I Bought a 320 000€ apartment in Finland But I Don’t Own It

Подписаться 65 тыс.

Просмотров 56 тыс.

50% 1

If you ever consider buying an apartment or home in Finland, it's paramount to understand how buying a home in Finland works.
--------------------------------------------------------------------------------
✅ Get My Free Guide to Buying a Home in Finland in 10 Steps: aleksihimself....
--------------------------------------------------------------------------------
Sources:
issuu.com/kiinteistoliitto/docs/here_and_there
Affiliate links marked with 🅰️ may earn me a commission if you decide to use the service without extra cost for you.
MY COURSES:
✅ My Ultimate Finnish Course Bundle For Beginners: aleksihimself....
✅ Finland Relocation Rocket - The Step-By-Step Guide to Move to Finland: aleksihimself....
✅ Finnish Dating Fundamentals - The Step-By-Step Guide to Finnish Dating Culture & Dynamics aleksihimself....
FREE RESOURCES:
✅ Get Finland-related resources here aleksihimself.c...
✅ Grab my Free 5-day Finnish Language Email Course aleksihimself....
✅ Moving to Finland soon? Watch my Move to Finland Masterclass: aleksihimself.c...
✅ Get my 100 Facts about Finland, Finns, and Life in Finland pages.aleksihi...
✅ Learn How to Buy a Home in Finland in 10 Steps: aleksihimself....
FINNISH LANGUAGE RESOURCES:
🅰️ The Best Finnish Language Learning App: aleksihimself....
🅰️ Get Inexpensive 1-on-1 Lessons with Finnish Speakers: aleksihimself....
🅰️ My Free Finnish Pronunciation Course: aleksihimself....
WORKING IN FINLAND:
🅰️ Learn how to find hidden job opportunities in Finland: aleksihimself....
BOOKS ABOUT FINLAND:
🅰️ Learn to cook Finnish Foods & Desserts: aleksihimself....
🅰️ Learn the Details about Finnish Life that No One Tells you. aleksihimself....
WAYS TO SUPPORT THE CHANNEL:
✅ Send a Super Thanks: Click the Thanks button below the video player and choose your sum and message
✅ Become a channel member & get cool benefits: / aleksihimself
✅ Get Finntastic Merch: aleksihimself....
BECOME A FINNTASTIC:
✅ Subscribe to join the Finntastics: aleksihimself....
✅ Follow me on Instagram: / aleksihimself
✅ My Website: aleksihimself.com/

Опубликовано:

21 сен 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 331

@AleksiHimself 2 года назад

✅ Get My Free Guide to Buying a Home in Finland in 10 Steps: aleksihimself.com/homeguide

@SNAPBOXER 2 года назад

In NYC this is called a Co-op (Cooperative) and is the most common form of real estate in the city. In fact, it was Finnish immigrants who first brought the concept to NYC. There are 2 Finntowns, one in Brooklyn and one in Harlem.

@AleksiHimself 2 года назад

Good stuff! 😃🙌

@cocobutterchin6768 Год назад

Or Maybe HOA. My Condo Here In USA 🇺🇸 I Paid $260 A Month For Common Area. It Covers My Water, Garbage, Cleaning Everywhere Around The Condominiums.

@tomwright9904 Год назад

Happens in the UK too. Its called leasehold. You also have commercial leasehold and "shared freehold"

@Bertvandijken Год назад

In Holland we have a similar system. You have the right to live in the apartment. If you are a burden for the other people who live there. Then the board can expell you from your appartment. The other things mentioned in the video are basically the same

@FinSemi 2 года назад

This video is really good explanation for english speaking people! I had been working as taloyhtiön puheenjohtaja for about 15 years, and we have some english speaking shareholders in our company. I wish there had been possibility to show this to them before.

@AleksiHimself 2 года назад

Glad it was helpful! You can show it next time you run into English shareholders. :)

@tauseefkiani- 2 года назад

@Sami and Aleksi. What would happen if some shareholder/apartment holder wants to sell their apartment after 5 years for a profit, (sale price greater than original price on which they purchased it) who takes that profit?

@AleksiHimself Год назад

@@tauseefkiani- If you have lived in the apartment yourself for at least two years, you as the owner get to keep all the profits tax free. Otherwise, you need to pay capital gains tax 30% or 34% of the profits.

@tauseefkiani- Год назад

@@AleksiHimself thanks brother your videos are a great source of guidance for foreigners. Much appreciated

@AleksiHimself Год назад

@@tauseefkiani- thanks brother!

@NPRoberto 2 года назад

This is really important to know and I'm lucky that I was already here when you uploaded. My husband and I are looking for homes and we didn't know any of this. Love your content, keep it up!

@AleksiHimself 2 года назад

Glad it was helpful! I will make another video about the process itself soon.

@n.n.7240 2 года назад

Oh man! Thank you for translating every word to English! It is very helpful!

@AleksiHimself 2 года назад

You're welcome 😊

@farooqishaq6974 2 года назад

This is actually a great Finnish Innovation. It solves the many problems of ownership associated with apartments.

@AleksiHimself 2 года назад

I think so too!

@keshavaraorv2335 2 года назад

It's not only Finland, it's same in the Sweden as well. You actually "own the rights to live" but you "Don't own the Place". Even though you pay 275000 USD (just an example) for an apartment you still pay somewhere between 400-450 USD every month which is "Fixed Cost" and there will be another 50 USD for "Maintenance". If you have a mortgage then you have to pay Monthly EMI to the Bank, Fixed Cost and Maintenance to the Real Estate company.

@AleksiHimself 2 года назад

Thanks for the comment keshavarao r v!

@leenprael3583 2 года назад

Same in the Netherlands. You buy the right on an appartement but the owner, also responsible for maintenance and such, is the “vereniging van eigenaren” association of owners. Which is sometimes run by a company but can also be run by the owners themselves

@tonyvice6661616 Год назад

I mean, since the association works as a company, theoretically (and this actually happens in some BRFs) instead of paying costs every month you can end up getting paid part of the profits. Also the fixed cost widely depends on whether the loan for the BRF to get the property building has been paid out or not

@swapnilvirus 2 года назад

Great video. I think you could have also mentioned the rental plot/"Tontin vuokravastike" because that's easily forgotten while searching for the apartment and also the 10 year warranty rule which might be a good thing. I cant thank you enough for the ceiling electrical socket picture. We moved recently and there is one ceiling socket looks exactly like what you showed. I will contact the housing management company now.

@AleksiHimself 2 года назад

Good point. I will make another video explaining the process more and will mention this there.

@maryrhudy9250 2 года назад

And how to contact a realtor from one's current home country.

@Sh0ckmaster 2 года назад

Moi Aleksi, long time no speak! Glad to hear you've made it on the property ladder. There are similar apartments available here, I think they might be called "Share transfers" but they don't offer nearly as much in the way of rights as the Finnish system does.

@AleksiHimself 2 года назад

Interesting! What country is that?

@Sh0ckmaster 2 года назад

@@AleksiHimself They have them here in Jersey. Similar principle to what you described here: You don't buy an actual house/apartment, but you buy shares to the value of what the property is worth in the holding company. Used by many here as a way to make a quick buck.

@fdmarin 2 года назад

This is a great video Aleksi, congrats! Very informative. I was wondering if you are planning to make a video with an example on how much do you pay for the apartment in details like: what was the down payment, did you use ASP for the apartment, how much do you pay in total monthly now, when did you start looking for an apartment (did you have all the down payment ready and then you started looking for an apartment or you had 70%, 80%), how does the process goes, do you make an offer and then get the loan or vice versa? I know that these are a lot of questions and I know that you are not an expert on the topic but I am saving in an ASP account at the moment and having a rough idea of the process would be very beneficial.

@AleksiHimself 2 года назад

Hi David! I'm planning to do video about this soon. Stay tuned & stay Finntastic!

@hannahlarsson8440 2 года назад

Excellent video Aleksi. Thank you for explaining very clearly and in detail the system involved to buy an apartment in Finland 🇫🇮 Thank you 😊

@AleksiHimself 2 года назад

Glad you enjoyed it!

@deadstump4970 2 года назад

This sounds a lot like the Condominium (or condo) system we have here in the states. Pretty neat. Love your videos. Keep it up.

@AleksiHimself 2 года назад

Cool, thanks. The governance has a few differences but mostly it's similar.

@annperez4000 2 года назад

Same in Switzerland. Great system. The building are clean and well maintained. Best thing ever. The building never fall into disrepair.

@AleksiHimself 2 года назад

Very cool!

@hazalophy 2 года назад

Taxes and houses are two of the most confusing subjects in Finland. This was very explanatory! 👏🏻 Congrats with the new place! 🥳

@AleksiHimself 2 года назад

Thank you! 😃

@aztecdune 2 года назад

Excellent information! We're looking into owning a place instead of renting and I have been very confused by all these terms 😂

@AleksiHimself 2 года назад

Good stuff! 😃🙌

@dbransom Год назад

Similar to here in Australia. We call it Strata Fees for the Body Corporate. The fees are paid every 1/4 and they look after the upkeep of the property, insurance and the company to manage all the things for the maintaining of the building... The owner still pays land rates 'Rates' to the local council per 1/4 and then the Water to the water company. Strata depends on the size of the unit in the block and is more expensive if you have things like lifts, pools or gyms and thats usually to cover the extra insurance for having them. Rates are usually based off the plot size of the land the units are on and thats governed by the local council for your suburb you are in. So if it's in an inner city suburb it will be more expensive than in an outer city one.

@galgrunfeld9954 2 года назад

Man, Finland is so advanced that Finns just skipped housing altogether and bought stocks instead. Next up: replacing your food with Bitcoin 😂

@AleksiHimself 2 года назад

😂🙌

@jcpana060959 2 года назад

😂

@MM-kz9pd 2 года назад

Yes, like Schwabbs said “You Will Own Nothing And You Will Be Happy”. Finland is obviously running ahead of the train

@AleksiHimself 2 года назад

I got many questions about the uniqueness of the system. Here is the quick answer. Q: Isn't this like a Condominium system? This is not that unique. A: The Condo and the Limited Liability Company system share many similarities, but there are a few underlying differences. First of all, the condo owner owns the apartment directly, whereas, in the Finnish system, the owners own shares of a company that owns the building. The most significant difference seems to be the building-specific loans and repairs of the jointly-owned parts of the building. In the Finnish system, a single owner (the company) can guarantee to get the loans needed (using the real estate as collateral). There is a member committee with multiple owners responsible for the common areas in the condo system. In addition, Finland seems to be the only country where this system is the dominant one. I was a bit clickbaity with this one. There is a great eBook about comparing the systems in English by Martti Lujanen. Check it out here: issuu.com/kiinteistoliitto/docs/here_and_there

@Drini666 2 года назад

Sounds a lot like Swedish "Bostadsrätt", as the name suggests you buy the right to live there. Don't think we have any other type of apartments except rental.

@MoniTan-sh7yz 10 месяцев назад

The loan that use as collateral will then pass on to the shareholder to pay? Example : If i buy a unit today says €10,000 , then after adding any the repair cost in furure, my puchase cost is actually €10,000+future repair costs.

@kubes8388 2 года назад

I just wanted to add in Canada this is rather interesting method you have in Finland because a long-term necessary renovation usually happens around every 25-years for our building that require a large sum down payments which ultimately need your owner to have loans and funding as you mentioned, otherwise you pay out of pocket and that could lead to extending to pay your mortgage rates rather than of course you said, utilizing the capital gain on your home as loan alongside combining saved funds to finance that total cost of maintenance. That is why it's interesting to just do it early & thank you for sharing that's how Finland has it in some places (fyi the alternative is you have to pull out to pay something like 100,000 USD for just re-building roof repair etc. like my sister did. They ended up adding it back on to their mortgage anyways so ends up more expensive than having the money ready.)

@tianranli1387 2 года назад

Onnea! This is best video I've ever watched to introduce Finnish apartment system. I wish I could watch it when I chose my current apartment

@AleksiHimself 2 года назад

Glad you liked it!

@AJBonnema 2 года назад

That is a very good and informative video: thank you very much!

@AleksiHimself 2 года назад

Finntastic! 😃🙌

@Cyber-Shaman Год назад

Excellent detail - I can't help but wonder about the company becoming insolvent in the event of severe economic conditions. Are there any risk mitigation or insurances to hedge against this possible out come?

@AleksiHimself Год назад

Bankruptcies of housing companies are very rare but can happen. That means multiple shareholders (owners) simultaneously can not pay their payments. The best way is to avoid the risk is to check the housing company documents.

@alisaleemkhan4 2 года назад

Really Informative helpful video like always and can you make videos if someone wanna build their home in Finland how things work from buying land and hiring construction company for build Thanks keep it up Aleksi

@AleksiHimself 2 года назад

Some people do that but unfortunately I don't have first-hand experience on that. I can consider it.

@RhozelSanguir 2 года назад

This is a big help! Good to know and thanl you for sharing. I'm happy to watch your blog. Always inspiring❤️

@AleksiHimself 2 года назад

Glad it was helpful!

@ChristinePrevost Год назад

I bought a newly constructed apartment when I came to Finland 5 years ago. I had the opportunity to pay only part of the purchase price up front. The rest of the price was rolled into a housing company loan. I couldn't have afforded to pay the entire purchase price, but this way I avoided having to to to a bank to get a mortgage at all. For three years I didn't have to pay any principal on the housing company loan so the expenses were very low. After that I had to start paying the loan every month, but the total cost is about the same as rents in this area. I really like the apartment and doubt I would have found a rental I like this much. Is this a common way to buy apartments in Finland?

@AleksiHimself Год назад

Yes and no. New buildings are mostly (around 60%) financed with a housing company loan (taloyhtiölaina), so the sales price is only around 40%. The first few years are "repayment holiday" so the shareholders do not have to pay the housing company loan repayments (interests only). Now, it seems your repayment holiday is over, and now you need to start paying your share of the housing company loan. I would check ASAP the conditions of the housing company loan whether there is an interest cap or not because your share of the loan is most likely quite big and will increase your costs. About your original question, I believe some people do like you did. It really depends on the terms of the housing company loan because you cannot negotiate them. If you take a personal loan, the terms are negotiable.

@OverTheSevenSeas 2 года назад

We were looking at buying a studio apartment in Finland and realised how this works just before we were ready to call the first place to make an offer. I think this is a positive system. But we'll hold on to our pennies for now and save a bit more first.

@AleksiHimself 2 года назад

If you have the money and know what you're buying, then go for it.

@k.a.2241 2 года назад

In the USA these are known as co-op apartments

@AleksiHimself 2 года назад

Good stuff! Are they also sold in shares like in Finland?

@williamprather1811 2 года назад

@@AleksiHimself Exactly! I own Co-op shares. Because the apartments are different sizes, owners have different numbers of shares depending upon the size. I own 24 shares, so that determines my monthly fees. Some one with a smaller apartment holds fewer shares and pays less per month.

@upsidefoobarbaz 2 года назад

Great video. Small quibble, semidetached is paritalo. Detached is erillistalo/omakotitalo.

@florianqerimi7771 2 года назад

I dont understand why should you pay so much and still own nothing ? Does that mean that if you rent an apartment and just pay the monthly rent you would waste much more money than 'buying' it ?

@AleksiHimself 2 года назад

You won't own "nothing". You own shares that allow you to control the apartment. If you rent, you pay monthly to your landlord's/landlady's pocket. If you own, you pay off the mortgage + the payments to the housing company. For comparison, we pay around 300€ maintenance fees. If we rented this apartment, we would pay around 1300€ in rent.

@harrycslau 2 года назад

Very informative! The explanations is so clear, thank you!

@AleksiHimself 2 года назад

Glad you think so!

@dobrovolny2 2 года назад

Great guidance through the Finnish living system! For next time could you also include negatives not only cons? Do you need to pay additionally for water, electricity on top of the (maintenance costs + capital expenditure charge?) Thank you very much! Keep up the great content

@AleksiHimself 2 года назад

What is the difference between a con and a negative? Yes, you need to pay water, electricity separately.

@mylifeisinhishandsamen4167 2 года назад

LOL..I have been watching your videos on and off once in a while but this video is what made me subscribed few minutes ago. Good content!

@AleksiHimself 2 года назад

Awesome! Thank you!

@jannatennayem2596 2 года назад

This is so far the best video you made. Don't get me wrong. All of your contents are great. But I believe this housing is one of the most confusing things in Finland. Really appreciate your efforts.

@AleksiHimself 2 года назад

Thanks a lot!

@tinaluoma-welcome9607 2 года назад

I totally agree!

@NA-xp9pi 2 года назад

Congratulations for your new house 🥳🥳🥳

@AleksiHimself 2 года назад

Thank you!!

@xuanton3873 2 года назад

But now I wonder why do people buy apartment and not Asumisoikeusasunto when it's basically the same thing? You only have right of living in an apartment

@AleksiHimself 2 года назад

Not quite. You own the right to control the apartment when you buy a housing share. In addition, when you pay off your mortgage, you will increase your wealth. The value of the shares can also increase (but also decrease). You can also rent the apartment. These are the main benefits of owning. Asumisoikeusasunto has limited options (there are not that many), and some of them have wealth restrictions. In addition, you get very little increase in wealth. However, you don't have to worry about the price decrease, and it's easier to move out.

@janipekkala1484 2 года назад

Asut missä vaan aina kaiken maksaa asukas, taloyhtiössä vastike , ok talossa suoraan tekijälle. Ok talossa voit tehdä tosin itse jos taitoa on. Tosin OK talon myyminen on sitten toinen juttu, rivari tai kerrostalo asunto on yleensä riskitön myydä, koska OK talossa on myyjällä aina se 5 vuoden virhe vastuu. Itse asun OK talossa, esim putkiremppa maksoi minulle 1100e, koska tein itse. Yhtiössä asuminen helppoa, ehkä kallista OK talossa tosiaan hoidat kaiken itse, mutta voi olla kohtuulliset kulut jos lämmitys ja muu talo tekniikka on nykyaikaista.

@AleksiHimself 2 года назад

Kiitos Jani kommentista! Noinhan se menee. Jos ite taitaa hommat niin OKT voi olla ihan edullinenkin asua.

@AJBonnema Год назад

Very informative and comprehensive video. I do seem to recall from the course you recomended in the past of the (ex) real estate agent (Finnish guy in America) that these housing companies have law-written rules, like they *must have year plans* or maybe even 5-year plans. Those plans are essential information when you plan to buy an apartment. Also, sometimes the residents have trouble making a decision, when for example the choice between a more expensive renovation or a more quick and dirty one. And finally, in rural areas the banks might no longer wish to invest in these buildings due to lack of prospect for the future, in which case the investment could be lost. Of course this is unlikely in the wider Helsinki-area. Thank you for the video! P.S. I just noticed my comment from a year ago, when I was a bit less informed. Sorry about that.

@AleksiHimself Год назад

Yep, all those points are true.

@karieltheone Год назад

That's just an HOA. it exist in one way or another in all the countries I've lived in.

@alpackan 2 года назад

We have a very similar system here in Sweden…Crazy! Great videos my man Cheers!

@AleksiHimself 2 года назад

Thanks for watching!

@Ludwig98000NL Год назад

Good morning ! Can I get more explaination about why you can't buy your apartment ? I watched and listened to your video very carefully without seeing the explanation of not being able to own your apartment. what happened, please ? Thank you so much. Have a nice day

@AleksiHimself Год назад

Explain in this part: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-CYp04b-wSCo.html

@Manu_InEurope 4 месяца назад

Hi, I am a foreigner living in Finland. Can you tell how the housing law works here in this case if the one partner (husband/wife) who is the 100% owner of the house died unfortunately, will the complete house ownership automatically be transferred to second partner (wife/husband) ?

@AleksiHimself 4 месяца назад

If you have children and there is no will, the children will inherit everything. If you are married and have no children, then you probably will inherit everything. You want to read this article: amoslaki.fi/en/who-will-inherit-according-to-the-laws-of-finland/

@Agriking 2 года назад

We have a very similar system in the states. Especially with condominiums. My niece and her husband own an apartment in NYC and its almost exactly like that.

@AleksiHimself 2 года назад

I ran into the Condominium system while researching this topic. They share a lot of similarities. It seems people buy the physical apartment and not shares, right?

@finnishyourplate 2 года назад

@@AleksiHimself With condos, yes you are correct. I own a condo, I own everything inside the walls outright, and a percentage of the common areas including the land. But most buildings in New York City are Housing Co-Ops instead, where you own shares of the Co-Op, allowing you occupancy of a unit. Fun fact, the first two Housing Co-Ops in New York City were named Alku, and Alku Toinen, respectively. They were founded in 1916 by Finnish immigrants.

@tinaluoma-welcome9607 2 года назад

In USA some single standing homes are run the same way. I’ve owned a home in South Carolina as a vacation property and I’ll never but another property with an HOA again!( Home owners association) These organizations can breed a lot of entitled, nosy and nasty people!! So glad my first home no one can tell me how to keep it! Your system sounds like it may be a bit better

@nogglebeak 2 года назад

@@AleksiHimself Correct. You own the condo directly. You pay an upkeep fee to the association. There are quite a few large differences.

@nogglebeak 2 года назад

@@tinaluoma-welcome9607 HoA's are the devil. Really nice to own something you can't do anything with without asking someone else for permission.

@ev721 2 года назад

Congratulations again on your new home but DAMN Aleksi 0:08 ! It works kinda similar in South Africa if you buy an apartment or a house in an estate.

@AleksiHimself 2 года назад

Thanks E V!

@lauri_3985 2 года назад

Great video!

@AleksiHimself 2 года назад

Glad you enjoyed it

@SpencerTuom 2 года назад

Also similar to a Home Owners Association except you would own the internal part of the building usually in that case and the HOA takes care of all external and common areas and you pay a monthly fee to the HOA for this maintenance.

@AleksiHimself 2 года назад

This is true! I didn't cover it here to avoid confusing too much.

@scottgrohs5940 2 года назад

Sounds to me like in the Finnish system you actually buy your way into the HOA and it’s entirely comprised of residents at said building. This probably makes arbitrary evictions a bit more difficult as you’d have to get majority vote to evict your neighbor, so that person would probably really deserve it if it happened. A callous external owner couldn’t just run the building as a cash cow.

@VloeiendVlaams 2 года назад

Kiitos tästä videosta !

@AleksiHimself 2 года назад

Ole hyvä!

@2751pradeep 2 года назад

Great video, I am planning to buy apartment in Espoo area, this video will really help me in understanding rules.

@AleksiHimself 2 года назад

Glad it was helpful! I will do another video of the buying process later.

@resonatic Год назад

In The Netherlands it's the same system. But,...I mean serious,...you spend 320.000 euro for an apartment? Are you crazy?? Especially in Finland where there are so many beautiful spots to live and you are buying an apartment for such an amount of money, especially when you know these downsides. Why?!?!

@AleksiHimself Год назад

Here are the reasons: - our lives are here in the capital area, jobs, friends etc. - we like it here in the capital area because of more people and stuff to do - the prices have gone up historically, although some slow downs ahead due to interest hike - We can manage the mortgage and it increases our wealth overtime

@gilagababa 2 года назад

Thanks for explaining! Really good explanation.

@AleksiHimself 2 года назад

Thanks!

@Some_one11237 2 года назад

Same stuff in italy but you own the appartment and there is no company holding the building but we hire a person who is in charge of aministrate the building for all the appartment owners, the fee is like 20€/m and if there is a renovation to be done the money are collected, the rest is more or less the same procedure

@AleksiHimself 2 года назад

Thanks for sharing this! 😃🙌

@morgianaetienne618 2 года назад

Thanks for sharing your knowledge .Some of us ,has little or no idea how it works.

@AleksiHimself 2 года назад

Glad to help!

@vitalizinevich1231 2 года назад

Super helpful video, thank you!

@AleksiHimself 2 года назад

Glad it was helpful!

@Xewgx92 2 года назад

There are places like this in chicago as well. I think in the US they are called housing coops but they can vary from a system very similar to yours to something vastly different. But there are many buildings in chicago that functions exactly like this.

@AleksiHimself 2 года назад

Thanks for sharing this! 😃🙌

@gaziishtiakjahan2328 2 года назад

Ohh tutor 😁 you nailed it. Amazing video 👍

@AleksiHimself 2 года назад

Thanks Gazi! Good to hear from you. I hope you're doing well.

@mevi1123 2 года назад

Thank you for this eye-opening video! 👏

@AleksiHimself 2 года назад

Finntastic! 😃🙌

@carraracom 2 года назад

This was a very interesting video Aleksi. Thank you to share the knowledge. Maybe you could also explain how the vero prosentin is calculated.

@AleksiHimself 2 года назад

I can do a separate video on that. :)

@carraracom 2 года назад

@@AleksiHimself at least, this time, I didn't ask for more prank videos 😂

@piiluja Год назад

This system has one "pro" you forgot to mention: if someone is not obeying the common living terms and conditions (like: makes noise during the night, smokes in the corridor or balcony, even levitates bad smell to building, or disturbs other ways other residents), then they are violating the agreement with company, and such persons can also lose access to apartment after warnings. If disturbing neighbor would instead actually own the apartment, getting ride of them would be a lot more complicated because there would be court involved etc.

@AleksiHimself Год назад

Good point! Thanks for mentioning.

@merc340sr 2 года назад

What you describe is similar to what we have in Canada. It's called a "cooperative".

@CravingwithDavz 2 года назад

Thanks for sharing this Aleksi

@AleksiHimself 2 года назад

Thanks for listening!

@corvina3588 2 года назад

Very helpful to know. Thank you!

@AleksiHimself 2 года назад

Glad it was helpful!

@artsuomi 2 года назад

Very detailed explanation. Thank you.

@AleksiHimself 2 года назад

Glad it was helpful!

@hauskalainen 2 года назад

If a person does not pay the monthly maintenance charge (I think for 3 years, but don't quote me), by law the housing company has the power to sell the shares. It is unlikely that a housing company would go bankrupt. The costs would be met initially by slightly higher charges on other residents. They would get the money back (collectively) in the increased value of the company when the shares are sold.

@riittap9121 2 года назад

They can't sell the shares, but they can kick the owner out and rent the apartment and use the rent to pay the bills. If it takes three years before this happens, the board has been sloppy. They should react much faster, since this procedure takes time.

@hauskalainen 2 года назад

@@riittap9121 you are right... I bought an apartment in a public auction that had been taken into the housing company's control and I as the new owner had to pay off the debt before the shares were put into my name. But it seems now that the former owner had to agree to the shares being auctioned to pay off the debt. I presume this helped with his credit history.

@AleksiHimself 2 года назад

Yep. They can take control but not sell as far as I know.

@hauskalainen 2 года назад

@@AleksiHimself I discussed with my lady who informed me that the owner voluntarily agreed with the ulosottovirasto (debt recovery agency I think) to consent to the auction going ahead. So you are right.. The power to sell rested with debt recovery and not the housing company. I guess there were several routes that could be taken but this one suited the debtor.

@redbean2946 2 года назад

We are looking forward for the apartment tour video 👍.

@AleksiHimself 2 года назад

Good stuff!

@HopeReim-s9u Год назад

How do renovations for your own unit work in this scenario? If you do not technically own the walls or floors, are you able to change the floors gand/or kitchen cabinetry?

@AleksiHimself Год назад

Yes you are but you need to notify the board in advance. This is to avoid crucial renovations going unnoticed. We did the floors when we moved in, and we notified the materials and that we would do it ourselves. Once we got the green light, we did the renovation.

@KGDHMF 2 года назад

More videos like this please ! I want to know the stock market situation in Finland and how to invest and trade.

@AleksiHimself 2 года назад

Check out this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ZqsFUeuDX2o.html

@HopeReim-s9u Год назад

How do renovations for your own unit work in this scenario? If you do not technically own the walls or floors, are you able to change the floors and/or kitchen cabinetry?

@Harry-uq9qd 2 года назад

Very useful! I will try to go the detached house route, eventually...

@AleksiHimself 2 года назад

Good luck! That's not a bad choice either.

@jayfraxtea 2 года назад

Thank you for this introduction into the Finnish real estate shared ownership. In Germany there's a similar system called Wohnungseigentum where all owners (of special rights regarding their apartments) together are the owners of the ground, organised in un unclear legal form that is not a legal person but shares similarities with registered associations, cooperatives, and companies. Really weird idea...

@AleksiHimself 2 года назад

Kiitti kommentista jayfraxtea! Thanks for the comment jayfraxtea!

@yazan1355 8 дней назад

What is the best app for searching flats for tent in finland ??

@lotusco7555 Год назад

If we are foreign students in Finland, can we use a bank loan to buy a house or apartment in Finland?

@marcellopacifici 2 года назад

kiitos mielenkiintoisesta videosta Aleksi. Olen asunut Helsingissä kolme vuotta enkä ollut tietoinen näistä tiedoista. Voitko kertoa kuinka paljon asuntolainaa maksat keskimäärin omasi asunnostasi? Mietin, maksaisiko asuntolainan + hoito hinta yhtä paljon kuin minun vuokrani.

@AleksiHimself 2 года назад

Maksetaan yhteensä n. 1000€ lainan lyhennyksiä + n. 300€ vastikemaksuja. Kyseessä 3h asunto.

@marcellopacifici 2 года назад

@@AleksiHimself kiitos!

@kobaltkween 2 года назад

This sounds a lot like how condos work in the US. For instance, that building collapse in Florida happened because the condo owners didn't want to pay for the increase in monthly payments. Conversely, I had a wonderful boss who had to give up her condo when storm damage increased her fees too much. It wouldn't have been as expensive if it were just her own house, and she would have been able to have different options in terms timing and solutions. Does anyone know how the two systems compare?

@AleksiHimself 2 года назад

I mentioned a few differences in the commens + there is a great resource in the description comparing the systems.

@sera6065 2 года назад

Moi Aleksi ! Could you make a video about the rental system in Finland , telling all the rights and duties that the tenant must take care . Kiitos Argentiinasta

@AleksiHimself 2 года назад

I can consider it in the future!

@mf____ Год назад

Actually this system works mostly ok. Except when the hallitus becomes corrupt and just does renovations for laundering some money out for some friends. Happened to one of my friends. Pipe renovation done a year after kuntotarkastus said everything is ok...

@ultimatemorssari6944 2 года назад

Hyvä video, asiat paremmin selitetty kuin yhteiskuntaopin tunneilla

@AleksiHimself 2 года назад

Selitetäänkö näitä nykyään yhteiskuntaopin tunneilla? Mun aikana ei kerrottu!

@ultimatemorssari6944 2 года назад

@@AleksiHimself Asunto-osakeyhtiöstä jonkin verran, muut mainitsemasi tiedot on yh:n tunneilla aika kiven alla.

@leeviaho9005 2 года назад

No, The same way to live is common in Sweden to.

@AleksiHimself 2 года назад

Thanks for the comment Leevi Aho!

@BellePhoenixTheSubterraneanSea 2 года назад

Very good information, Thankyou

@AleksiHimself 2 года назад

Glad it was helpful!

@VolvoMarkku Год назад

Asutko nykyään Espoossa tai Vantaalla?

@travelandliveinfinland3094 Год назад

Great content as usual. I have doubts regarding the detached house. If i buy a detached house, i will be buying the entire plot, too. So, should i have to pay taxes for the house and the plot? What are the other things i have to pay other than water and electricity?. TIA ja hauskaa vappua!

@AleksiHimself Год назад

If you buy a detached house, you'll pay estate tax for the house and the plot. Other costs are such as, waste management, heating and renovations.

@maryrhudy9250 2 года назад

what about garden space? Does each resident where you and your gracious lady live have garden space for growing their own flowers and produce? Or do the cities have space folks can rent for the growing season?

@AleksiHimself 2 года назад

If you buy a terraced house or semi-detached house with your own yard. Alternatively, you can get a spot at a community garden (siirtolapuutarha).

@markonikula2611 2 года назад

@@AleksiHimself tuossa varmaan tarkoitettiin kaupungin vuokraamaa viljelypalstaa. Siirtolapuutarhan mökki+tontti ostetaan ja hinta voi olla yli 100000€.

@ssss-ch3fs 2 года назад

Thank you so much for these videos! So we are thinking to buy a little house by the lake as a holiday home. I understand that there is an anual land tax fee but is are there anymore payments that we need to know about please? 🙈❤

@AleksiHimself 2 года назад

Transfer tax 4% unless you qualify as first time buyers. You also have to pay waste management and heating costs.

@GGrandi Год назад

Property tax for both land and house. Amount depends on area and building year. Electric, heating, water, household waste, insurance, possibly yearly local road maintenance fees if the house is not by the communal road; for example need snow plowing during winter.

@niezelcarolino7945 2 года назад

Kiitos Aleksi! I learned a lot since I’m planning to buy my own apartment soon! Is it the same thing when you buy a rivitalo? And which do you think is better, kerrostalo or omakotitalo? Thank you in advance!

@AleksiHimself 2 года назад

Moi! Yes it is. Rivitalo apartments are housing shares/companies. With omakotitalo, you have to take care of everything yourself, ranging from waste management to renovations. The transfer tax is 4% With kerrostalo, the housing company takes care of everything but you pay the monthly maintenace fee. Kerrostalos are often in more convenient locations, such as shopping centers. The transfer tax is only 2%.

@niezelcarolino7945 2 года назад

@@AleksiHimself kiitos tiedosta! 🤩🤩

@juusotahkanen5881 2 года назад

It is what it is thats kinda sucks for buyers but if you know how to rent your houses its profit. for people who want to buy and live in home should buy town house :)

@AleksiHimself 2 года назад

It has its pros & cons but I think it'a decent system.

@jaan-mattisaul8934 2 года назад

Apartment "ownership" works the same way in Sweden (called Bostadsrätt).

@AleksiHimself 2 года назад

Good stuff! 😃🙌

@mhpandi 2 года назад

Is that true that a non-citizen can't buy Omakoti talo nor paritalo? Meaning the only options available would be rivitalo and kerrostalo.

@AleksiHimself 2 года назад

If you're talking about the non-EU buyer thing, you need to ask a permission from the Ministry of Defense. If you get the permit, then you can buy. www.defmin.fi/en/licences_and_services/authorisation_to_non-eu_and_non-eea_buyers_to_buy_real_estate#aa7989fe

@antonitaillant8470 2 года назад

Actually it’s basically the same thing in France

@deepzs3271 2 года назад

Very informative :)

@AleksiHimself 2 года назад

Good stuff! 😃🙌

@molexi6537 2 года назад

Good video on a subject that isn't taught enough imo. Do you know if semi detached and row houses use this system aswell, or are they just real-estate?

@AleksiHimself 2 года назад

Semi-detached houses are real-estate. Everything else is pretty much housing shares.

@riittap9121 2 года назад

@@AleksiHimself A semi-detached house can also be in form of an asunto-osakeyhtiö, detached houses as well. Detached houses that belong to an asoy are called erillistalo.

@BehRad 2 года назад

I have maybe an important question, You said that hosing company use building as collateral for big loans for renovations and we pay it. But, can we get bank loan and use apartment as a collateral (as I read, ~70% of apartment price)?

@ollirasanen4412 2 года назад

Yes

@AleksiHimself 2 года назад

Yes you can. If you buy an investment apartment or a new home, you can use collateral value from your first home (assuming you've paid off enough mortgage).

@heathereton5582 2 года назад

So, what’s the benefit of buying shares of an apartment, vs. just renting?

@AleksiHimself 2 года назад

Owning housing shares increases your wealth and you don't need pay rents which are much higher than the maintenance payments. For instance, in our place the maintenance payments are around 300€/month and rent would be around 1300€/month.

@mikrokupu 2 года назад

In Finland there's also a third way, called right-of-occupancy housing, which comes between owning and renting. You pay 15% of the dwelling's price and during tenancy you pay a monthly residence charge. The owner of the building cannot terminate the contract and if you move out you get the 15% back.

@Somewe 2 года назад

Vastike= basic building/owned property mantainance something like this. Like an insurance contract with the government

@AleksiHimself 2 года назад

It's the payment for the company to make sure everything in the building runs smoothly.

@visagansoundaram62 2 года назад

Hi , do we need to pay transfer tax for land when it’s purchased before 40 years age? Note that - land is bought by housing company . To avoid monthly rental on land, I am doing complete payment for land as well. Hence wanted to know if I need to still pay transfer TAX for land when housing company buys land from other company?

@AleksiHimself 2 года назад

I assume you're talking about an apartment that is on rented land with the option to redeem it. As far as I understand, if you decide to redeem the land, the housing company will buy the piece of land from the landowner and the housing company pays the transfer tax. In other words, you are not a party involved (seller/buyer) in the transaction. That being said, the answer is no but the transfer tax is may be included in the redemption price. I suggest asking the realtor or checking the company documents.

@triggeredninja9481 10 месяцев назад

Hey bro i am new in Finland so im kinda confused that do u have to pay like a downpayment for ASO like 15% ?

@schneelutz 2 года назад

Sir, i really like your content! @Aleksi Himself: I have some questions as i want to buy a lakesideproperty in Finland to come and visit a few times a year and do outdoor stuff and maybe rent out. Will people hate me because i am german? What are the hidden cost and duties that come with a property in finland? The price is soo cheap it looks like fraud. Kainuu region. Best Regards, I would really appreciate a small answer from you :)

2 года назад

Only in Finland? This actually sounds just like the systems I am used to from Germany and possibly also the UK, although I do not know as much about the latter.

@AleksiHimself 2 года назад

The Condo and the Limited Liability Company system share many similarities, but there are a few underlying differences. First of all, the condo owner owns the apartment directly, whereas, in the Finnish system, the owners own shares of a company that owns the building. The most significant difference seems to be the building-specific loans and repairs of the jointly-owned parts of the building. In the Finnish system, a single owner (the company) can guarantee to get the loans needed (using the real estate as collateral). There is a member committee with multiple owners responsible for the common areas in the condo system. In addition, Finland seems to be the only country where this system is the dominant one. I was a bit clickbaity with this one. There is a great eBook about comparing the systems in English by Martti Lujanen. Check it out here: issuu.com/kiinteistoliitto/docs/here_and_there

@spicynoodles28 2 года назад

great video!

@AleksiHimself 2 года назад

Thanks!

@mojjammil Год назад

Just earned a sub since you deserve it

@AleksiHimself Год назад

Thanks!

@ashutoshshah4328 Год назад

I would love to buy one and move there.

@AleksiHimself Год назад

Good stuff! 😃🙌

@Ludwig98000NL Год назад

Wow, impressing😮😮😮

@AleksiHimself Год назад

Good stuff! 😃🙌

@OldMan_PJ 2 года назад

I heard you can even invest a portion of your social security in apartments?

@AleksiHimself 2 года назад

I haven't heard of this. Can you elaborate more?

@freezedeve3119 2 года назад

in theory that can be possible but practically it can happen only on some shot term problems example if you get unemployed social security can give/loan some money for shot time to pay your apartment payments until you get new job. You sure can use your social security payment how ever you like but buying apartment can be bit too much, if you managed to buy apartment then it might be possible.

@riittap9121 2 года назад

@@AleksiHimself Ei onnistu tän selittäminen englanniksi, mutta tämä on mahdollista, jos on pienet tulot ja kuitenkin sen verran omia säästöjä, että pystyy ostamaan esim. uudiskohteen, jossa on sopivasti yhtiölainaa. Asumistuessa rahoitusvastike kuuluu hyväksyttäviin asumismenoihin, vaikka rahoitusvastikkeesta maksetaan myös yhtiölainan lyhennyksiä. Jos tulot on pienet, niin hoito- ja rahoitusvastikkeeseen saa asumistukea, jolloin (pieni) osa asumistuesta menee yhtiölainan lyhentämiseen.