In the course of managing a property, it is quite possible that in addition to the normal minor repair work, which is covered by the maintenance reserve, larger measures, such as the addition of balcony glazing in this case, also have to be paid for.
If the owners' association is planning a major repair measure, preparatory discussions have already taken place - often in cooperation with our technical department - and initial cost estimates are available. If the owners' association then decides on a comprehensive maintenance measure, these costs often cannot be covered exclusively from the reserve. In such a case, a special levy must be paid by each owner to cover the financing. Only once the financing has been secured can we - as the administrator - award the contract for the work.
This is just one of the reasons why it makes sense to plan larger measures in the longer term, and also to have time to provide your own contribution. As a result, it is important to make certain financial provisions for the financing of maintenance and renovation work. One part of home ownership is the apartment itself, which should be regularly renovated to maintain its value. Another part is the shell, so to speak (e.g. façade, roof, balconies) and the outside area - both of which are common property. Keeping these in good condition also means maintaining the value of the property. These costs are passed on to all owners.
We would like to use this article to make you a little more aware of the fact that the housing stock of many owners' associations is now getting on in years and requires some modernization - as explained above. In some cases, this also requires a lot of money. Contact us and we will help you with the implementation - for the benefit of your property and to maintain its value. Please also think about the future of your buildings and include this in your considerations.
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