Buy
Your very own home
Buying your first home is one of the big moments in life. The excitement often comes with many questions, so check out our list of practical tips for first-time homebuyers below. Feel free to drop us a question to ask more - we are here to help make your dreams of homeownership a reality.
Tips for first-time homebuyers in Finland
1. Set up an ASP account as soon as possible and start saving money. You can currently save in an ASP account until you are 39 years old. Banks generally grant 90% loans to ASP savers that are looking to buy their first home.
2. Map out your financial situation. Calculate how much you earn and how much you spend monthly. Is it possible to reduce your expenses in some areas? Based on this information, you will know what kind of monthly mortgage payment suits your budget.
3. Find out what renovations have been made to the apartment and housing company, and which renovations may be coming up next. If a house built in the 1960s or 1970s has not had its plumbing renovated, it will probably have to be done in the coming years, even if it is not specified in the listing information. Plumbing renovation costs can be surprisingly high.
4. Take note of the monthly maintenance fee in the building. If the amount is small compared to your area, find out why this is the case. The housing company may hold commercial premises and thus provide rental income, or the company’s maintenance fee may have been lagging behind and an increase or maintenance loan may be expected. In the Helsinki metropolitan area, the average price per square meter maintenance fee is 4 – 4.5 €/m2/month.
5. Check whether the housing company has other assets. Assets can include e.g. building rights to the attic of a house or residential apartments owned by the company.
6. Consider the resale value of the apartment. An apartment in a good location, in a developing neighborhood with good transport connections is generally easier to sell and more likely to increase in value over the years. Resale is also facilitated by an open concept kitchen, a glazed balcony, and a move in ready apartment condition.
7. In new developments, the floor that the apartment is situated on directly affects the price – the higher up you are, the more valuable the apartment is. In used apartments, the floor you’re on has less of an effect on the price. However this often depends on whether the building has an elevator or not. For example, a third-floor apartment without an elevator may not be the most attractive option for families.
We hope these tips were helpful! We are happy to help if you need any additional information on buying your first home.
Contact us
Questions about buying your first home? Book an appointment with us or send us a message letting us know how we can help.
Error: Contact form not found.