Things you should know before buying a home in a owners community

Entering the long journey of finding a new home is not an easy task. Currently, there are a lot of real estate offers available, something that makes us wonder what we are really looking for.

If you have decided to buy a house, one of the first two decisions you have to make is whether you are going to buy a new or second-hand property, and whether it will be a single-family house or belong to a community of owners.

In the case that it belongs to a community of neighbors, it will be important to take into account some questions. Which ones? We detail them in today’s blog.

4 factors to consider before buying a home in a owners community

These are some of the key aspects to know before making the final decision:

Spills in a owners community:

Those extraordinary fees through which the co-owners are obliged to make payments outside the ordinary budgets of the community of neighbors.

It will be necessary to find out if in the community there are works of improvement pending to carry out that are not covered with the already satisfied quotas. Since, once the property has been purchased, the payment becomes an obligation of the new owner.

Debts of the community of owners:

We are talking about debts that may refer to financed building improvement works or purchases of common elements made in installments.

In accordance with article 9 of the Horizontal Property Law, once the property has been transferred, the community expenses will have to be borne by the new owner.

Current expenses in a community of neighbors:

That is to say, the usual fixed expenses that will depend on the benefits that the community has. These include:

• The insurance of civil responsibility of the building.
• The revisions of the elevator.
• The cleaning of the common spaces.
• The maintenance of swimming pools and gardens.
• Concierge service.

Community of owners fee:

You should know the fee that would correspond to pay periodically, since it could vary depending on each community and become a decisive factor in the final choice.

Now that you know 4 aspects that you should consider before buying a house in a community of owners, you will have a clearer decision.

In KM2 Real Estate Services, agency in Barcelona and Madrid, we have a wide range of properties for sale and rent.

Contact our real estate consultants and we will help you find the one that best suits your preferences. We are waiting for you!