Austria benefits from a mixture of snow and sunshine, mountains and valleys with pure glacial water for beach-side recreation in the summer and picturesque beauty in the cold winters. The temperate climate of Austria attracts expatriates, investors in holiday home property and people seeking second homes in a relaxing, temperate alpine climate. An ancient country with friendly population of eight million people who have welcomed tourists for decades and who have benefited from a mature economic, political and social stability since WW2. A member of the EU since 1995, Austria has a stable economy and a mature holiday home market, with a mixture of ski chalets, park homes and log cabin properties in the mountains to urban modern apartments in the major cities like Salzburg. There are excellent transport links in, out and around Austria, with low cost flights from the UK and an integrated railway system. The States of Austria are Burgenland, Carinthia, Lower Austria, Salzburg, Styria, Tyrol, Upper Austria, Vienna and Vorarlberg.
Buying Austrian Property – What Items Should You Budget For? – It is normal and expected practice to put down a deposit of 10% of the agreed price (similar to the UK), which is refunded able is no legal contracts have yet been exchanged. In order to purchase an Austrian holiday home you will need to incur not just the asking price but other incidental costs such as property transfer tax @ 3.5%, notary fees @ 4%, land registration @ 1% and stamp duty of 1%. You should also budget for any loss due to currency fluctuations when you transfer funds in preparation of buying the property. The are other minor costs such as the cost of translating any legal documents involved, estate agents fees. If you are planning a holiday let you will also have to pay the local council (Gemeinde), a tourist tax of 30 Euros a month in holiday seasons.
Austrian Holiday Home Insurance – to protect your investment Assetsure can assist you in obtaining comprehensive buildings and contents insurance for your new overseas property investment. Austrian insurance risks are broadly similar to those of it’s neighbours with similar harsh wintry climates. When you speak to an advisor try and make sure you have all available information to hand to obtain an instant quote. Items might include the material of the property, does it reside in a known flood plain. In addition the advisor will want to know the planned usage of the property – if it will remain empty and unoccupied as a second holiday home, for how long/, will tenants be moving in and for what period of the year, are you using a letting agent? etc.
