Understanding Part-Ownership: A Guide for Owners and Interested Parties

What is part-ownership?

Part-ownership refers to ownership of non-residential premises within a property that has been divided into condominiums. Classic examples of part-ownership include offices, practices, shops, or workshops in a building complex that also includes apartments. While condominium ownership requires residential use, part-ownership serves commercial or other non-residential purposes.

The legal basis

Part-ownership, like condominium ownership, is regulated by the Condominium Act (WEG). Essentially, the same legal framework applies to part-ownership units as to residential property. This includes the right to individual ownership of specific premises as well as co-ownership of common property, such as the land and parts of the building used by all co-owners.

The significance of part-ownership

Part-ownership offers diverse utilization possibilities and can be an interesting investment. For self-employed individuals or business owners, it allows them to acquire ownership of the premises for their company. Investors often view part-ownership as an attractive opportunity to diversify their portfolio and benefit from potential appreciation in value and rental income.

Management and utilization

The management of part-ownership requires careful administration to safeguard the interests of all parties involved. This includes:

• Regulations for Usage: To avoid conflicts, clear regulations regarding the use of part-ownership units should be established, especially when they affect the quality of living (e.g., noise, access).

• Maintenance and Management: Maintenance of the common areas as well as the management of the building as a whole are central aspects that are regulated in the declaration of division and the community rules.

• Cost Allocation: The distribution of costs for maintenance, repairs, and management must be clearly defined to ensure transparency and fairness.

Investing in part-ownership

Before investing in part-ownership, you should consider some important aspects:

• Market Situation and Location: The attractiveness and value of part-ownership depend heavily on the local market situation and the location.

• Purpose: Verify if the spatial and legal conditions of the part-ownership are suitable for the intended use.

• Community Relations: Familiarize yourself with the residential property owners' association and the relationship between residential and part-owners.

Conclusion
Part-ownership offers exciting opportunities for entrepreneurs, business owners, and investors. Hochheiden Property Management is here to assist you with comprehensive experience and expert advice to fully leverage the potential of your part-ownership. Whether it's about management, optimizing utilization, or investment inquiries, we are your partner in Berlin.

For further information and personalized consultation, we are at your service. Contact us to find out how we can help you achieve your property goals.