It is recommended you make sure you have some independent help and advice to guide you through this.
Meeting
Contact one or more Romanian real estate agencies, tell them what you are looking for and ask them to present properties. Get as much information as you can about prices in the area where you are looking to buy. Plan visits with agencies/sellers to see properties.
Property Selection
Once you have found one or more properties you are interested in, you then have to choose between reserving the property through an agency without going to Romania, or going to Romania to assess the properties and make your final decision. It is not recommended to buy something without having seen it.
Reservation
Once you have decided which property you wish to buy, you can reserve your property with an agency by mail, e-mail, or in a face-to-face discussion with a representative. The property will then be reserved for 15 days. During this period, you choose a lawyer and/or a solicitor to help you move forward in the buying process.
Buying
When purchasing a property, the contract of purchase becomes a public document. The signing of a contract must be witnessed by a public notary who submits it for certification by the Land Registry in charge of real estate records.
Loans & Mortgages
Mortgages in Romania are now available to non-Romanian citizens who are working with a legal contract. Check offers from banks in order to have more accurate information. Generally, the duration is about 25-30 years and the limit of credit depends on your revenue. Among criteria, banks generally require a minimum deposit (some banks ask 15%, others 25%), building insurance, and a fee for analyzing your request.
How to get a mortgage in Romania: Step-by-Step Guide
- Find the property/house/apartment you want to buy.
- Contact banks and review their conditions carefully.
- Prepare the documents required by the bank.
- Complete a pre-contract between you and the seller.
- Contract and payment.
Running costs of a property
- Property taxes are paid annually and the amount is established according to the value of your property.
- Insurance is recommended, especially if you build a new house.
- Utilities for gas, electricity, water, telephone, internet, and waste collection are paid on a monthly basis. If you buy an apartment, it is possible to have some other costs, such as cleaning and general maintenance.
- Only some developers offer cleaning services inside the apartment.
- The parking place is sometimes an issue you will have to decide with the building administrator. Buying an apartment in a new building has the price of a parking space included in the price of the apartment, but you still have to discuss this issue when you want to buy.