Buyer advice when buying a cooperative home

Buying a cooperative home (Andelsbolig) is a good alternative to an owner-occupied apartment, but there are some basic prerequisites that you should know before making a purchase.

Cooperative housing differs from the other forms of housing we have in Denmark in that it is the cooperative housing association that owns and operates the property. When you buy a cooperative home, you buy a share in the association's value with an associated housing right.

This means that cooperative housing is a more complex form of housing than an owner-occupied flat or a villa. You get a home, but you also get a financial community with some other people in the cooperative housing association.

When you buy a cooperative housing, you must be aware that there are some statutes for the cooperative housing association that regulate the community. For example, there may be prohibitions against having pets, it may be permitted to buy the share as a parental purchase or other rules that you must be aware of before you sign the purchase agreement.

The cooperative housing association has taken out some loans for which you are liable together with the other cooperative owners. Before you buy a cooperative housing, you must therefore have reviewed and understood the articles of association for the cooperative housing association.

The cooperative housing association must prepare an account. The accounts must also be reviewed. After all, it is not equally valid for you what kind of debt is recorded in the association. And it is also important to know which common expenses you have to pay in the cooperative housing.

Help for buying a house is on your side when you need to buy a cooperative home. My advice is impartial and based on your needs and wishes. I analyze both accounts and articles of association for the cooperative housing association and I scrutinize the housing documents with a close comb.

After this, I explain which points of attention there are at the cooperative housing association and at the home you are about to buy. You get clarity about the finances and the rules of the cooperative housing association before you are bound by the deal.

I advise co-operative housing buyers throughout Denmark and I am available throughout the transaction. You can always get personal advice if you have any doubts.

Why use a buyer's agent?

As a buyer of a cooperative home, you are usually on your own two feet until a purchase agreement is signed.

However, it is a very good idea to get hold of a buyer agent, who can be your sparring partner and advisor throughout the transaction. It can be a really good idea to find a buyer's adviser with experience as a real estate agent. As a former real estate agent, I have oneoverview of the entire purchase process and I can advise you from start to finish when you have to buy a cooperative home.

The earlier you get buyer advice the better

In order to get the best advice, it is a really good idea to involve your buyer's adviser as early as possible in the cooperative housing purchase. Hjælp til huskøb helps to conclude a deal that meets your interests. It is often of great importance to your purchase of cooperative housing that the deal is concluded on the right terms and that your interests are taken into account when the agreement is to be concluded.

When buying a cooperative home, there are conditions regarding the home and the association, which the estate agent may not advise you on, but only inform you about. Then it is good to have your own adviser, who knows what importance these matters can have for you as a buyer.

When buying a cooperative home, it is usually about:

Registered statutes for the co-operative housing association
Accounting for the cooperative housing association
The pricing of the cooperative housing
The pricing of accompanying fixtures and improvements carried out in the home
Liability for hidden faults and defects in the home
Liability towards the co-operative housing association's debt to 3 people

When I review the association and the co-operative housing documents and the purchase agreement with you, you will get an overview of the legal consequences the co-operative housing purchase has for you.

Contact Hjælp til huskøb today for a non-binding conversation about how we can safely help you with your purchase of an andelsbolig (cooperative home).