You can become a Vaso resident if you are at least 18 years old and you do not own a property in the Turku region that could satisfy your need for housing, or you do not have the finances to purchase one. The wealth limit does not apply to applicants who are 55 years or older, or to persons moving to another right-of-occupancy home.
The wealth limit is determined for each home individually
The wealth limit is specific to each home. If your assets are above the thresholds stated in the Act on Right-of-Occupancy Housing, we will offer the home to the next applicant. You may be selected for a right-of-occupancy home even if your assets are above the threshold, if there are no other applicants for the home.
Send documentation of your assets to Vaso
Before signing a right-of-occupancy agreement, we check the assets of people aged 18 to 54 who will move into the right-of-occupancy home. You do not need to send documentation of your assets if you are at least 55 years old or you are moving from one right-of-occupancy home to another.
For this purpose, please send us your most recent pre-completed tax return and the Account of Assets form (ARA form 66). Both forms should be submitted for every person aged 18 or over who is moving into the home. Submit the forms by email to firstname.lastname@example.org. Please note that the most secure way of sending the documents is to deliver them in writing to the Vaso office.
You must submit the following information for every person aged 18 or over who is moving into the home:
- The most recent pre-completed tax return for every person aged 18 or over who is moving into the home. You can obtain a pre-completed tax return by signing in to the MyTax.fi service.
- A completed Account of Assets form (ARA form 66).
- If your family owns residential property, we will need documentation of the sale of the property, such as a deed of sale or commission agreement.
- If your family owns other assets than, for example, a summer cottage, shares in an estate’s property or shares in a property consortium, submit a copy of the property tax ruling.
- If your family owns shares, fund investments, or similar assets, submit documentation of their value, such as a screenshot from an online bank showing the present value of your shares or funds.
- The outstanding amount of a loan or mortgage can be documented by providing a copy of a bank statement or a screenshot from an online bank.
Below are ARA’s answers to some of the most frequently asked questions about submitting documentation of assets to organisations
On the need for housing and assets
A right-of-occupancy organisation will evaluate your family’s need for a right-of-occupancy home before you can enter into a right-of-occupancy agreement.
Based on your documentation, the right-of-occupancy organisation will assess whether you are entitled to housing. The need for housing is evaluated when the right of occupancy is conferred. If you or any family members aged 18 to 54 moving in with you own an apartment or other assets, they will be considered when assessing your need for housing.
When is a family not entitled to enter into a right-of-occupancy agreement?
- The family owns an equivalent home.
- Your family is not considered to need a right-of-occupancy home if you or a family member aged 18 to 54 own a home in the area in which you are applying and the home is reasonably similar to the home you have applied for in terms of its location, size, equipment level, living costs, and other characteristics.
The family’s wealth exceeds a certain limit
Your family is not considered to need a right-of-occupancy home if the family has enough assets to finance at least 50% of the market price of the home you have applied for or an equivalent home or to renovate an owner-occupied home in the same area to a similar standard as the home you have applied for. The right-of-occupancy organisations set the wealth limit. The limit is estimated based on the location of the home.
Example of the evaluation of assets
The Hietanen family (Heikki aged 35, Anni aged 32 + two children) has applied for a right-of-occupancy home in Helsinki with a floor area of 90 m2.
The wealth limit is determined as follows:
90 m2 x €4,134 = €372,060 / 50% = €186,030
The calculation uses the price of a similarly sized old-build home in a limited liability housing company (Statistics Finland).
The Hietanen family owns a summer cottage valued at €50,000 and has €40,000 in a savings account. The family’s total assets are €90,000, which is less than €186,030.
The family is entitled to a right-of-occupancy home.