Buying an apartment in Stockholm can seem complex, especially for expats. Here you’ll find all the important steps, from applying for a personal number to bidding on your dream apartment.
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Step 1: Apply for a personal number
The personal number is the key to many services in Sweden. It is issued by the Swedish National Board of Supervision (Skatteverket). Without it, almost nothing is possible, including buying an apartment. Going to the Swedish National Board of Supervision (Skatteverket) should be your first official act when moving to Sweden.
Step 2: Open a Swedish bank account
With your personal number, you can open an account with a Swedish bank. This is necessary for financing and transfers, but also for applying for a BankID. Well-known banks include SEB, Swedbank, Handelsbanken, and Nordea. The four big banks are, to be honest, the only address for newly arrived expats, since without a BankID, you can only open an account if you appear in person. To the appointment, bring not only your ID, but also your rental agreement, information about your income, and any additional information from your previous bank so that the new bank can track where the money is coming from. The motto is: more is more.
Step 3: Get BankID
BankID is the digital identity in Sweden. It’s used for signing contracts, booking doctor’s appointments, and bidding on real estate. Without BankID, almost nothing works. You apply for BankID through your bank. For this, you need a personal ID number and a bank account, as well as a cell phone number. You can get a cell phone contract with ID from the major players in the mobile network game: Telia, Telenor, Tre, Tele 2. Since without BankID, you can only get a contract with a provider with physical stores, start with a contract with flexible cancellation, for example, with Telia. Once you have BankID, you can arrange a contract with cheaper providers without physical space, such as Hallon.
Step 4: Obtain a Loan Approval
Before you start your apartment search, you’ll need a loan approval (Lånelöfte) from your bank. This will help you know how much you can offer. Use one of the numerous loan approval calculators (Lånelöftekalkylator). Not only your savings, but also your income, determines the maximum amount you can bid for. The maximum amount includes the apartment price and the monthly fee (this often includes internet, cleaning of common areas and stairwells, and garbage disposal).
Important: You don’t necessarily have to get a loan approval from your bank; you can also inquire with other banks. It’s worth comparing the terms and conditions of the banks.
Step 5: Analyze the market
The following websites can help you with your apartment search:
- Hemnet.se: The largest provider of real estate listings.
- Booli.se: Good for price analyses.
- Boneo.se: Many exclusive pre-bid offers.
Step 6: Go to viewings
Viewings (visningar) usually, but not exclusively, take place on weekends. Register with the agent, bring your ID, and jot down important questions. Nevertheless, you can also attend many viewings unannounced. The agent will usually ask whether you are registered when greeting you. If not, they will take your name and number for later contact.
Take your time for viewings, develop a feel for the market and your preferences, and also check out the neighborhood. I looked at at least 25 apartments, deliberately in different neighborhoods, even though I had already decided I wanted to live in Aspudden. Nevertheless, I also looked at apartments in Södermalm, Stora Essingen, and Kungsholmen.
An important factor: research the financial situation of the housing association. You can usually find this information in the exposé during the viewing. Financially difficult housing associations can mean that the monthly fee will increase in the future.
Step 7: Understand the bidding process
Two common methods for bidding:
- BankID: Online platforms with secure identification.
- SMS: You submit bids via text message. If you send the first bid to a short code, you will be assigned a bidder number. The remaining bidding takes place anonymously in a chat with bidder numbers.
Bidding usually begins immediately after the viewing and proceeds quickly. Stay in close contact with the agent and your bank.
Step 8: Sign the contract
If your bid is accepted, the first thing you do is notify your bank that you’ve won the bid. This is followed by a meeting with the seller and agent to sign the contract. This can happen very quickly. In my case, I won the bid at 7 p.m. on a Thursday evening and was supposed to be there to sign the contract at 9 a.m. Friday morning. This was, of course, very tight, because I had to inform my bank before signing. I was able to negotiate two hours, but the pressure to sign as quickly as possible was intense. You must bring your ID to the signing.
Step 9: Make a Deposit
After signing, a deposit (usually 15% of the purchase price) is due within one week. The remaining amount will be transferred from the bank on the move-in date. I didn’t even see the bank employee at the signing appointment; he quickly arranged everything with the real estate agent without me noticing.
Step 10: Move in and enjoy
After paying the purchase price, the apartment officially belongs to you. I negotiated the details, such as the exact move-in date, directly with the previous owner, but we also put it in writing.
Final tips
Even though it sounds like everything happened super quickly, it took me about six months from the first viewings to winning my bid – I dropped out of three bidding rounds and lost one bid at the last minute. And then there were another three months between winning the bid and moving in.
In Sweden, buying a property is treated similarly to renting an apartment in Germany. However, it remains a big step and represents a financial commitment, so it’s best to have a checklist of must-haves and nice-to-haves so that impatience doesn’t accidentally lead you to rush into things.
Here are a few general tips for budget planning:
- Loan repayments
- Monthly fees (something like maintenance fees) paid to the community (often between SEK 2,500 and SEK 4,200 per month, depending on how old or new the house is) – these include garbage disposal, stairwell cleaning, and sometimes internet costs
- Utilities: electricity, gas, heating
- Home insurance (around SEK 200 per month)
- Enough flexibility to save a little each month for repairs