At present, summer cottages are typically sought by roughly 50-year-old couples whose children have moved out and who are preparing for retirement.
Meanwhile, an increasing share of the cottages on the market have been inherited, says Juhani Väänänen, a leading expert at the National Land Survey of Finland. Similarly, people who have retired recently are selling their holiday properties, suggests the fact that most sellers in the transactions completed last year were 63—68 years old.
Although there are several cottages available for less than 100,000 euros, buyers are put off by the lack of modern facilities and the need for extensive renovations. The younger generation is no longer content with the cottages their parents built in the 1960—70s and are consequently looking to sell the holiday properties they have inherited.
Risto Penttilä, 62, from Hämeenlinna is currently selling a cottage in Heinola that he and his 70-year-old brother inherited from their aunt. The asking price for the log cottage, which features a rare smoke sauna, is 248,000 euros.
“We spent time there in our childhood, and my godmother designed the cottage in the 1950s.”
It is not uncommon that owners' emotional bond with the property becomes an issue in setting the price, real estate agents point out. As a result, many sellers have to their disappointment had to reduce their asking price.
“The cottages on the market do not match the demand,” acknowledges Tiia Järvi from Kiinteistömaailma Hämeenlinna. “Sellers may over-value their cottage having brought up their children there and watched as they swam by the shore for ten summers,” she says.
Anna Karismo, Merja Ojansivu – HS
Aleksi Teivainen – HT
© HELSINGIN SANOMAT
Photo: Petteri Kivimäki