Benefits of Living in a Right-of-Occupancy Apartment

Choosing the right home is a significant decision, and for many, a right-of-occupancy apartment offers an appealing balance between renting and owning.

Understanding Right-of-Occupancy

Before diving into the benefits, let’s clarify what a right-of-occupancy apartment is. Unlike traditional ownership, right-of-occupancy means you pay an initial fee, usually around 15% of the apartment’s price, granting you the right to live in the apartment indefinitely. You then pay a monthly occupancy fee, which is similar to rent but often lower than market rates. It’s a unique housing solution that combines elements of both renting and owning. At Avain Asunnot, we ensure that the process of obtaining a right-of-occupancy apartment is straightforward. You simply obtain a queue number from the Housing Finance and Development Centre of Finland (ARA), and then you can search through our housing application for apartments that suit your preferences. It’s important to note that your income does not affect your eligibility, and those over 55 are exempt from asset limits. If two applicants are interested in the same apartment, the one with the lower queue number will be prioritized, provided all other conditions are met.

Financial Advantages

One of the most compelling benefits of living in a right-of-occupancy apartment is the financial aspect. The initial payment is significantly lower than a down payment on a property purchase, making it more accessible for many people. Additionally, the monthly occupancy fee is often less than market rent, allowing residents to save money or allocate funds to other areas of their lives. Moreover, since the occupancy fee is regulated, it provides a level of predictability and stability in your monthly expenses. This can be particularly beneficial for those on a fixed income or who wish to budget effectively without the concern of unexpected rent increases.

Long-Term Security

Another key advantage is the sense of security that comes with a right-of-occupancy apartment. As long as you fulfill your responsibilities, such as paying the occupancy fee and maintaining the property, you can reside in the apartment indefinitely. This permanence is not always guaranteed in traditional rental agreements, where the risk of eviction or non-renewal of leases can be a constant worry. At Avain Asunnot we value the peace of mind that comes with knowing you have a stable place to call home. This long-term security can be especially important for families, the elderly, or anyone looking for a lasting community connection.

Freedom and Flexibility

Residents of right-of-occupancy apartments enjoy a level of freedom similar to homeowners. You’re free to decorate and make changes within the apartment, allowing you to create a space that truly feels like your own. This personalization is often restricted in traditional rental properties, where modifications are usually limited. Additionally, if your circumstances change and you decide to move, you can relinquish your right-of-occupancy and receive your initial payment back, adjusted for inflation. This flexibility ensures that you’re not tied down in the same way you might be with a mortgage, giving you the freedom to adapt to life’s changes.

Community and Maintenance

Living in a right-of-occupancy apartment often means being part of a well-managed community. Maintenance and repairs are typically handled by the housing company, relieving you of the burdens and costs associated with property upkeep. This can be a significant advantage over homeownership, where such responsibilities fall squarely on the owner’s shoulders. At Avain Asunnot, we take pride in maintaining our properties to a high standard, ensuring that our residents can enjoy their homes without the stress of unexpected maintenance issues.

Conclusion

Right-of-occupancy apartments offer a unique blend of affordability, security, and flexibility that can be ideal for many individuals and families. With financial benefits, long-term stability, personal freedom, and a strong sense of community, it’s clear why this housing option is gaining popularity. If you’re considering a right-of-occupancy apartment, we are here to guide you through the process and help you find a home that meets your needs and expectations.