Apartment association checklist before buying a flat
Seven things to look at in an association's report before you buy, and what to compare them with — based on 8,541 associations in Estonia.
1. Find the building's association
Search by address or registry code. The association's page has all report figures by year and a link to the original report.
2. Compare the monthly costs
Look at total owner costs per m² a month. The Estonian median is €2.87/m² (the middle half €2.37/m²–€3.40/m²). Your flat's monthly charge ≈ this × its floor area.
3. Check the size of the repair fund
Repair fund per m² of flats: Estonian median €10/m², the middle half €5/m²–€21/m². A small fund before a big repair can mean extra charges or a loan.
4. Is the fund growing?
35% of associations with at least three years of reports grew their fund every year. A shrinking fund with no repairs done is a warning sign.
5. The loan and its share per flat
28% of associations had a loan. It stays with the building when a flat is sold: check the balance per flat, the interest rate and the end date.
6. The change in fees last year
A rise of more than 25% in a year is marked "worth watching" on the association page. It can be justified (a repair, a loan), but ask the seller what is behind it.
7. Read the board's report and ask for the budget
The management report lists completed and planned works and problems (e.g. dry rot). Also ask the seller for the current budget and the latest general meeting decisions.