We Bought Our First Home in Finland I Tips for Immigrants

[@couple_of_expats]

Watch next ➡ How Much Does Buying a Home and Moving COST in Finland? kzbin.info/www/bejne/Y6nIipKLe5iJmMksi=s0IdtRUoGB_spWe6

[@Cristinapunk]

Thank you so much for this video!! Yesterday we also sent our applications to the banks ❤ fingers crossed 😃

[@couple_of_expats]

How exciting! Good luck! ☺

[@kunalawale8137]

Congratulations for your home. God bless☺️

[@couple_of_expats]

Thank you so much 😊

[@lakmalkodithuwakku9567]

Congratulations🎉

[@couple_of_expats]

Thank you!

[@rajeevdagar1781]

Hi how to proceed to buy a home in finland

[@couple_of_expats]

By watching this video, all answers are there.

[@just42tube]

Some people experience owning a home just as a financial arrangement,. more affordable in the long run. Some see it as a way to force themselves to save and to invest. For some it's the way to get more control and permanence to where they live. And for some it's also a sign of commitment and of emotional importance. Since the location of a home is often important in many ways, people sometimes have to buy or live elsewhere. Rentals are not always available everywhere.

[@oloruntobilobakolawole4683]

Congratulations. I will say this is a case-by-case situation. I have heard situations of Danske bank requesting about 20% down payment.

[@couple_of_expats]

Thank you! And, of course, each bank and individual's background and financial history are different, so these applications are always carefully evaluated by the bank's representatives on a case-by-case basis.

[@OrdinaryManSisu]

Congratulations on your home purchase. Looks like very few properties are for sale in certain areas of Parainen.would you know how long does it take to build a house in Finland . I am interested in buying a home in Finland.

[@just42tube]

Do you include in the building time also time for making the required plans, getting a building permit from the municipality, hiring constructors, buying materials and getting them delivered to the building site, preparations at the lot, everything..? Or do you just want a factory build house, which gets delivered to your site as a set of modules.

[@just42tube]

If you are willing to pay more you can have a lot of builders and site managers at your site to speed up construction, if you just have the plans and materials ready. At the moment finding builders or contractors to your site shouldn't be very challenging.

[@just42tube]

If you're seriously asking, I suggest you contact companies, which sell turnkey ready homes with the promise of speedy delivery.

[@couple_of_expats]

Thanks! Sorry, no idea about that. I assume you're asking about an omakotitalo? I know that people who are interested in new housing projects, such as a new rivitalo being built, could buy straight from the project developers while the project is still being built, but that's as far as my knowledge goes. But building your own home sounds really lovely, good luck with that!

[@just42tube]

@@couple_of_expats Actually I thought that the question was about building by themselves, which almost always means that they plan to buy or rent a building plot and handle the constructive project or even the construction themselves. Do you know the concept known in Finnish as hartiapankkirakentaminen? It is the cheapest way, but also for most people the most challenging one. It can be combined with founding a housing company, where the owners also manage the project and even construction on behalf of their housing company, which is the judicial entity owning the building. It doesn't have to be an omakotitalon, which has dual meanings. As a building type it means a single apartment building or a detached house. But the word is also used to mean a single apartment building with a plot.

[@AfroNordicMom]

Thank you soo much

[@houseman7315]

Maam if you don't mind me asking, what types of interest rates did they offer you? I know in the US it's extremely high at 10% currently.

[@just42tube]

The most common mortgage loan rates are using Euribor 12 months as the base rate with some bank margin, which depends on how risk free and good customer you are for the bank. Usually the margin is in the range of 0.5 to 1.1 %. Euribor 12 months is today 3.567%

[@houseman7315]

@@just42tube 3.5% that's terrific

[@just42tube]

@@houseman7315 Terrific in which way?

[@just42tube]

@@houseman7315 Euribor 12 months history by year Rate on first day of the year 1/2/2024 3.532 % 1/2/2023 3.316 % 1/3/2022 -0.499 % 1/4/2021 -0.502 % 1/2/2020 -0.248 % 1/2/2019 -0.121 % 1/2/2018 -0.186 % 1/2/2017 -0.083 % 1/4/2016 0.058 % 1/2/2015 0.323 %

[@houseman7315]

@@just42tube Compared to the United States at the moment, where interest rates are more than double that.

[@daarshinideenoo2856]

Hello Congratulations on your new home. Can you help me I need some advise about moving to Finland.

[@couple_of_expats]

What advice do you need exactly?

[@just42tube]

I don't know about the differences of pro-immigrant attitudes between banks. I suspect you might be getting confused by the difference in risk management and financial stability measures in different banks. The financial market supervisory officials have made some results public last year, which showed Nordea had prepared better for financial turbulence than for instance OP pankki. Different banks have different business strategies, emphasis on different customers perhaps and also different fundamentals in their business. They might be even driven by different economic goal settings.

[@couple_of_expats]

Yes, at the end of the day banks have a long rulebook to follow. But it appears that Nordea is stricter, so at least as an immigrant we thought it's best to share with others (most of who may be immigrants as well) about our experience. And personally, I'm happy to take my business elsewhere.

[@just42tube]

@@couple_of_expats Have you thought about the history and background of Nordea? It has its head office in Finland but the roots and operation are Nordic wide. It's a result of mergers of banks from different countries. The Finnish side of history is also interesting. It can be strict and not the cheapest alternative, but it has other strengths which is why it has remained big. Roots dating back to 1820 Nordea family tree of around 300 banks includes some of the oldest banks in the Nordic region. These banks were pioneers in the establishment of a commercial banking industry. Sparekassen for Kjøbenhavn og Omegn Denmark 1820 Wermlandsbanken Sweden 1832 Christiania Kreditkasse Norway 1848 Föreningsbanken i Finland / Suomen Yhdyspankki Finland 1862

[@just42tube]

@@couple_of_expats Remember that people from another EU country can be immigrants in Finland. My understanding is that banks they are not allowed to discriminate between EU citizens on the basis of nationality. They can however set some limits to customers from countries where they don't have operations. The rules for giving loans to people who aren't EU citizens are even less clear to me. I suspect that your comment about stricter rules for immigrants was actually intended to mean immigrants from outside EU. Am I guessing right? Personal experience from a very long time ago: Getting my first mortgage was a bit strange banking experiment since the bank office didn't seem to know the banks own rules for handling my specific case. I got the banks internal instructions for such a situation from their local head office and with that material convinced my own local bank office to give me the mortgage. It was the first ASP mortgage loan in this local office and they where a bit ignorant of how ut should be handled. This was a longtime ago. But ever since then, I have been very aware that not everyone in a bank knows or can everything. Them local bank office manager or director gave me that lesson.

[@bdinkpaziz9594]

💖💖💖💖💖💖💐

[@pekkaollila8505]

If you bought a house, I hope you had it checked for mould damage beforehand. Unfortunatelly lots of crap was built back in 1970's and 80's.

[@couple_of_expats]

Thanks for pointing this out! Our paperwork was in order, so we have no regrets about buying our first property in Finland.

[@just42tube]

It can be, and is, a big step for everyone. I don't really see it to be more so for immigrants, unless theire is some emotional additional angle. Might be. Not many can afford to move from their parents home unless they rent a dwelling for themselves. At least through their study years people rent homes. Some students can earn and accumulate enough savings, and/or get money from their parents, to buy a home during their study years funding it mostly buy a mortgage. Mostly people need to work and save many years to reach enough financial stability to buy a home. They must be a minority.

[@couple_of_expats]

I think the big step is especially because it's a sort of commitment to live in a place long term. But big step for everyone - agreed!

[@just42tube]

@@couple_of_expats In many places the housing market is fairly liquid, meaning selling at a reasonable price doesn't take very long. But sure it is likely to take longer than the termination of the lease. But if you make modifications to the home to tailor it to your needs and style, that kind of additional investment can be difficult to get back when you sell it and even delay selling. Too personal interiors can make potential buyers hesitate and devalue the home, unless you happen to have someone who likes it too. More bland homes are easier to sell. They are like blank canvases to future owners. I still suspect that the commitment is more emotional than actual resulting from owning a home and the additional steps it requires compared to changing rental homes. I have personal experience of both. I have bought and sold my home several times. I didn't find it as a longer term commitment until I had lived more than 20 years in one location.