I. Introduction – An overview:
Búseti is a co-operative building association which is owned by its members. Our aim is to make housing available to our members, to manage housing and to offer our members good quality housing.
Two types of housing are available:
* A normal renting contract where the tenant pays a deposit (value of three months rent). Advertised monthly fee includes almost all housing cost except private electricity usage and private insurance. The tenant can get a lease subsidy from the city.* Membership not obligation.
* Co-operative apartments where the buyer pays for a share that usually amounts to 10-30% of the house price, usually in the range of 2-10 million kr. The owner gets an interest relief (subsidy) from the state or lease subsidy from the city.* Advertised monthly fee includes almost all housing cost but can changed if cost changes. Membership is obligation.
Monthly rent changes according to the inflation index and does not include electricity or insurance. *According to state and city rules.
More information available by phoning to or visiting the office. Rules, resolution and law can change and that will/can change members right and duty.
II. Rental apartments - How does it work and how to apply?
- Whenever an apartment is available it is advertised on the www.buseti.is and free for everyone to apply for.
- Register for an email notice (póstlisti) to be notified whenever an apartment becomes available.
- We then check for credit history and sometimes ask for recommendations.
FAQ - Before you apply for a rental apartment
Deposit or prepaid lease?
- Tenant pays a deposit (total value of three months rent).
- Rent is always paid in advance for the coming month, due the 1st of each month with a deadline 7thof each month. An invoice is send electronically too your private bank. One can ask for a printed invoice to be send home for an extra charge.
- If rent is not paid on time it will automatically go to a collector with additional cost, usually 10 days after the deadline date. If nothing is done, failure to pay will trigger rescission and legal cost for the tenant in the beginning of coming month.
- What is included in the rent?
- All housing cost is included except private electricity usage and private insurance (for burglary, water and fire for private items and furniture).
- Some apartments include a microwave oven, dishwasher, washing machine, dryer and a refrigerator that come free with the rent but are not guarantied if they break down. The tenant is free to have them repaired at own cost and continue to us them or ask us to remove them. Stove and fan is guarantied if it breaks down due to normal use.
- Contract time span – duration?
- The contract is in the beginning dated as a 6 months mutual trial period that automatically changes to a contract without an end date (termination date). It is only if the tenant does not pay the rent and causes disturbance that the lease is terminated. Mutual notice is 6 months according to Icelandic law.
- Can I view the apartment?
At our website you can see information about each flat whether the keys are at the office or you might have to make an appointment with the current tenant.
Receiving and returning apartment
- When you receive an apartment, the general rule is that everything should be in order, newly painted walls, ceilings and windows, floors clean and polished and all interior (doors, kitchens cupboards, stove etc.) in order and working properly and in proper condition considering the age and normal wear.
- You have a 30 days notice to complain because of things/items that you think should be better or are broken.
- When the apartment is returned the condition has to be the same as when received, take into account what is reasonable wear. Things that are broken have to be repaired. The tenant accepts own responsibility for hand shower and toilet seat but these items should be in order in the beginning. Cleaning, paintwork, floor work and eventually damages to the apartment or interior will be minuses the repaid deposit.
III. Co-operative apartments - How does it work and how to apply?
- Become a member, annual fee kr. 5,500,-. You will get a membership number related to the time you join.
- All available apartments are advertised from first Monday every month for a week in the newspaper Fréttablaðið and on www.buseti.is Every member can apply for apartments financed by the state with „almenn lán“ (general mortgage) but only “low income” members* can apply for flats financed by the state with „lán með tekjumarki“ (low income mortgage).
- An interested buyer has to name his price (make a bid) within an advertised price range and the seller has the choice to refuse, make a counteroffer or accept. If more than one member applies for a certain apartment, the general rule is that highest bidder with the lowest membership number is offered the apartment
- If an apartment isn’t sold the first time it is advertised everyone can apply for it (first come-first get). Still, you always have to make an offer for the apartment.
- Generally you will have a week to make payment and finish contract.
- When you receive an apartment the general rule is that everything should be in order, newly painted walls, ceilings and windows, floors clean and polished and all interior (doors, kitchens cupboards, stove etc.) in order and working properly and in proper condition considering the age.
- You have 30 days notice to complain because og things/items that you think should be better or are broken.
- When the apartment is returned the condition has to be the same as when receive according to rules, take into account what is reasonable wear. Things that are broken have to be repaired.
An owner of co-operative apartment is somewhat looked at, and has a legal status, more like a private owner. He has a contract that the organisation can not end and he receives a tax subsidy like a private house owner. He can therefore live there as long as he likes, as long as he pays his monthly cost and does not break the house rules or organisations rules. Like an owner, he has also more obligations than a tenant in normal rental apartment.