Homeowners' association (WEG)
The Wohnungseigentümergemeinschaft (WEG, homeowners' association) is the community of all owners in an apartment building in Germany.
What the association regulates:
• Hausgeld (service charge): monthly contributions for maintenance, management, reserves
• Renovations: roof, façade, heating, lift – financed jointly
• House rules: quiet hours, barbecue rules, pets
• Management: a property manager is appointed (cost: €20–30/flat/month)
Decisions:
• Owners' meeting: at least once a year
• Simple majority: for normal resolutions (repairs, electing the manager)
• Qualified majority (3/4): for structural changes
• Unanimity: for changes to the declaration of division (very rare)
Risks when buying a flat:
❌ Special levy: a sudden extra payment for renovations (€5,000–30,000!)
❌ Renovation backlog: if too little has been paid into the reserve for years
❌ Difficult co-owners: a single blocker can delay renovations
Tip when buying a flat: ALWAYS read the minutes of the last 3 owners' meetings + check the size of the maintenance reserve!
📚 Homeowners' association (WEG) understood?
Deepen your financial knowledge with 60 free learning modules and 16 calculators.
📚 To the learning paths →Das könnte dich auch interessieren