Buying a summer cottage

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SunGlasses
Posts: 11
Joined: Sat Mar 31, 2018 3:46 pm

Buying a summer cottage

Post by SunGlasses » Fri May 14, 2021 7:48 pm

Hi,

We are considering of buying a summer cottage. Is there anything we need to be aware, before we buy it?
When talking about buying a summer cottage, is there any differences, compare to buy an apartment?

Thanks!

SG



Buying a summer cottage

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FinnGuyHelsinki
Posts: 1185
Joined: Sun Nov 08, 2009 8:52 pm

Re: Buying a summer cottage

Post by FinnGuyHelsinki » Fri May 14, 2021 8:21 pm

SunGlasses wrote:
Fri May 14, 2021 7:48 pm
We are considering of buying a summer cottage. Is there anything we need to be aware, before we buy it?
The same as with buying any real estate; the price, the location, the condition of the building(s) and possible burdens (is that the right term?, "rasite" in Finnish) related to the property, e.g. a neighboring property might have a right to use a road going through the plot or keep their boat at a certain area on the shoreline (if there's a body of water), the property might be collateral for a debt,... And, of course, your own preferences. Check etuovi.com, oikotie.fi to gauge the market. There's been increased interest in summer cottages lately, so you might be facing some competing bids.
SunGlasses wrote:
Fri May 14, 2021 7:48 pm
When talking about buying a summer cottage, is there any differences, compare to buy an apartment?
Yes, with a summer cottage you're (usually) buying to own the plot and the building(s). With an apartment, you're buying shares of a company owning the property (the building(s) and sometimes the plot), which gives you (limited) control over the apartment, e.g. to live there and rent it out. As far as owning a property vs. owning shares (of a company owning a property), naturally you will be solely responsible for any costs (property tax, maintenance,...) related to your own property. Also, often the last bit of road is not maintained by the municipality, instead the property owners along that road are chipping in to e.g. have someone plow the snow during the winter, and whatever else upkeep is needed.

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masao
Posts: 439
Joined: Fri May 23, 2003 1:23 pm
Location: Helsinki

Re: Buying a summer cottage

Post by masao » Sat May 15, 2021 10:06 am

Hi.
Buying summer cottage is quite popular nowadays.
Recently there was a news on this topic in Finnish media.

https://www.is.fi/taloussanomat/art-2000007925092.html
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AldenG
Posts: 3347
Joined: Wed Apr 29, 2009 3:11 am

Re: Buying a summer cottage

Post by AldenG » Sun May 16, 2021 12:20 am

FinnGuyHelsinki wrote:
Fri May 14, 2021 8:21 pm
SunGlasses wrote:
Fri May 14, 2021 7:48 pm
We are considering of buying a summer cottage. Is there anything we need to be aware, before we buy it?
. . .rasite . . .

e.g. a neighboring property might have a right to use a road going through the plot or keep their boat at a certain area on the shoreline (if there's a body of water), the property might be collateral for a debt,...
Encumbrances, I believe they're called in English.

I'm not sure if an easement is technically an encumbrance, though it sounds like it would be. That's a right of use, particularly but not exclusively along an edge, such that you're not allowed to build fences or other structures on the affected margin, and most often for public utilities.

So those are the things you're looking for.
As he persisted, I was obliged to tootle him gently at first and then, seeing no improvement, to trumpet him vigorously with my horn.


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