In Spain, most properties are part of a community of owners, that is, a legal person formed by the owners of a building or residential complex, which is governed by a set of rules, and is the figure that decides on owners’ general interest matters (maintenance, repairs and improvements of common areas, cleaning services, gardening, security …).
A participation coefficient is given to each property within the community according to the area of each of them with respect to the total surface of the building or residential complex. Each owner will contribute to the common expenses with an amount proportional to their participation coefficient.
Once a year the community of owners must hold a general assembly to present the balance of annual income and expenses, approve the budget for the following year and vote on representative community charges. Other issues of general interest for the community will also be discussed if any of the owners expressly requests it.
Additional extraordinary meetings may also be convened if necessary.
The community expenses will depend on the size of it as well as the facilities and services enjoyed by it, and the number of property owners.
As we have already mentioned on several occasions, we strongly recommend the contracting of home insurance covering at least basic risks (glass breakage, theft, fire, dampness and water leaks …) These risks are not covered by the developer or by the of the community of owners insurance. That is why it is a tranquility to have a policy that covers these risks.
If you wish, we will put you in touch with a trusted insurance agent for the hiring of the same.
As in most of our neighboring countries, monthly or every two months we will have to face the expenses generated by supplies contracted in our homes: gas, telephone and internet, electricity and water.
We will take care of contracting these services for you and domicile the payments to your bank account as it is the best way to keep up with these expenses.