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Perfect for All Lifestyles: Find Your Ideal Apartment, from Studios to Spacious Family Homes.

Buying an apartment in Switzerland is very popular. Although it sounds easy to “just” buy an apartment, it actually isn’t. You can read about what you should know before buying an apartment and what you need to bear in mind in our 5 tips.

1. Acquire home ownership affordably

Becoming a property owner is right at the top of many Swiss people’s lists. Many start “small” by buying an apartment as this is usually cheaper than buying a detached house. Like buying a house, the rule is that at least 20% equity capital must be provided to finance your own home. At newhome.ch, you will find a link to the initial calculation of possible financing in the property details for each apartment or house that is available to buy. This gives you a rough idea, but is no substitute for a quick trip to the bank so that you can get a clear idea of what’s possible. You are well advised to make an appointment with the bank of your choice, to familiarise yourself with the different types of mortgage and to define your financial framework even before searching for an apartment to buy. As preparation, it’s best to read our articles under “Mortgages” in our advisory area, especially Dream home found: how can I finance it?

Once the possible purchase price has been clarified, consider other criteria that the apartment you buy should fulfil. These include the size (living area in m2), number of rooms, location (urban or rural), construction year and amenities, balcony or garden.

2. Condominium ownership – What it means for you and your neighbourhood

Those who buy an apartment in an apartment building will become a condominium owner. Condominium ownership is a kind of co-ownership whereby you acquire the sole right of use to your owner-occupied apartment and parts of the plot and building. In contrast to the sole ownership of a detached house, the latter can be interpreted as positive if maintenance and upkeep costs for the plot and building are divided between condominium owners. The budget for such expenses, the extent of renovations and changes to the house rules are coordinated at the annual condominium owners’ meeting. The extent of your voting share is determined right at the beginning of the condominium declaration. (Types of home: how to find your dream home)

3. Your rights and obligations as a condominium owner

Anyone who thought that home ownership would bring with it a large amount of freedom that isn’t available when renting an apartment or house often experience a rude awakening when they become a condominium owner. In general, as a condominium owner, you are free to use and manage the apartment that you have purchased. You also have the right to use the communal areas such as the cellar, lift, bicycle room, playgrounds, etc. One negative aspect of condominium ownership can be when repairs need to be made to communal property and there is no renovation fund available or it is insufficient. In this case, you, as the new co-owner, need to put in further capital that your predecessor would actually have been obliged to pay. So, keep your eyes open when it comes to condominium ownership: Condominium and what you should know before you decide to buy.

4. Gain information before purchasing the apartment

You have viewed your dream apartment and would ideally move in tomorrow. As wonderful as the thought may be, pay attention to the “small print”. You are well advised to ask to see not only the condominium declaration with the partition plans, but also the usage and management regulations, the latest minutes on decisions made at the condominium owners’ meetings and previous utility and service charge statements when you express an interest in purchasing. Also find out whether there is a renovation fund into which the apartment owners regularly pay, which covers the necessary repairs to communal property.

5. Make the right choice

Condominium ownership is not for everyone. As part of a community, a certain amount of respect, consideration, care and tolerance is expected from you. Take a look at the surrounding area during your viewing and ask about life in the neighbourhood. If you tend to be an individualist and want complete freedom, you should carefully consider whether you want to purchase an apartment. Perhaps you will then realise that buying a house is a better option for you. At newhome.ch, we also offer you a wide selection of detached houses to buy. You can find more information about buying a property in our advisory area.

We wish you every success!