How can I obtain a cooperative apartment?
STEP 1: Non-binding reservation
If you are interested in a specific cooperative apartment, you can request a non-binding reservation through the cooperative. This reservation is valid for a limited time, during which you can cancel it without any penalties.
STEP 2: Reservation contract
You will sign a reservation contract for the selected apartment and pay a reservation fee within the specified period after signing. This fee will later be credited toward your membership contribution.
STEP 3: Payment of the minimum share in the cooperative
Within the specified period after receiving the notice, you will pay the minimum share in the housing cooperative. This is typically at least 20% of the apartment's value (including parking spaces and accessories, if applicable), minus the reservation fee. Clients can choose to pay a higher amount, which will reduce the subsequent monthly payments.
STEP 4: Submitting the application and acceptance into the cooperative
You will submit an application to join the cooperative and pay a one-time administrative fee. Due to processing times, acceptance into the cooperative may take some time.* Once your application is approved, you will receive written confirmation of your membership and the allocation of the selected apartment (or non-residential space, garage, or storage unit).
STEP 5: Signing the lease agreement
The cooperative will sign a lease agreement with you for the selected apartment. As a member, you will pay predetermined monthly payments, which the cooperative uses to repay the loan and cover management, building maintenance, and utility costs. Once the full price of the apartment is paid off, you can request to transfer the apartment to your personal ownership.
*Each application will be individually assessed, and YIT, as the founding member, reserves the right to reject any application.
Who owns the building?
The cooperative owns the building and the land.
Who owns the apartment?
The cooperative owns the apartment until it is transferred to personal ownership. Until then, the cooperative member is a tenant, not an owner.
Can I secure a new home without debt or proving my income?
Yes, because the loan is taken by the cooperative, not the individual members. Members are not personally indebted and do not need to prove their income to a bank. They only pay monthly contributions to the cooperative, which are primarily used to repay the cooperative's loan.
Who is the borrower?
The cooperative takes out the loan for the construction or purchase of the entire building. The loan is associated with the apartment, not the individual. If you decide to move, you can sell your cooperative share to someone else.
How much money do I need to secure a new home?
You only need to pay at least 20% of the apartment's value to secure membership in the cooperative and the right to sign a lease for the apartment. The remaining amount is paid through monthly installments (rent). Once fully paid, you can take ownership of the apartment.
What is the amount of the monthly payments?
Monthly payments remain stable throughout the repayment period, unlike market rent, which may increase. Payments are based on the price of the apartment, minus the initial membership contribution (typically 80% of the total price), and are spread over the cooperative loan term, usually 35–40 years.
What is the reservation fee?
The reservation fee is €20,000.
What if I am a retiree and cannot wait 35+ years to pay off the loan?
That’s not an issue; you can transfer your cooperative share to someone else at any time.
What are the total monthly housing costs in a cooperative apartment?
In addition to loan repayments, monthly costs include standard expenses for utilities, services, and cooperative fees.
Can I own the apartment personally?
Yes, after paying the full membership contribution, either at the end of the payment term or by paying it off early.
Do I have a priority right to purchase the apartment I am leasing?
Yes.
Can I sell my cooperative share?
Yes.
Can a cooperative apartment be inherited?
Yes, the cooperative share is inheritable. People often expect cooperative apartments to be passed down and continue being paid off by heirs.
Can I make renovations in a cooperative apartment?
Yes, but renovations or reconstructions require the cooperative’s approval.
What are my obligations upon joining the cooperative?
You need to pay at least 20% of the selected apartment's price. Higher contributions are also possible. After the building is approved for occupancy, you will start making contractual monthly payments until 100% of the share and the cooperative loan are repaid.
What are my obligations as a cooperative member?
The main obligation is to make regular monthly payments.
Do I need to pay the minimum membership fee from personal funds?
The fee can be paid using personal savings, building savings, a construction loan, or other financial products. We are happy to advise you on the best option.
What if I don’t have the full 20% saved?
We can assist you in securing the initial contribution through options like a construction savings loan or other financing methods.
Can I repay the cooperative loan early?
You are not the borrower; the cooperative is. However, you can pay off the amount corresponding to your apartment early if you wish to take ownership.
Can I make an extraordinary payment to reduce my membership share balance?
Yes, but only after the first fixed period (typically five years).
What happens if I cannot pay the monthly contribution?
Contact the cooperative to discuss options. You can always sell your cooperative share to a third party.
What happens to the interest rate after the fixed period ends?
The interest rate is adjusted by the bank, similar to a mortgage.
When and how can I leave the cooperative?
The most advantageous option is transferring your membership rights and obligations to a new member, who gains the right to the apartment and takes over payment obligations.
Can I be excluded from the cooperative?
Yes, if a member fails to meet their obligations, they may be excluded. In such cases, their membership ends, and they are entitled to a settlement share.
Can I sublet a cooperative apartment?
Yes, as a member, you may sublet the apartment, but the cooperative must be informed.
Can a cooperative apartment be jointly owned?
Yes, the cooperative share can be part of a marital property (joint ownership).
