Tips for home buyers

A share in a housing company:

  • Check carefully the home you are going to buy. From the sales brochure you will find the main details of the place. In addition, it is a good idea ask for the housing manager's certificate, the floor plan, and the housing company's financial statements and articles of association from the real estate agent or seller.
  • Check from these documents what kinds of renovations have been made and what has been planned for the future, the home's share of the housing company's debt, the official size of the apartment, maintenance charge and possible charge for financing costs.
  • Call the housing manager and inquire about future renovations and long-term repair plans. It is important that you know if large renovations, such as façade or pipe renovations, have been made or are in the planning. A well-managed housing company is a good choice.
  • Check also the housing company's financial situation, debts, rental income etc. Consult a professional about these.
  • Check if the selling pricing of the home is its debt-free price.
  • Check whether the housing company is located on a leased lot and if so, when does the lease agreement terminate. Lot leases can increase and affect the maintenance charge.
  • Add up all costs related to living in the home: the charges, water bills, costs for using the sauna etc. Plus of course the loan servicing costs.
  • Ask the owner of the home or the real estate agent about things that matter to you: when can you move in, is there traffic noise, is the house cabled, which walls are bearing and which can be torn down etc.
  • Ask an expert to come with you to check the condition of the home and joint facilities: the basement, the sauna and the washrooms etc.
  • Talk to your future neighbours and ask their opinions about the housing company, the residents and the area.
  • Request to get in writing everything that has been promised and agreed.

Property:

  • Check carefully the home you are going to buy. From the sales brochure you will find the main details of the place.
  • Find out if you are purchasing a property, a parcel of land, or a building on leased land
  • Request a recent certificate of registration of title and extracts from the mortgage register and the land register
  • Check the zoning plans in the district and future building plans in the neighbourhood (from the survey department of the city or municipality)
  • Inspect the buildings carefully, and use an expert if needed, and find out if a condition inspection has been made
  • Check the rights and easements concerning the property; e.g. does the property have a right to waters or is it encumbered with a road leading to a neighbouring property
  • Check the borders of the lot
  • Find out how water management and sewage disposal have been arranged
  • Find out about completed renovations and living costs
  • Request to get in writing everything that has been promised and agreed.

Go through the steps of the buyer's guide

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