Is it a good idea to acquire a co-owned property? While it might seem scary to live too close to your neighbours or use certain common areas with them, fear no more… Condominiums have their perks. Here are a few!
Shared costs
When opting for co-ownership living, you will have fewer expenses because the costs are shared. While roof repairs or garden maintenance can be expensive, the cost will be considerably less if you are not the only person paying. The higher the number of co-owners, the lower the co-ownership charges will be.
The property manager takes care of everything
In Mauritius, the rules of co-ownership are based on that of French law: an assembly which governs the lots and the common parts; a trustee whose mission is to carry out the deliberations taken by the meeting; and a union council which controls the work of the trustee and the management of the accounts.
The general meeting allows the co-owners to vote on the choice of the trustee. Thus, you will no longer have to worry about the little daily worries! The garden to mow? The trustee takes care of it! Co-ownership relieves you of these constraints, allowing you to save precious time.
Safety is a priority
You will be able to sleep comfortably in a co-owned property. You are not alone and that can have a reassuring side. Solidarity in a community is a strong value in Mauritius. Each resident will therefore ensure safety is paramount... Whether there is a guard or not!
Deciding together
Although the trustee is responsible for managing the day-to-day tasks, the owners retain control over the property. Thus, the latter are called to general meetings to participate in decision-making. You, therefore, have a say in the management of this property which also belongs to you.
