Buying an apartment? This is what you need to pay attention to!

Are you planning to buy an apartment? Did you know that there are differences between buying an apartment and buying a house? The buying process is the same, but buying an apartment involves different things. You have to deal with joint maintenance, service charges, VVEs, etc. I’ll tell you more about it!

apartment right

Are you buying an apartment? Then you actually buy a portion “share of a building. This is because you are buying a so-called “apartment right. That means that you will have access to part of the building, namely your apartment. You do have (partial) responsibility for the entire complex!

Member of the VVE

When you buy an apartment, you automatically become the owner of an Association, whether you like it or not: Namely, the Owners’ Association. Do decisions need to be made about the entire complex/building? Then you do it together with the other apartment owners. That means you make decisions together with the other VVE members about the maintenance of the apartment complex. Good to keep in mind! Important decisions are made by them. All owners are (mandatory) members of the VvE, so you do always have a say in important decisions.

Service charges

Because you and the other VVE members are responsible for the maintenance of the apartment, you pay service charges. Depending on the size of the complex, this can vary from a few tens in the month or 100/200 euros per month. It is also good to take this into account, because this obviously does weigh on your monthly expenses and carrying capacity. Just remember, when you buy a house instead of an apartment you should also save for maintenance so don’t let too much depend on it.

History of the VVE

The documentation related to the VVE gives a good first impression of the history of the VVE you may be entering. Look closely at the minutes, see how appointments are made and review the financial records. Consider it the budget, financial statements and multi-year maintenance plan. Because, should the VVE be in debt or have little saved for maintenance? Then the members of the VVE can be asked to put in a substantial amount of money at once to have the maintenance done anyway.

Can you get a mortgage?

In recent years, a lot has changed in legislation when it comes to VVEs. Since 2018, it is mandatory to be active as a VVE. That includes;

• Registration with the Chamber of Commerce
• Bank account
• Building insurance
• You must save 0.5% of the rebuild value or have an MYOP that you save toward