Buying a home is likely to be the most difficult decision you will ever take and be the largest investment in your private life. A lot of factors come into play and you will probably want answers to many questions.
When you buy a newly built home the procedures is a little different to when you buy an older home that has a history of being sold. Here is a description of what normally happens when you buy from SSM. There might be variations in some projects.
MARKETING THE PROJECT
Before selling begins we will publish information about the planned project on our website and in our newsletters. Once we have released this information you can notify us of your interest via our website.
At SSM you do not need to queue in person because your place in the queue is based on the date when you notified us of your interest. Prior to the start of selling we will send you a digital invitation and on the day of the sale we will hold an ‘open day’ for a few hours to show pictures and give information about prices, layout and other important details.
A list of the parties interested in the project will be made. SSM’s employees have first option on our new property. Details about the price and the layout are made available in connection with the start of the sale. SSM’s booking site, which we also call our Apartment Selector, will then open. Once you have logged in, this is where you make your selection online. You will receive log-in instructions via email. The site will be kept open for around one week so that you, based on your place in the queue, can make a selection calmly, without being stressed for time.
After the booking site has closed, and hopefully you have found your new home, the estate agents will contact prospective buyers to sign booking agreements. This agreement reserves for you the specific apartment you have chosen. To make the booking agreement valid you have to pay a booking fee of SEK 25,000, as part payment of the total amount. The booking agreement is not by itself legally binding and you can cancel your agreement by paying an administration fee that is currently SEK 6,000. If SSM does not begin the construction project for some reason the booking agreement fee will be paid back to you in full. In connection with the signing of the booking agreement you will be required to show evidence that a bank will grant you a mortgage. SSM intends to sign all agreements using on-line signature authorisation.
The next step is to sign a binding preliminary agreement. This can take place when the housing association has gained permission to receive preliminary payments. In most projects this will happen fairly quickly after the start of the sale. A down payment of SEK 25,000 shall be paid in connection with the signing of the preliminary agreement, although this is not necessary if you have already paid the booking fee of the same amount. A certified cost calculation of the housing association’s finances will be available at this time. This preliminary agreement can also be signed using an online signature.
Uhe grant agreement is signed around 6 months before entry (may vary from project to project). It shall only be signed after the housing association’s financial plan has been registered at the Companies Registration Office (Bolagsverket) and the association has been given permission to sign grant agreements. When you sign the grant agreement you must pay a deposit of SEK 100,000, which is part-payment of the total purchase amount. You will pay the remainder around one week before entry to the apartment. This grant agreement can also be signed using an on-line signature.
INTERIOR DESIGN CHOICES
When you buy a home from SSM you will in most cases be able to influence the interior design. This is usually an exciting moment for most people. At this stage it is useful to understand two key concepts: basic standard and interior design choice.
The basic standard is included for the apartment that you purchase from SSM. The sales material will explain what this basic standard covers.
Interior design choice
SSM offers a range of interior design choices at various price levels in addition to the basic standard. There is therefore an extra charge made for the choices you make.
When do I make my interior design choice?
About one year before you move in you can start making choices, such as paint colour, etc. about your new home.
CONSTRUCTION SITE VIEWING
We know that many people are curious to see their new home so a few months prior to entry we invite people to the construction site so they can take their first look around their new home.
You will be invited to attend a final inspection of your apartment prior to moving in. This is your opportunity to give your opinion of the apartment and the work that has been done and to hear the explanation of the assessment made by the official inspectors.
Inspection is performed by an independent inspector commissioned by the housing association. Representatives of both the housing association and the building contractor will be present at the inspection. An inspection report will be written.
You will finally receive the keys to your new home on the entry date. The entry date will be announced around 3-4 months beforehand. To make things run as smoothly as possible you will be allocated a date for moving in and use of the lift. Before you can receive the keys to the apartment you must have paid the final purchase instalment and paid for any extra interior design choices. You must be able to verify payment. On the entry date you will be given a guided tour of the apartment and the building. Then it’s time to settle in!