Buying in Co-ownership: What You Need to Know
Buying a property in co-ownership is a common solution in urban areas. Whether it’s an apartment or a house in a subdivision, co-ownership offers an attractive alternative for buyers seeking both a practical living environment and shared benefits.
What is Co-ownership?
Co-ownership involves the shared ownership of a building or a set of buildings among multiple owners. Each co-owner holds a private section and a share of the common areas (hallways, elevators, courtyard, etc.). This system is governed by a co-ownership agreement, which outlines the rights and obligations of the co-owners.
The Benefits of Co-ownership
Shared Maintenance: One of the main advantages of co-ownership is the shared cost of maintenance and upkeep. Co-owners contribute to expenses like façade repairs, green space maintenance, or elevator repairs, reducing the individual financial burden.
Security: Living in co-ownership, especially in buildings or residences with concierge services or security systems, offers a safer environment for families and individuals living alone.
Shared Services: Increasingly, co-owned properties offer communal services such as swimming pools, gyms, or green spaces, allowing residents to enjoy premium amenities without having to bear the full cost alone.
Things to Check Before Buying
Co-ownership Fees: Before purchasing, inquire about the amount of co-ownership fees. These costs cover the maintenance of common areas and services and vary depending on the shared facilities.
Co-ownership Agreement: This document is crucial as it sets the rules to be followed within the building. For example, it may impose certain restrictions.
Upcoming Works: Find out about any planned work by the co-ownership. If significant, it could lead to an increase in fees or additional calls for funds.
Why Choose Co-ownership?
Opting to buy in co-ownership, particularly in urban areas, is an excellent balance between independence and collective living. Advantages like shared costs, security, and mutualized services make this lifestyle a popular choice for many buyers!
