Co-ownership is defined as "any building or group of buildings whose ownership is divided among several persons by lots, each comprising a private portion and a share of common portions".
Co-ownership therefore has advantages and disadvantages. In order to guide you in your acquisition projects, we have decided to take stock of the situation to help you see things more clearly.
What are the different advantages of living in a condominium?
MAINTENANCE AND REPAIRS ARE THE RESPONSIBILITY OF THE CO-OWNERSHIP
Indeed, when we own property, we spend astronomical amounts of money on maintenance and repairs to our homes. When you own a condominium, it is the concierge who will take care of solving your little residential problems. For example, for plumbing problems, the concierge is trained for this type of repair.
Unfortunately, burglaries are more frequent in single-family homes offering more privacy, leaving the way open for burglars, so a security system must be installed, which is expensive to pay for. In condominiums, the chances of being burglarized are reduced because all costs related to the security of the building are included in the condominium fees.
Rarer but nevertheless existing, some condominiums have a swimming pool, a gym or a communal garden. These services allow you to create a good atmosphere and to be able to count on your neighbours in case of a problem!
A condominium costs less than a normal property because the costs are shared. The more co-owners there are, the lower the condominium fees will be. Each expense contributes to improving the comfort of the co-owners and brings added value to the co-ownership.
On the contrary, what are the disadvantages of living in a condominium?
This is the most common problem in condominiums: neighbourhood disturbances. This type of problem is even more frequent when you start renovation work in the building, since the co-owners do not always agree on the different choices to be made. In addition, it is not uncommon to hear people complaining about noisy neighbours.
In co-ownership we pay for the services that we use but also those not used (repair, maintenance, security...), for parking fees we have to believe that even if we are not transported we will have to pay fees or even an elevator if we are on the ground floor.
RENOVATE A CONDOMINIUM
This can cause problems in condominiums, indeed, there is a good chance that it can generate noise, impacting the comfort of the inhabitants. It is therefore necessary to request a renovation permit from the municipality and the syndic of the co-ownership.
If you have been able to decide and make your choice, do not hesitate to entrust us with your research!