The Annual General Meeting is coming up. What to expect?

Almost all housing companies will have a general meeting at some point in the spring. All too often, attendance at company meetings is far too low. Although in a way it is to some extent a bun, ignoring it is relatively stupid. Because a general meeting has a quorum when it has been duly convened and at least one shareholder is present. One. However, the Annual General Meeting deals with quite important matters, such as

  • financial statements
  • activity report
  • auditor’s report
  • activity audit report

In addition, reports on maintenance needs and plans for the next five years and on maintenance and alteration work carried out in the last financial year must be submitted.

At the Annual General Meeting, decisions are taken on matters that are legally incumbent on it, such as.

  • adopt the financial statements
  • decide on the discharge to be granted to the Board of Directors
  • elect the board of directors
  • decide on the amount of the contributions

Quite important things. So important that you would think every shareholder would be interested in them.

So what can we expect from this spring’s AGMs? Not necessarily the most exhilarating things.

Everyone has noticed that the cost of living has risen quite rapidly in recent times. Housing companies are not immune to this development, as can be seen, for example, from the development of the cost index of real estate management for apartment buildings produced by Statistics Finland:

It is very difficult to see how such a development would not put clear upward pressure on the cost of care. If the company has a loan, you should also be prepared for an increase in the cost of servicing it.

So what does all this mean for the home buyer? In addition to being aware of the prevailing circumstances, it is also a good idea to ask the seller or estate agent for the minutes of a recent AGM, in addition to the normal documents for the previous financial year. This is not typically provided with the documentation, but in the current situation it is well justified to ask for it. Because that’s when you get the latest information on which direction.

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Forced to bang your brains out, ...

…because we have a history of delivering ordered services quickly, often talking about hours. We understand that the pressure to buy once you find the home of your dreams is intense, which is why we promise delivery within 24 hours of your order. At the latest. This way, you don’t have to hold your breath in your shopping pants for an unnecessarily long time.

One report

There are quite a lot of different documents involved in a housing transaction, ranging from a sales brochure to a floor plan to an audit report. All are necessary for the evaluation, but it is still possible to summarise the essentials in plain language in a single report. Good riddance to the legalese and welcome the core facts with one (1) single report!

Trade documents

Even if the deed of sale of a residential property is a free-form deed, it should still contain all the essential information. We will check that this is the case. We will also check all the annexes that go on the side of the deed, i.e. the entire bundle of documents. You can then breathe a little easier as you sign the deed to your new home.

Negotiated bidding

We are here to help you negotiate your offer. We tell you what to look out for, what to ask the seller/agent and how to interpret the answers. And what conclusions can be drawn from the situation

Making a takeover bid

There is more to a takeover bid than just the price offered. We will help you to identify critical issues and check that all the agreed issues are properly recorded in the offer. And only the agreed things. So that you can sign it with confidence.

Sales price

And by that we mean the final price. We also take into account any company debt and the plot share. We compare the price to other comparable realised transaction prices in the area, not to asking prices. Apartments are always individual, and their equipment and condition vary greatly. However, we will find out if the price area is reasonable and acceptable.

Level of care

We estimate the level of the management fee charged by the company compared to other comparable housing companies in the area. We also look at whether the level has been right for the costs and whether there are clear upward pressures.

Zoning of the area

We’ll find out if there are any zoning changes afoot, or if that sea view you bought at great cost is about to disappear behind a new tower block in a year’s time. Or whether there are some less radical things happening around the place you are considering.

Management of the housing company

We look at how the management of the company has performed, including both the management and the board. Has the management been concerned only with making savings at every point or with keeping the company in good shape and maintaining or even increasing its value? 

Future renovation projects

We assess what kind of renovation projects are expected in the near future and the timeframe in which they can be expected to take place.  We might also throw in some guesses as to the expected costs!

Repair history

We look at when and what measures have been taken in the company and mirror them against the technical lifetime of each item. For example, we use the definitions of the Finnish Building Information Foundation RTS and the Central Association of Plumbing and Heating. This allows us to estimate whether the company has a repair debt.

Housing company finances

We carefully read through the company’s balance sheet and annual report, calculate the company’s indebtedness, liquidity and assess the overall financial situation. We compile our findings into a plain-language report that gives you an overview of the company’s situation.