Analyzing and understanding a condominium before buying an apartment
You have finally found the ideal property. Congratulations! But it is not a question of declaring victory until you have learned about the management of the building in which your apartment is located. Indeed, when you buy a condominium, you are not only acquiring a home, you also come into possession of common areas for which you will be responsible and responsible. This is an aspect to study because it involves you financially. We are going to give you the means to know if a condominium is properly maintained, healthy and trustworthy.
Why should we pay so much attention?
You are in charge of maintaining your assets. Nothing out of the ordinary. It is therefore important to find out about the quality of your acquisition, to plan a repair budget and to incorporate a golden rule: not maintaining a property regularly will inevitably lead you to heavy expenses. The more a building deteriorates, the higher the costs will be. Regular work on the history of a building is a good sign. However, when you buy a condominium, you don't know the story behind it. Do not panic, the seller is obliged to give you a set of information that will allow you to know “where you are setting foot”.
Documents to be provided by the seller to the buyer:
The condominium regulations
As its name suggests, it contains all the rules that apply to the building. It is one or more thick and boring documents to read. However, you will be able to find valuable information there:
How are condominium fees distributed?
In the regulation, the distribution of these is defined: who is responsible for structural work, the maintenance of elevators, the stairwell, etc.
When a condominium has several buildings, the work can be voted on block by block. In this case, you will only be concerned with your stairwell. It is the same as living in a human-sized condominium. In this situation, there will still be common areas belonging to all owners. This can be a building porch, a courtyard, gardens, etc. More rarely, in large condominiums, all maintenance costs are covered by all the co-owners. When you want to buy an apartment in this type of condominium, make sure that the work in the past has been regularly undertaken.
The destination of the goods
It refers to the use that the owner can make of it. We will not go into the details of this concept, which are complex. We are only interested in housing. The goods you will acquire are, in the majority of cases, for residential use. This destination must be listed in the condominium regulations. Annexes such as cellars and car parks obviously do not have the same name.
In some cases, especially for lofts, the destination of the property may be for commercial, office, workshop or other use. What to do in this situation? Changing the destination requires the acceptance of co-ownership and that of the urban planning of your city. If you don't make the change, you may have difficulty reselling. If you want to know more about this subject, we invite you to consult this article: How to transform a professional premises into a home?
Destination of the building
Several possibilities: housing, mixed use (housing and business)... It may also restrict certain activities: for example, the mention “exclusively bourgeois residence” prohibits any commercial activity as well as the exercise of a profession, even liberal ones. It may prohibit the rental of service rooms assigned to an apartment. If you want to use your property for a use other than that of your own home, check that the use of the building does not prohibit it.
The lot plans
Consult them and make sure that the load-bearing walls have not been touched without prior authorization, that the designation of the apartment is in accordance with the plan, that common areas of the building have not been annexed. Regarding the cellars, check that the number of the lot sold is the one that the real estate agent or the seller showed you around. It is indeed common for the locations of the cellars not to be in accordance with that indicated at the time of the sale. If this is the case, contact the condominium trustee. The person in charge of your building will be in the best position to deal with this situation.
The minutes of general meetings of the last three years
Also called PV d'AG, they are the history of co-ownership. Consult them carefully to find out which works have been accepted, what works are to come, which works have been refused (and which can therefore be voted on in the years to come), the disorders that have appeared in the condominium and how they have been resolved or left pending. You will also be able to see if there is an agreement or tensions between the owners. This aspect is visible in a recurrent refusal not to vote on decisions.
The building maintenance log
It is a document issued by the trustee. It lists a lot of information such as the contact details of the latter, insurances, service providers, maintenance contracts, the technical diagnosis of the building. One part that will be particularly interesting for the purchaser relates to the history of all the major works that have been undertaken in the building. They generally go back well beyond three years (information provided by AG's minutes). Make sure that the condominium has regularly maintained its building.
Charge calls
A distinction must be made between current expenses and non-budget expenses. The first refer to water, electricity, gas, gas, elevator... These are regular and recurring costs. Out-of-budget expenses relate to work and are therefore occasional. The call for charges Indicates the portion that is due by the entire condominium and the portion that relates to the property that you are going to acquire.
Financial information concerning condominiums
Finally, the following information must be present in the promise or sales agreement:
- Co-ownership debts, if applicable
Any amounts that the seller may owe
The amount of the work fund, if any
To note:
Real estate agencies are required to mention in the ads whether there are ongoing legal proceedings in which the condominium is involved. Not all agencies comply with this duty to provide information. In order to find out about this last point, but also for all the questions you have about co-ownership, Take the time to contact the trustee (their telephone number is listed on the AG minutes). Present yourself as a future purchaser. Most administrators in charge of buildings take the time to respond and inform you about the condominium situation.
At the time of visiting the apartment
Do not just visit your future home because it is not the only property you are buying. You will also become the owner of part of the building.
Trust your common sense
Ask yourself simple questions:
- What is the condition of the facade on the street side but also on the courtyard side?
- Are the common areas clean and well-maintained?
- Ask to visit the cellars. Are they particularly humid?
When something seems worrisome to you, ask the real estate agent, but especially ask the trustee.
For information:
In Paris, the renovation of buildings is mandatory every 10 years.
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