AS THE NEW OWNER OF AN APARTMENT, TO WHAT EXTEND WILL I HAVE TO CONTRIBUTE TO THE FUTURE BUILDING RENOVATION WORK?

You contribute financially to all forthcoming renovation work that will be voted in favour of after your arrival in the building. Some work will be approved after you move in but other may have been approved before you become an owner. If the work was approved but not provisioned for before you come on board, you will have to pay for it, whether you agree to it or not. If it was insufficiently provisioned for, you will have to make up the difference.

More specifically, here is what happens ….

As soon as you become the owner of an apartment in an apartment building, you start contributing to the life of the building in which the apartment is located. Daily activities, such as the cleaning of the common areas, regular maintenance work, unexpected repairs and renovation work are all managed by an elected property management company.

This company collects monies from every owner on a monthly basis to cover all expenses. These expenses are all pre-voted collectively by the owners once a year during the Annual General Meeting; when costs cannot be ascertained precisely in advance, reserves are provided for with estimates.

As a new owner you inherit the existing reserves; the previous owners do not get their contributions back. However, you do also inherit the obligation to carry out the approved work whether it was provisioned sufficiently for or not.

It is therefore very wise to check out before you buy an apartment:

-       what was voted the past years and what work remains outstanding

-       what was put aside through the Renovation Fund for these future works

if you need help with checking existing funds, contact Claire Aumont @ Monde Avenir

📲+352 621 355 207 or contact@mondeavenir.lu