Are you planning to buy a property soon? Then you may already have the perfect picture in mind and you know exactly what you are looking for. But it is also possible that you still have doubts. Are you going for an apartment as planned, or is a single-family home perhaps better for you? To help you make the decision, in this article we list a few important benefits of an apartment.

Often lower asking price

One of the things that play an important role in buying a home is of course the finances. How much money can you spend on your new home? If you look in one specific area, you often see that an apartment there is cheaper than a house. It is then easier to arrange a mortgage for this. But this is not always the case, because location also plays an important role. A condo in the center can be considerably more expensive than a detached house in the countryside. Because these cities are quite full, people often search in places around these cities. They see that you can buy an entire house there for the same price as an apartment/condo in the city. 

Your maximum mortgage

Have you spotted a condo? Then your maximum mortgage ultimately determines whether it is actually feasible or not. But how is your maximum mortgage actually calculated? How much you can borrow depends on all sorts of things, such as the mortgage interest, your income and any loans. In addition, the 'loan to value' is looked at the ratio between the mortgage and the home value.

Lower heating costs

An apartment or a condo generally have a smaller living space than a single-family home. This means that less energy is needed to keep this room warm. And that saves on heating costs. But of course even more, factors play a role here. An old condo from the 70s is probably much less insulated than a newly completed condo/apartment. Therefore, take a good look at the energy label of the home that you have in mind.

Shared maintenance costs

When you buy a condo, you own a part of a building. You will automatically become a member of the community of this complex. An advantage of an apartment is that you share the maintenance costs with the other residents. Keep in mind the monthly service costs that you have to pay for this. These are in addition to the monthly charges you have for your mortgage. Therefore, check carefully how this relates to the community of your dream apartment so that you will not be faced with unpleasant surprises later on.

Other benefits

We have already zoomed in on a number of benefits of an apartment, but there are even more. A condo is usually not on the ground floor, which is practical so you get a better view of the city. But if you have difficulty walking, in such a case it is also useful if there is a lift, which is the case with many modern complexes. That is really nice for everyone! Dragging an overflowing shopping bag up is not fun for anyone. Furthermore, facilities such as schools or shops are often close by. In addition, you usually pay less property tax, which saves again.

Balancing the benefits against the disadvantages

As you read, an apartment or a condo can have several advantages. When choosing your home, weigh the benefits against the disadvantages. For example, with smaller living space you might have less heating costs, but you also have less room in the house for all your things. Does this fit in with your future plans? And you can share the maintenance costs with the other residents, but you have to take into account that you do not make maintenance decisions yourself. You do this together with all residents. And the costs are also somewhat higher than with a house. Also, think about how important outdoor space is to you. Not every apartment has a balcony and a few have a garden.

Are you going to view an apartment soon and do you want to be sure that it meets all your requirements? Then take this handy checklist with you.

You don't need to visit real estate agents every time with the same repeated question "is there any property for sale within my budget?" Calling in a local real estate office for the rental of your home may not be considered as the holy grail! Select a reliable local partner with the necessary references and track record. There are many online websites where you can easily find condos for sale in your preferred city/area. There you can find updated property listings and expert agents to help you find your dream home accordingly. Same rules apply to purchase a second home abroad. For example, if you are looking for condos in Toronto; you can easily filter condos for sale in Toronto on websites for example; Zillow.com, Trulia.com, Homes.com. If you have found a property that you want to buy, you can start negotiating the price and bid on the property.