How to buy an apartment in Finland?

2025-07-25 12:00 Housing

One of our community members recently went through the full journey of buying a home in Finland: from the first viewing all the way to registering ownership. They shared the process in detail, including real numbers, timelines, and key nuances.

Here’s a breakdown of how it works and what to keep in mind:

➛ What types of housing are available in Finland?

🌿 Kerrostalo

Apartment buildings. The most common type in cities. Ownership is usually through a housing cooperative (asunto-osake).

🌿 Rivitalo

Row houses or townhouses. More common in suburbs, often with a small private yard.

🌿 Paritalo

Semi-detached houses, shared between two owners.

🌿 Omakotitalo

A fully detached house. Maximum privacy and independence, but we won’t cover this in depth here.

➛ Where is housing more expensive and where is it more affordable?

No big surprises here: Helsinki metropolitan area and Tampere are the most expensive. For example, similar rivitalo in Lappeenranta vs. Espoo can vary in price by a factor of 10. The most affordable areas are in the east and north — think Kuopio, Joensuu, and beyond.

➛ How does the buying process work?

Search – websites like Oikotie.fi are the go-to.
Viewings (esittely) – either open viewings at a scheduled time or arranged by appointment.
Offer – made via the agent, orally or in writing. May include conditions (e.g. pending moisture inspection or bank approval).
Preliminary contract – legally binding. Includes price, deadlines, and penalties (up to 10% of the price) if either party backs out.
Inspections – technical condition, moisture, co-op status, and legal documents are all reviewed.
Final contract & registration – usually handled digitally, with support from the realtor and your bank.

➛ What should you look for during a viewing?

🌿 Renovation state: full makeovers are pricey in Finland.

🌿 Heating system: direct electric heating can mean high monthly bills.

🌿 Planned renovations: these are outlined in co-op documents and can mean thousands in shared future costs.

🌿 Land ownership: if the land is leased, your monthly expenses can be significantly higher (+€200-400).

🌿 Ventilation: older buildings may lack proper extraction systems, not a deal-breaker for everyone, but worth noting.

➛ Which documents should you read carefully?

After the viewing, the realtor will send a package with all key documents: the housing co-op’s rules, meeting minutes, financial reports, and technical inspections. As our community member said, sometimes it’s just five pages of formalities, other times it reads like a mystery novel. Either way, it’s essential for assessing the building’s condition and forecasting future costs.

➛ Seller responsibilities

Even after the sale, the seller is liable for hidden defects:

🌿 2 years for apartments (asunto-osake)

🌿 5 years for standalone houses (omakotitalo)

Sellers must disclose any known issues.

If they fail to do so, they could be required to compensate the buyer. However, buyers cannot claim damages for:

🌿 Defects that were clearly visible during the viewing

🌿 Issues that were previously disclosed

That said, serious hidden defects (e.g. structural moisture) may still be grounds for compensation.

➛ The financial side

If you're planning to use a mortgage, you’ll first need a bank interview to get pre-approved. Monthly costs beyond the loan itself include:

✓ Maintenance fee (hoitovastike) – on average €300-500/month

✓ Renovation reserves – around 1-2% of the property price annually

✓ Utilities – water, electricity, internet, parking

✓ Insurance – typically includes home insurance (kotivakuutus) and life insurance

✓ Land rent – if the land isn’t owned outright

The mortgage interest rate is typically a mix of the EURIBOR rate + bank margin. At the time this article is being published, it's around 2.5–3.5%. Rates are variable, so it’s worth asking your bank about capping or insuring against future increases.

Also note: there's a 1.5% property transfer tax (varainsiirtovero) on purchases.

➛ Final tips for first-time buyers in Finland

✓ Don’t be afraid. The Finnish system is transparent and well-structured.

✓ Check heating systems, renovation plans and upcoming pipe renovations (putkiremontti), as they can significantly increase monthly maintenance fees. These can impact your budget more than the actual price of the property.

✓ Read all the reports and co-op documents carefully. They can reveal hidden risks and upcoming costs.

Good luck! 🏠