Find out how to finance your co-ownership work?

In France, there are more than 670,000 condominiums, representing more than 7 million homes. Especially located in urban area, a condominium allows to manage a building, as well as the common parts through a union. Sometimes small or big jobs are needed to maintain the building. This work remains the responsibility of the co-owners, who, according to their housing, must pay part of the expenses incurred. These fees can sometimes be important, but there are simple solutions to deal with them.

The work supported by the co-ownership

The work supported by the co-ownership

A joint ownership takes care of all the works pertaining to the common parts, these being defined by the law of July 10th, 1965. The heaviest and the most expensive works are submitted to the vote of the general assembly of the co-owners.

A. Outdoor work

Outdoor work includes all accesses, facades and equipment located outside the building.

1. Facade remodeling

This type of work is one of the most common outdoors, indeed a building is subject to weather and pollution. The painting of the building is faded by the weather and blackened by pollution. Joints and coatings may also require renewal. A renovation of the façade will give it a facelift while renewing its waterproofness. In France, certain cities impose at least every 10 years a facelift of the building

2. Access and parking

To access the condominium, it may be necessary to use an access road. Whether it’s a simple pedestrian crossing, a car park or a garage, bad weather can weaken some of the structures. To ensure the security of these accesses, it may be necessary to renovate them when the need arises.

3. Leisure equipment

Whether in a garden or for a private park, work may be needed in these areas. This is also the case if your condominium has a pool or outdoor games for children. As a co-owner you are responsible for the payment of a part of the costs to renovate such facilities.

4. Outdoor terraces

Because of their exposure to wind and rain, terraces often need to be maintained. But sometimes the damage is important and substantive work is needed to improve their general condition and safety around them. If the work on this terrace does not require elevation, you will not need to ask permission. But in case of elevation, you must seek the approval of the town hall by means of a prior declaration.

B. Indoor work

The interior works of collective spaces can also represent an important sum to advance. But their realization is often essential in order to improve the quality of life in the co-ownership.

1. The collective heating

If your building is equipped with a collective heating system managed by the condominium, you have to pay a portion of the costs for the heating upgrade work. These costs can be very important especially if the main heart of the system that is the collective boiler, must be replaced.

2. Thermal insulation

The insulation of the building limits the loss of heat in winter, and keep freshness in summer. In order to save on heating costs or adapt to new standards, it is sometimes necessary to renovate the thermal insulation of the roof, or to change the glazing type. This type of renovation can be very expensive, and they are therefore to be anticipated.

3. The elevators

A condominium that has many units on several floors, often has one or more elevators. The obsolescence of this type of device can pose problems of safety or efficiency. Changing the lifts can be the solution, for better reliability, and avoid having to go through the stairs.

Different ways to finance co-operated works

Different ways to finance co-operated works

To cope with the expenses related to the condominium you have probably already paid a provision on your rent. But, if the cost of the work is too important for the co-ownership, the union will then turn to the co-owners to pay the bill. If you do not have enough savings to deal with it, there are still alternatives.

A. Individual credit

The work credit represents a simple solution for those who wish to obtain financing quickly. As part of the co-ownership work, you can subscribe to such a credit, and thus cover all the expenses that are asked of you by the syndicate of co-ownership.

B. The group loan

The collective credit is open to the co-owner, in particular for the realization of works. One credit between the co-owners is signed. Unfortunately, the rate of this type of credit and the insurance that accompanies it are more expensive than with an individual loan. If we offer you a group loan, we advise you to compare its total cost with other devices.

C. Aid

1. Premium for thermal renovation

The French state strongly encourages renovations that aim to limit the impact on the environment, it is called eco-renovation. In order to obtain them, the union of the co-ownership will have to make the request, and to mount a file.

2. Prime energy

In order to benefit from this, the unions carrying out the work will have to apply for “EEC” labeling (for Energy Saving Certificate). These bonuses are offered by energy providers called “obligated”. Feel free to compare the different premium offers offered, indeed you have the right to benefit from only one “premium energy”.

3. From the region

Some regions may offer co-owners assistance to carry out the work. This aid is often reserved for certain types of work and can not cover the full price of the work.

4. Zero rate eco-loan

This credit is granted to the syndicate of co-ownership, on behalf of the co-owners. An eco-loan Zero rate for a condominium, is designed exclusively for the work that is carried out in it, whether on one or more buildings. This loan can not exceed the sum of € 30,000, repayable over a period of up to 10 years. The work must aim to reduce the environmental impact. In addition, they must be done by professionals accredited RGE (Recognized guarantor of the environment).

Prepare for work and financing by co-owners

Prepare for work and financing by co-owners

Finding how to finance the work in a condominium is a good start, but you must also make sure of their good execution. As a co-owner, the syndicate responsible for the management of the co-ownership will offer you the different options available for carrying out the work. The most important works will be subject to acceptance by the general meeting of co-owners.

A. Choosing professionals

Some works may be supported by craftsmen, while others will require the intervention of specialized companies with larger means. In order for this work to be carried out in the best conditions, it will be necessary to consult several companies and put them in competition, as well on the price as on the quality of the expected works but also to carry out a simulation of work credit. Do not hesitate to contact other condominium unions who have also involved professionals to carry out work of the same type. They will be able to share their feedback and give you good advice.

B. The steps with the co-owners

When carrying out major work, you must notify the owners and vote in general meeting for this work to obtain the authorization of the condominium. As part of routine maintenance work (such as facade remodeling, replacement of used appliances, or facades) a simple majority is sufficient.

The absolute majority is necessary for the work made obligatory in the common parts. This is for example the case for the waste water, the treatment of the asbestos and the lead, or the work necessary from the point of view of regulation. This is also the case for energy-type work that requires the approval of an absolute majority of the general meeting of co-owners.

The heaviest works, such as additions or alterations of the building, require a double or absolute majority when voting. This mainly involves: building elevations, security installations, or the creation of new housing.

C. Organizations to contact

Some works require the agreement of the local authorities. These are all works that permanently change the appearance of the building. After having obtained the agreement of the general meeting of the co-owners, it is then necessary to make a preliminary declaration of works, in order to obtain the approval of the town hall. It will ensure that these works are in accordance with the planning rules in force.

To conclude

To conclude

Whether you are a condominium syndicate or an individual, take the time to analyze the different offers of professionals, and the different ways to finance them. If the work requested imposes an individual financing of each co-owner, you can make a personal loan.

In the case of a need for a personal loan to carry out such work, we invite you to consult our file on obtaining credit online. In addition, if you want to renovate your home, you can read our credit report to rejuvenate your apartment.

Leave Comment

Your email address will not be published. Required fields are marked *