to the seller that you have withdrawn within the 6-day deadline. If you and the seller have both signed the purchase agreement, you must pay the seller compensation of 1% of the purchase price.
The deal is completed
After you and the seller have signed the purchase agreement, it's time for the deal to be finalised (berigtiget) — meaning it's completed. Several things happen here: you make a deposit payment, your bank provides a bank guarantee, and the deed (skøde) to your new home is registered (tinglyst).
After that, you get the keys, and you can now move into your new home.
Also read: What should you look out for when buying a house? Financial advice when buying a house Growing your family and needing a bigger home Buying a home without a down payment — is it possible?
Do you have any questions? We're ready to help you on your way, and we look forward to meeting you!
