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Various types of work can be done in a condominium, but innovative work stands out as interventions that surpass basic maintenance. These initiatives aim to introduce significant improvements by modifying common areas to enhance the living space. Innovative projects are optional and designed to improve common areas for the collective benefit. They provide additional advantages, such as increased comfort, safety, or improved functionality of the building.
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What are innovation works?
Among all the potential type of work that can be done in a condominium, innovative work stands out because they go beyond simple maintenance tasks. These projects aim to enhance and modernize the common spaces of the condominium, thereby improving the overall living environment. Innovation projects are optional and intended to benefit the collective interest by improving common areas. When implemented, they offer condominium owners greater comfort, safety, and functionality within the building.
Among others, the following are considered works of innovation:
- Installation of a new elevator
- Installation of solar panels
- Installation of access ramps and lifting platforms for people with reduced mobility
- Installation of charging stations for electric cars
- Installation of a central air conditioning system
- Conversion of garages into stores
- Elevating a roof
- Painting the facade a different color
- Installation of new security cameras
- Installation of a fire place
How does approval and financing work?
To ensure the collective interest of the condominium, approval must be obtained from a majority representing two-thirds of the total value of the building at a meeting of condominium owners. Once the project is approved, the next step is financing. Costs are typically divided among the condominium owners in proportion to the value of their individual units. Additionally, an extraordinary fee may be established to fund these improvements.
It is important to note that, unlike conservation work, the Common Reserve Fund is not always utilized for innovative projects. The use of this fund may vary depending on legislation or condominium statutes. In cases of innovative works, it is common to resort to a specific extraordinary fee for financing, which is paid according to the value of each owner’s share of the property.
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Conclusion
Innovation works are a strategic approach to improving and enhancing a building, offering tangible benefits for all condominium owners. These projects can range from installing new elevators and solar panels to implementing access ramps and charging stations for electric cars. By undertaking such improvements, the overall quality of life within the condominium is significantly elevated.
However, it is crucial to follow appropriate approval and financing procedures to ensure that the decisions made are fair and aimed at the collective interest. Approval typically requires a majority vote representing two-thirds of the building’s total value, ensuring that a significant portion of the community supports the proposed innovations. Once approved, the next step is to secure financing, usually by dividing costs among the owners in proportion to the value of their individual units. This equitable distribution ensures that all owners contribute fairly to the enhancements.
These improvements not only increase the value of the buildings but also make them more comfortable, attractive, sustainable, and safer for all residents. Enhanced common areas, modern amenities, and improved infrastructure contribute to a higher quality of living and a greater sense of community. By investing in innovation works, condominium owners can enjoy a more valuable and enjoyable living environment, reflecting a collective commitment to progress and modernity.
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