Real Estate

J and I have been looking at apartment websites in Malmo for months. As soon as we decided we were moving, John spent lunch and evening hours on the computer looking, looking, looking. He enjoyed it, and so did I. We are currently in a "second hand" rental, which means we are subletting an apartment. To get a first hand rental apartment could take years. The average wait time is 2-5 years, although sometimes one pops up immediately. Because of that, and because it is a buyers market, we have been looking to purchase an apartment.

So let me tell you a little bit about the market here, and how things are done:

Size: a typical two bedroom apartment is around 60- 80 square meters, or 600 - 800 square feet. That sounds very small, but in this land of Ikea, which is a marvel of efficient use of space, somehow it works.

Cost: more expensive than NE Ohio, but less expensive than San Fran. A two bedroom apartment in the city runs about $250 - $300 K USD.

Nut and bolts: First - go to the bank and get your letter of approval. Once that is done, you can borrow up to 85% of the cost of the home. Once you have paid off the first 25%, you are not obligated to put down any more on the principle, as long as you keep paying off your interest. Sweden has the equivalent of the U.S.'s mortgage insurance. One cannot put down additional money on the principle that is not in the original contract. That is, if you have an extra thousand one month, you can't just put it toward your house principle.  You have to stick to the contract. However, the contracts can be changed every 2-10 years or so.

Open houses: First of all, they are referred to as "viewings". I have had fun telling Swede's that in the U.S., the only "viewings" are at funeral homes. They shiver. Anyway, viewings are extremely short. They only last around a half an hour. A small crowd gathers, takes off their shoes when entering (Swede's always take off their shoes when they enter a home) and it is all done in 30 minutes.

Property taxes - at least for apartments - are minimal. -- But don't get too excited. Taxes are ~ 50% , but more is covered.

Perspective: Yesterday at church, during Fika (see earlier post) I was talking with a young Chinese woman. She is so sweet and happy and lovely. Anyway, she and her husband were having a viewing that day. I asked her about her apartment and she told me it was 24 square meters, which is around 250 square feet (around 12.5 ft. x 20 ft.). J. asked how two people can fit into a space that small. She told me that in China, she and her parents (who were both working, her father is an engineer) had a home that was 12 square meters. She happily explained how that apartment was set up with a bed on one end, then a table with a TV, and then a couch on the other end. She said it was cozy. And with a genuine smile said it was nice to sleep and cuddle with her parents. She compared the bathroom to a dorm which was outside their apartment, and cooking was done outside the building.  ... perspective....

If you are intersted in looking at apartments in Malmo:  look up either bovision.se or hemnet.se.   "Avancerat sök"  will give you "advanced search" options.   We used google translate to figure it out.  When noting prices:  1 U.S. dollar = 6 SEK, so divide by 6.   Have fun!!