The rights of condominium owners and the rights of the condominium owners’ association
As a condominium owner, you have the right to design and change your individual unit and to make it accessible for others to use. In doing so, you must simply ensure not to infringe on the interests of the other condominium owners. As a co-owner of the overall property, you have to clarify matters that impact the jointly owned parts of the land and building together with the other condominium owners. The collective ownership includes
- the grounds, garden and parking places
- load-bearing building components of the building such as walls, foundation, roof, girders
- all aspects that affect the appearance and outward design of the building
- parts of the building that are used by all owners, such as the staircase and the central heating
What to look out for when buying a condominium
If you decide to buy a condominium, you should carefully read important documents such as the condominium foundation deed, the extracts from the land register for the condominium unit as well as the master lot, the bylaws of the condominium owners’ association and the purchase agreement so that you can get a clear picture of what you are buying. It is also advisable that you look at the minutes of the most recent condominium owners’ association meetings, as they contain all the decisions made by the owners.
The same basic options that are available for buying a home are also available for purchasing a condominium. Whether a private loan, mortgage or financing with your own equity or pension fund assets – you should look carefully at the various financing options and mortgages available and select the best financing model for you. We also recommend that you obtain professional advice.