Building renovation funds when selling an apartment

We are considering selling our apartment due to an upcoming move. Over the last 15 years we have contributed towards the building’s renovation fund and have paid wealth tax on our share of the fund. Can we withdraw our share of the asset in the fund (and the interest earned) when we sell the apartment? We expect to make a loss on the flat because it is not newly renovated and getting our contributions back from the fund would help cover the loss.

Unfortunately, you cannot withdraw the contributions you have paid into the fund. A building renovation fund is “attached” to a building, so to speak, and must remain intact until it is used to renovate the building.

However, because the person buying your apartment will benefit from the renovation fund, you have every right to add a sum equal to your apartment’s share of the fund to the apartment’s price tag. It is also important that you make prospective buyers aware of the renovation assets attached to the apartment.

If including reimbursement of fund assets in the purchase price is not ideal (for mortgage purposes, for example), you can make another arrangement by which the apartment’s future owner can reimburse you.