Housing

The type of housing in question affects the buyer's rights and responsibilities before and after the transaction.

• In a transaction involving a share in a housing company the buyer purchases the shares that entitle him to the possession of an apartment. A housing company is a company owned and managed by the residents and it has articles of association just like any other company. It is as important for the buyer to get to know the housing company's finances and management as it is to inspect the apartment and its condition. The obligation to ensure proper maintenance of buildings and apartments is shared between the housing company and its shareholders.
• A single-family house is a piece of real estate whose owner is responsible for its maintenance and renovations. It is important for the buyer to pay careful attention to the documents pertaining to the real estate, the condition of the house as well as the plot of land and its surroundings.
• A part-ownership tenant starts off as a lessee and then becomes the owner. The obligations of a lessee are governed by the provisions of the Act on Residential Leases. When the tenant buys the apartment outright, the responsibility for maintenance is determined by the Housing Companies Act.
• A right-of-occupancy apartment is an intermediate form between a rental apartment and an owner-occupied apartment. Right-of-occupancy housing involves a specific application process. Maintenance of a right-of-occupancy apartment is the responsibility of the owner. The holder of occupancy rights may make alterations to the apartment only with the owner's permission.

Regardless of the type of housing, buying an apartment is generally not possible without a mortgage . Taking out a mortgage is a long-term financial commitment, which calls for a careful assessment of one's financial situation.

Depending on the type of housing, assessment of the price and living costs of an apartment should also take into consideration

• transfer tax
• costs of moving
• renovation expenses, if any