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  #41  
Old 27.10.2006, 08:53
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Re: flat fitting

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Presuming? that we are allowed to buy the appartment in joint names (if not we will do it in his and I guess leave it to me in a will), it is a new appartment and we have to chose the inside bit, which from London seems daunting although I am assured that there are companies that assist you with this. Can anyone recommend one such company? or do they have any experience of this type of thing? Thanks.
In the German-speaking region, they will define the apartment as likely being xxxxxxx francs "Schlüssel-fertig" - ie. ready to move in. So if you specify nothing, you will get the basics that have been preselected (even though they have not at this time, only a budget for each part is set aside).

It's a lot of fun choosing this stuff and do remember (or be aware) that the company developing the property will have SPECIFIC dealers and service providers for you to use.

Using someone else might incur a penalty as they will have agreed discounts for the whole project but if you find something else available somewhere else, as that preferred supplier to get it - because if they can't, you can leverage this against them and not loose 15% or whatever they try to take off you. We managed this with our kitchen (sourced in Italy as it happens).
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  #42  
Old 27.10.2006, 09:25
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Re: What to look for when buying a house in Switzerland

Also if items are on the spec list and you don't want them you get them credited. For example washing machine and drier combo. This we found does not always mean the latest model and you you may consider buying these direct after moving in. The same with things like a wood-burning stove...
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  #43  
Old 27.10.2006, 10:04
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Re: What to look for when buying a house in Switzerland

Hi,
we are also looking to buy when we move over and I have used Comparis fairly often. You really do have to shop around a bit . We initially wanted to live in the grandvaux region outside lausanne however prices here are pretty astronomical. If prepared to move further out of Lausanne prices are actually not too bad. Looking to perhaps build and/or restore and have found several old farms and houses in the region at reasonable prices. eg just outside vevey CHF 300,000. Going over to canton of fribourg even better deals and just visited a friend who has just built a beautiful chalet near Chatel St denis next to a small ski resort. land was only 90 CHF/m2, now 100CHFm2 and only 15 mins from vevey where she works. Lots of building going on here, mostly by Swiss.
When taking out a mortgage quite often two different parts to the mortgage (depending on the amount of deposit you put down), one part you pay off in a certain no. of years the other part may never be paid off, and many swiss do this as it is advantageous to keep it, you can deduct it against taxes.
Joan
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  #44  
Old 27.10.2006, 10:14
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Re: What to look for when buying a house in Switzerland

You'll pay CHF900 -1200/ square metre for building land in/near Zurich CHF400 - 600 further out.
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  #45  
Old 27.10.2006, 10:16
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Re: What to look for when buying a house in Switzerland

Has anyone actually bought a place, or have you all had one built?
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  #46  
Old 27.10.2006, 10:33
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Re: What to look for when buying a house in Switzerland

with regards to mortgages - each mortgage must have the interest paid every three months and you must pay off at least 1% of the value of the house every year.

Mortgages ...... where to start? I have 4.

One is a Libor mortgage and is running under 2% right now (started at 0.62%) - and interest rates are calculated 4 times a year.

I think I have two 8-year and one 10-year fixed-rate mortgages (highest 2.5%). 10 years seems to be the longest duration you can get.

You do have a balance on your tax return of interest -vs- rentable value - this is why most don't completely pay-off their mortgage as they will have greater exposure to tax.
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  #47  
Old 13.12.2006, 17:27
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Re: What to look for when buying a house in Switzerland

Thanks for all the information in this thread. I have been interested in buying for awhile, but a couple of factors have stopped me until this point.

I have a question for richard, if you are still obliging (hope you are fine by the way!). Im english and the english idea of buying a house is normally that you get something like a 25 year mortgage and once you have done that, you own the place completely. no mortgage, no rent, its yours, well done.

It seems like the swiss way of doing it is different. More than one mortgage? And then you dont pay off the whole house? So in 40 years i still have a mortgage and only own a percentage of my house? I must admit i prefer the idea of paying off the house.

Would you be able to explain about this in very much laymans terms, how you see the pros and cons, and what is the best course of action? Lets say, on an apartment costing chf 1m ???

krlock3
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  #48  
Old 13.12.2006, 17:36
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Re: What to look for when buying a house in Switzerland

the swiss like to pass on their house (debt) to their kids
tax-wise it's a disadvantage to completely own your own house.
the longest mortgage you'll get is I think 10 years.
you have to pay off 1% of the capital (minimum) per annum.
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  #49  
Old 13.12.2006, 17:48
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Re: What to look for when buying a house in Switzerland

thank you lob rockster, but i dont think that covers the information that i am asking for, on this occasion. I wouldnt mind to get an answer from richard on this.

Got your xbox 360 yet or still just the modded original... would look great on your beamer you know!

krlock3
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  #50  
Old 13.12.2006, 18:05
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Re: What to look for when buying a house in Switzerland

I could not really figure out your question
You want to buy (for example) an apartment of SFr1million value?

It would depend on your capital as deposit, whether it's a new-build and so-on. It also depends upon what products you wish to take for a mortgage - fixed, libor, portfolio etc.

I'd split it 2/3 ways for an existing property and 3/4 ways for a new-build (so anywhere between 2 and 4 mortgages over a period of time).
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  #51  
Old 13.12.2006, 18:22
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Re: What to look for when buying a house in Switzerland

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<snip> Im English and the English idea of buying a house is normally that you get something like a 25 year mortgage and once you have done that, you own the place completely. no mortgage, no rent, its yours, well done.
At present there is actually a disadvantage in paying off a mortgage, as the interest payments tax deductible and the estimated rentable advantage of owning a house is added to you income as Eigenmietwert on your tax declaration. Though clearly to have no payments is better than making tax-deductible ones.

Over the next 10 years or so Engenmietwert is to be phased out, but with it tax relief on mortgages.

Quote:
It seems like the swiss way of doing it is different. More than one mortgage? And then you dont pay off the whole house? So in 40 years i still have a mortgage and only own a percentage of my house? I must admit i prefer the idea of paying off the house.
Generally people have two mortgages financing a purchase as follows:
1) 20% of your own dish - could be a pension policy as mentioned above
2) 60% 1st mortgage where the capital is not paid back - just the interest.
3) 20% 2nd mortgage where you pay back the capital and the interest.

I think those are the figures (unless you're Lob of course).

In a country where 80% of the population pay rent (which generally goes up) until the day they die, paying a fixed rate low-interest mortgage paying the interest only seem a good deal. Of course, you can pay off your mortage as and when the capital falls in your lap, but with traditionally low interest rates paying back is not that painful.

Quote:
Would you be able to explain about this in very much laymans terms, how you see the pros and cons, and what is the best course of action? Lets say, on an apartment costing chef M ???
Sorry, I'm not Richard, but hopefully this is understandable.

So for CHF1million, you'll need CHf200,000 of your own. If you are a UK home owner, such a figure (£80,000) should be easy with recent property price rises there. CHF600,000 is the interest only mortgage. At 3.7% that's CHF1850 a month then CHF200,000 at a similar rate and paying back the 200,000 over say 20 years.

Of course if you can put 40% down you only need the 1st mortgage. I suggest you check out some Swiss Bank websites for mortgage calculators. There are also many options - as in the UK - with mortgages...
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  #52  
Old 13.12.2006, 18:32
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Re: What to look for when buying a house in Switzerland

you have to amortise 1% per annum
taking different products allows you to balance risk and interest rate
on a new-build, you pay typically for the land, the beginning of the build, the point at which the roof goes on and when it's ready. So potentially you can have 4 chunks to pay out - and depending upon your "deposit", you might need (or want) up to 4 mortgages (again, depending on timescales, products chosen, etc)
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  #53  
Old 13.12.2006, 18:41
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Re: What to look for when buying a house in Switzerland

Can't property be cheaper? I want to own a property but the prices just scare me! You think CHF500k will get me a decent house or flat in Zurich area
(4 rooms)?
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  #54  
Old 13.12.2006, 18:43
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Re: What to look for when buying a house in Switzerland

No and No.
dave

Quote:
Can't property be cheaper? I want to own a property but the prices just scare me! You think CHF500k will get me a decent house or flat in Zurich area
(4 rooms)?
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  #55  
Old 13.12.2006, 18:46
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Re: What to look for when buying a house in Switzerland

Do a search on homegate.ch on such a price range and Zürich. I don't think "decent" will be a word that jumps out of your mouth

dave


Quote:
Can't property be cheaper? I want to own a property but the prices just scare me! You think CHF500k will get me a decent house or flat in Zurich area
(4 rooms)?
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  #56  
Old 13.12.2006, 18:55
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Re: What to look for when buying a house in Switzerland

Quote:
Do a search on homegate.ch on such a price range and Zürich. I don't think "decent" will be a word that jumps out of your mouth

dave
Yeah I did. I used to spend lot of time on their site I gave up. Maybe in 2..3...10...50years time I will think seriously. So Dave how much do you think would be needed for Zurich area in your experience? 1mill?
500k cash + Zurich outskirts = no chance??????
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  #57  
Old 13.12.2006, 19:01
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Re: What to look for when buying a house in Switzerland

Quote:
Can't property be cheaper? I want to own a property but the prices just scare me! You think CHF500k will get me a decent house or flat in Zurich area
(4 rooms)?
Or try moving out of Zurich, you'll get a lot more for your money. it'll have to be a long way though.
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  #58  
Old 13.12.2006, 19:04
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Re: What to look for when buying a house in Switzerland

Quote:
Can't property be cheaper? I want to own a property but the prices just scare me! You think CHF500k will get me a decent house or flat in Zurich area
(4 rooms)?
What would you expect to pay for a 3 bedroom house in London?

3 bed semis without garage in Ealing - the Middle of suburbia. Expect to pay £450,000 - that's CHF 1 million

http://www.foxtons.co.uk/search?sear...sc&per_page=10

Posher areas are more...
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  #59  
Old 13.12.2006, 19:13
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Re: What to look for when buying a house in Switzerland

Oh please don't use Foxtons for anything other than as a target of derision.

Try http://www.houseprices.co.uk/. Its quite fun. You can find out how much your neighbours bought and sold their house for...

dave

PS: I lived in Ealing for a while. Its a long tube to central London. In terms of commute it would be like living in Rapperswil without the mugging. In Ealing these rappers will.



Quote:
What would you expect to pay for a 3 bedroom house in London?

3 bed semis without garage in Ealing - the Middle of suburbia. Expect to pay £450,000 - that's CHF 1 million

http://www.foxtons.co.uk/search?sear...sc&per_page=10

Posher areas are more...
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  #60  
Old 13.12.2006, 19:19
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Re: What to look for when buying a house in Switzerland

No wonder majority don't buy here!
AbFab I understand that house for 500k is almost impossible but what about a flat?

http://www.homegate.ch/homegate/deta...CURRENT_PAGE=1

http://www.homegate.ch/homegate/deta...CURRENT_PAGE=1

http://www.homegate.ch/homegate/deta...CURRENT_PAGE=1

Just realized that those are not even in Zurich plus not that good!

For someone who is not planing to have kids would you say it's pointless buying property?
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