What to know when buying a co-owned property

It is essential to assess the co-ownership you are considering joining. Before making any purchase, take the time to read all the documents available to you!

When you buy a flat in a co-owned building, you acquire ownership shares in the building according to the size of the unit(s) you own. These shares in the common areas represent your contribution to the communal costs. 

Before buying, in addition to the private unit you are acquiring, you must consider everything surrounding the flat: the building’s general plumbing, the roof, the caretaker, the lift – whether or not it meets the required standards –, the façade, etc.

Suppose that major works need to be carried out within the next five years: this will have a significant impact on your return, and you must take it into account when calculating your purchase price!

You must therefore pay close attention to the co-ownership’s reserve fund, as this consists of funds already accumulated for future works; these remain the property of the co-ownership. The “current account”, meanwhile, is reimbursed to the owner upon the sale.

It is also important to review the latest General Meetings and Extraordinary General Meetings from the past three years. This will give you a good, comprehensive overview of what is happening within the co-ownership and what is planned for the coming years.

Also check who manages the co-ownership: a professional property manager or a co-owner acting on a voluntary basis. Review the co-ownership regulations, the allocation of ongoing charges and any outstanding payments!

If you wish to carry out works, also check that they will be approved by the co-ownership. Some alterations require the co-owners’ consent, such as converting an attic, extending the property or installing external shutters.

This information can be found in the documents that must be made available to every prospective buyer.