The fact that the popularity of condominiums in Switzerland has risen sharply in recent years is mainly explained by low interest rates and the growing population. Since condominiums are usually much cheaper than single-family homes, more lower-income candidates thus get the opportunity to acquire residential property. Things to consider when you plan on buying condominiums in Switzerland – find all you need to know in this article by your real estate consultant Engel & Völkers Switzerland.
Condominium ownership as a special form of co-ownership
When you buy a condominium in a multiple-family home, you are purchasing part of the property, the building itself – in the form of a roof or stairwell – and the sole use rights to your condominium where you can make adjustments and changes of your choice. The type of use is yours: You can use the condominium itself, rent or modernize. In a technical consultation with Engel & Völkers Switzerland you will learn more about your usage options.
Responsibility via condominium ownership: Check important documents before purchasing
Since you acquire only a part of the building in question with the purchase of condominiums, the maintenance and repair costs of the property are divided among the condominium owners. The annual condominium congregation is the starting point of the planning in question, where decisions are taken on such as changes to the house rules or upcoming renovations. In order to find out in advance which voting shares you will receive in this meeting, how high the partial costs to be borne, and how the coexistence in the property is regulated, you should definitely consult the statement of reasons, the current house rules and other regulations. When purchasing existing condominiums, it is necessary to review the decision records of past condominium meetings and the latest service charges. If it is a new building, the construction specification should be carefully studied. Engel & Völkers Switzerland will gladly advise you on this topic and explain which documents are particularly important to you.
The best preparation for the purchase of condominiums is a personal consultation with Engel & Völkers Switzerland. With our support, you can quickly and easily get to your desired property. We are here for you!