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Old 07.01.2010, 16:46
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Re: Step by step guide for apartment buying


1- do your homework, before taking a decision
- how much is your deposit for the loan? It should be greater or equal to 20% of the total mortgage in Switzerland. What is your borrowing capacity?
- meet with your banker or mortgage company ( can help) but Banque Migros seems to be the cheapest
- check the taxes in your canton (income taxes, housing, environmental) and the place you wish to live.......
- check the constraints in terms of schools, transport,s parking, shops, ....
- pre-negotiate a loan with the banker, JUST BE CAREFUL, if the bank refuses to lend the money (and you have applied on the internet), a second application with the same banker might be refused as well, as they kept the record of the first one. When applying, just make sure you understood the type of loan (fixed, or whatever) and that they cannot refuse it.
- check all costs involved including transactions fees, property transfer and title deed, and taxes.
- plan for extra money in the mortgage if repairs/improvements are needed. Get quotations rapidly (a nightmare) and check with any constraints.... Remember that converting a patio into a bedroom might take 12 to 24 months for the autorisation by municipal / cantonal authorities to be released.

2- scout for a flat (I believe you have done that)
- make sure that you understand CLEARLY the rules of the block: no washing on Sundays, no pets, no this, no that.... Ask them in writing before.
- make sure you understand clearly the LIABILITIES: communal charges, disturbances, (try to visit during a normal week day)
- check the environment ( an agent tried to sale a house next to an Asbestos factory: yes in Switzerland)
- make sure all certificates are cleared: electricity network, cable, gas installation fioul tank, hearting system, lead tests, ... and properly documented. You want them all cleared before you sign. If not done, you will NOT be able to transfer property title.

3- sign a deal

4- Pay

5- Move in
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