What is a right-of-occupancy dwelling?
Right-of-occupancy dwelling is a form of apartment management between owner-occupied dwelling and rental housing. The occupant pays a right-of-occupancy payment, which is 15% of the purchase price of the dwelling, and a monthly maintenance charge during occupancy. A right-of-occupancy dwelling is as safe a housing option as an owner-occupied dwelling though one cannot buy it for one’s own. When resigning one’s right of occupancy, the customer regains the right-of-occupancy payment adjusted with the building cost index.
How to apply for a right-of-occupancy dwelling?
In order to get a right of occupancy the applicant must be at least 18 years old. Also the applicant must not own a dwelling of reasonable level of housing in Turku or possess the assets to purchase a dwelling that answers to his/her needs. The need-requirement does not apply to applicants who are 55 years old or above. Also persons switching from one right-of-occupancy dwelling to another do not need to meet the need-requirement.