Buying in a condominium means that you are committing yourself to share in the expenses related to the maintenance of your residence. In order to avoid unpleasant surprises, it is advisable for the future owner to find out about the current costs as well as the exceptional costs that he or she will have to pay.

What to consider before buying in a condominium?

When you buy in a condominium you are obliged to contribute financially to the number of shares you have purchased.

Co-ownership charges

Depending on the type of residence and the way it operates, you will have to pay more or less in charges. Obviously, the more services are contracted to maintain the residence, the higher the charges will be. To get an objective estimate of the amount of current charges, ask to see the minutes of the last two years. The price of the various contracts signed with external service providers will be mentioned: maintenance of green spaces, cleaning, management, security, lift maintenance, electricity, water, etc.

Exceptional expenses can also be very expensive. It is essential to consult the minutes of the general meetings to check that important work has not been voted by the meeting: roof repairs, replacement of the lift, installation of new intercoms, etc.

It should be noted that the owner, at the time of the call for funds, must pay for the costs of future works, even if they have been voted on before the signing of the deed of sale. However, it is possible to insert a clause in the preliminary sales agreement which stipulates that the costs of renovation work on the building are to be borne by the seller.

Extraordinary costs

The good management of the co-ownership should also be taken into account. In addition to the involvement of the syndic and the general assembly of owners, it is advisable to check the percentage of unpaid bills. If some owners are not up to date with their payments, this can hinder the maintenance of the building and the realisation of future projects. It can also lead to legal costs being split between the different owners. Finally, check that any changes to your lot have been approved by the general meeting.

Our last piece of advice before buying in a condominium is about the neighbourhood. When you visit, pay attention to possible noise pollution and the attitude of the other inhabitants of the building.