HOW TO BUY PROPERTY IN ROMANIA
Romania is full of natural wonders, friendly people and endless opportunities. Its affordability makes it an excellent place to live, especially for Digital Nomads and remote workers. But there are many things to consider before you take the plunge. We’ll lay out some of the key things for you to consider as you search for your new home.
ROMANIA'S BIGGEST ADVANTAGES
The country is highly underrated but continues to develop as an international hub for all kinds of businesses. Bucharest, Brașov, Iași and Timișoara are home to some of the world’s most cutting-edge multinational firms – and because of their prominence, the job market in Romania is continuing to grow. This is not the only area in which Romania is making leaps; thanks to the growing arts culture, it is home to many exciting music and arts festivals that attract global attention.
Not only does Romania boast a low cost of living and high quality of life, but its other perks include some of the fastest internet speeds in Europe, places to ski in the chilly winters and beautiful beaches to enjoy summers in the sun. Plus, despite Romania’s dynamic economy and rapid modernization, its rich history and traditions are still just as evident as ever before.
IS IT DIFFICULT TO BUY IN ROMANIA?
The process of buying your new home in Romania will depend on your citizenship. Luckily for EU and EEA citizens, buying property in Romania will be just as easy as for a Romanian citizen, so long as the property is your secondary residence. If you’re an EU citizen without a Romanian Personal Identification Number, you will need a Fiscal Identification Number to go through with the process. Thankfully, this number is easy to get if you have your residence permit. However, make sure to start the process of getting this Fiscal Identification Number before you start the purchasing process, otherwise the contract will be invalid.
As a non-EU citizen, the process will be a bit more complicated. This is because in most cases a non-EU citizen can own a building or construction, but not the land it is built upon. Instead, they will need to get a permit to use the house and land, but if the construction is taken down there will remain no legal rights over the land. So, it’s very important to have the right agent by your side to help you understand the situation and avoid any problems.
WHICH PART OF THIS DIVERSE COUNTRY SUITS YOU?
Hoping to find enchanting forests, stunning lakes, vast mountain ranges and incredible architecture? You’re looking in the right place! As Romania is on the Black Sea coast and the Danube Delta, you will find some of the most beautiful scenery in the world.
You might choose to find a home in one of the bustling cities, a beautifully preserved medieval town or in a fairy tale countryside villa. You’ll find both old and modern apartments in a wide variety of cities. As Timișoara is close to the border and the biggest city in Western Romania, here you can find a vibrant cultural scene and lots of foreign investors. Cluj-Napoca will be ideal if you’re looking for technology, but it is also a centre for film, music and theatre festivals. If you’re looking for a holiday home, you could find a summer getaway in Mamaia, or a cabin in a snowy valley near one of the beautiful skiing resorts. These are just a few of the many charming options available, so don’t skip out on doing your research to find the best fit for your family!
FINDING AN AGENT YOU CAN TRUST
Be sure to do your research when you choose your real estate agent, as they are not required by law to be licensed by a governmental agency. Getting the right agent might be the difference between finding your perfect home and a messy, slow process. Fortunately, your RE/MAX agent has experience and expertise the country’s real estate market, and they will know the local area and be able to show you the very best properties that suit your needs.
You will also need to find a locally registered lawyer to verify the house belongs to the seller and check the land survey documents to get a report from the land registry, and your RE/MAX agent will be able to recommend the right expert. Then once you have found a home and checked its legal status, it’s time to sign the contract. A notary will be present at the closing, along with both the buyer and seller. At this point the deed will be registered into the land registry and the home will be all yours! Keep in mind the fees will include registration fees, local taxes, notary fees and transfer tax. While this may be daunting, your RE/MAX agent can manage all the details.
Excited for the move? Romania might be the perfect place for your new home, holiday home, or even business, so take a look at what properties are available and know that your RE/MAX agent is there to answer all your questions and make the buying process much easier!