Is there a renewal fund?
Two separate funds are set up to cover maintenance, repair and renovation costs:
- The costs for the use, maintenance and renovation of the common parts are distributed among the owners in accordance with the value ratio. Fund A is formed to cover these costs. This renovation and refurbishment fund for communal parts of the building is topped up by annual contributions and, where possible, invested in an interest-bearing manner. The amount of the contributions - deducted directly from the rental income - is determined at the ordinary annual meeting of the condominium owners.
- Fund B is set up to finance the furniture and fixtures of the apartments as well as for the maintenance of the components in the special right (floors, walls, sanitary appliances, kitchen appliances, fittings, etc.). The costs for this renovation and refurbishment fund for managed apartments, their furnishings and fixtures are determined according to the value ratio and deducted directly from the rental income.
Last update on 23.10.2024 by Media Motion AG.