Neubau in Genossenschaft

5 posts in this topic

Hi,

Recently me and my husband saw an advertisement of a construction planning by a Genossenschaft. Building contains total 20 apartments and few requires residential permit (Wohnberechtigungsschein). We liked 47m2 apartment, which does not require WBS. The building construction is planned to start by 2018 (end) and finish by 2019 (end)  or start of 2020.

We very well know the location as we have lived there for more than 2yrs and for us the price seems to be worthy. We have received expose from the provider and some details.

 

1. We need to join the Genossenschaft and pay the entire amount, 50k. What will happen to our money if the project didn't workout as expected? Will the entire amount be refunded (or) they will reduce the joining fees and provide the remaining?

2. Only when 80% of the apartments are booked, they will start the construction

3. After completion and moving into the apartment, monthly fees of €467 should be paid as Nutzungsentgelt. I didn't understand monthly Nutzungsentgelt. since we own only the apartment, would this be lease amount for the land?

4. Already some old apartments are available in this area which is constructed by another Genossenschaft, which is constructed with real brick, cement etc instead of prefabricated house. In the expose which they have provided I could not find any details about the construction type. Any ideas about the houses made by these Genossenschaft?

 

Did any one faced these kind of questions? What are the things which needs to be taken care (technical, papers, notary etc) before buying the apartment, which is only in planning phase?

Before hiring a lawyer to proceed further, we thought of getting some basic understanding...

 

 

0

Share this post


Link to post
Share on other sites

You're not buying the apartment - you're buying shares in the building society, which in turn convey rights for you to live in one of their units at a reduced expense.

 

That's why 1) you're getting a 47 m² apartment for only €50k and 2) you'll be expected to pay rent in addition to utilities and other ancillary costs.

 

If the project is not realized, I presume you will be able to return the shares you purchased for a full refund (perhaps minus a small processing fee), but that's something you'll have to clarify with the Genossenschaft.

 

If you're interested, you'll also have to ask how they plan to build it (prefab vs. on-site construction).

 

Hope that helps.

2

Share this post


Link to post
Share on other sites

You should also consider that if you pull out of the project you probably won't receive you money back immediately. Most Genossenschaft have rules that specify that you only receive payment for your Genossenschaftsanteile a year or two after you leave the Genossenschaft.

 

1

Share this post


Link to post
Share on other sites

Luckily we have neither given confirmation nor any money...We are still in starting phase, going through the expose...Looks like bit risky business...

0

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now