If you are buying a home, the home may be part of an Owners' Association (VvE). VvE's are required to save for maintenance in the reserve fund. As a homebuyer, it is nice if the VvE has a MJOP.
What is an MJOP?
The maintenance for the coming years is estimated and budgeted. This can determine how much should be saved, in the reserve fund, for maintenance. This saving happens with the mandatory monthly contribution by all members. If the apartment owners association (VvE) does not have an MJOP, the government stipulates that the VvE must annually reserve at least 0.5% of the reinstatement value of the building and save for the reserve fund.
What does an MJOP contain?
An MJOP contains an overview of the buildings, grounds, and installations. For each component, you will find a schedule of when maintenance is needed for the coming years, including a cost budget. This includes maintenance of, for example, common areas such as an entrance or courtyard and building parts such as the roof, but sometimes also all window frames.
What is the use of an MJOP as a buyer?
An MJOP is not mandatory for an association, but it is recommended. With an MJOP, you also get insight into the estimated costs and know whether there is already a pot of money reserved in the reserve fund.
Unexpected costs
As a buyer, you could agree on the purchase price but then find out that the property needs much maintenance while the reserve fund has insufficient funds to finance the maintenance. There is then a budget deficit which sometimes has to be supplemented by the VvE members with an extra financial contribution to the reserve fund. This way, you can unexpectedly face a significant extra expense after buying a property!
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When you sign a purchase agreement, you gain a legal cooling-off period — in Dutch: bedenktijd. It gives you time to reflect on your decision and move forward consciously.
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The list of items is a comprehensive list of items in and around the house, indicating whether, after the sale, anything will remain in the house, go with the sellers, or can be taken over by you.
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Walter Living is registered in The Netherlands with the address Walter Tech, B.V. Singel 542, 1017AZ, Amsterdam. Our Chamber of Commerce number is 73708585 and our tax ID is NL859636033B01.
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