Living in a condominium. Your role and obligations.
Anyone buying a condominium also assumes part of the responsibility for the entire property. How you can contribute to a harmonious condominium association and what tasks condominium owners and managers can expect.
Condominiums are popular with real estate buyers
Measured by the building permits issued for residential property, condominiums are currently the most popular form of property. Compared to buying a single family dwelling, an apartment often requires less capital. And a condominium can have a number of benefits compared to a rental apartment. After all, residential property can, on the one hand, serve as a kind of capital investment, while offering condominium owners more freedom in designing their home, on the other. What is more, buying is currently still often cheaper than renting. The individual owners of a property together form the condominium association.
Tasks of the condominium association
Some things need to be considered when buying condominiums:
1. When buying new builds, the condominium owners should ensure that the investor hands over all documents, such as the building plans, to the association or its manager.
2. The condominium association is responsible for drawing up rules for the condominium and consistently adjusting them to the residential situation and the environment.
3. The owners draw up a refurbishment plan, which is noted in the condominium rules, and serves to maintain the property.
4. When buying new builds, it is up to the association to select a competent property manager and to define their tasks. For larger projects, joint management is often defined for the first few years, but can be freshly awarded after a certain period at the condominium owners' request.
Condominium owners should carefully select their manager
The management set-up of the joint property is a special focus. The condominium association should choose it carefully. Criteria can be experience and the type of education and further training in administration as well as the know-how in technical management. Interpersonal skills of those involved in the administration should also not be disregarded.
If a new management organization is selected, the mandate can be withdrawn from the existing property manager by a majority resolution of the condominium association. A meeting of the association is required to change the manager. By law, a meeting must be convened by the current managers if at least 20 percent, i.e. one fifth, of the owners demand such a meeting.
The key tasks of the manager
The manager is responsible for the following tasks as a rule:
1. Technical management of the property
2. Refurbishment and financial planning as well as its implementation
3. Overseeing the refurbishment fund
4. Organizing the annual condominium meetings
5. Timely mailing of information documents to the community
6. Contact for questions and concerns on behalf of the condominium owners
Consider social aspects when buying a condominium
When buying a condominium, it is important to not only find the perfect location, but to also ask oneself some questions on the mode of living together beforehand: Do I feel comfortable in this condominium association? Are there already important resolutions in the rules? Do I agree with the manager and the provisions on the communal parts of the property? Because it is not only the location of the property, but over the long term also the living situation in the new apartment that are authoritative for feeling comfortable in your home.
