Read the answers to the five most common questions about right-of-occupancy.
The resident of a right-of-occupancy apartment pays a right-of-occupancy payment, which corresponds to a maximum of 15% of the apartment’s purchase value. When you give up the apartment, the right-of-occupancy payment is refunded, adjusted by the building cost index. After moving into the apartment, you pay a monthly residence charge, which is often significantly lower than the average rent on the market. Right-of-occupancy residents have the right to live in their apartment for as long as they want, but right-of-occupancy apartments cannot be purchased.
In order to apply for a right-of-occupancy apartment, you need a so-called right-of-occupancy queue number from ARA (The Housing Finance and Development Center of Finland). The application is free of charge and is not binding. When you have a queue number, you can apply for an apartment directly from the service providers in the area. Contact our sales and we will find the right apartment for you. We are also happy to help you with your application!
A right-of-occupancy queue number is a number assigned by ARA (The Housing Finance and Development Center of Finland) to applicants for right-of-occupancy apartments. The numbers increase with each applicant, which means that the oldest numbers are the smallest. When more than one applicant applies for the same apartment, the applicant with the smaller queue number will receive priority. You can apply for the queue number beforehand, it does not expire, and can you can use it when you need it.
A right-of-occupancy apartment can be applied for by all persons of legal age who do not have owner-occupied dwelling in the same area or sufficient funds to buy an apartment. However, if there is no queue, a person who exceeds the wealth limits can also receive the apartment. If you are over 55 years old or move from a right-of-occupancy dwelling to another right-of-occupancy dwelling, the wealth limit does not apply to you.
A right-of-occupancy apartment is an excellent option if you cannot or do not want to tie hundreds of thousands of euros to an owner-occupied apartment and still want to live in a high-quality and reasonably-priced dwelling. Because the housing costs are often significantly cheaper than the average rent on the market, it is an excellent and risk-free way to start raising capital, for example, for your first owner-occupied dwelling. And when you want to give up your apartment, you will be refunded the right-of-occupancy payment, index-adjusted, without having to worry about resale. The right-of-occupancy payment is accepted a guarantee for a bank loan, and you are eligible for housing allowance from Kela. A right-of-occupancy apartment is also a more permanent choice than a rental apartment, as the owner cannot terminate the right-of-occupancy contract without a justified reason.