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Old 29.01.2013, 15:59
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Advice on Renting Out the apartment I own

I'm considering....

Moving out of the apartment I have owned for the past 2 years in Basel Land
I'd be living somewhere else in BL
Rather than sell my place, I'm thinking of renting it out 'permanently' (or at least, for a long time)

I have checked with the Bank and they have no objection (or fees)

Does anyone have concrete information on the following:

What are the tax implications ?
What are the pros / cons of letting through an agency ?
How much would an agency cost ?
Are there any other legal/financial considerations ?
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Old 29.01.2013, 16:19
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I'm considering....

Moving out of the apartment I have owned for the past 2 years in Basel Land
I'd be living somewhere else in BL
Rather than sell my place, I'm thinking of renting it out 'permanently' (or at least, for a long time)

I have checked with the Bank and they have no objection (or fees)

Does anyone have concrete information on the following:

What are the tax implications ?
What are the pros / cons of letting through an agency ?
How much would an agency cost ?
Are there any other legal/financial considerations ?
Did you use any of your pension fund to make the purchase? If so you have to return the money if it ceases to be your main home regardless of renting it out or not.
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  #3  
Old 29.01.2013, 21:58
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Re: Advice on Renting Out the apartment I own

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Did you use any of your pension fund to make the purchase? If so you have to return the money if it ceases to be your main home regardless of renting it out or not.

I did.. and that's a bombshell.

I have to return it because it's the law.. or because the mortgage lender would normally demand it ?

I'd really appreciate any reference to any 'rules'....

In any case.. thanks !
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Old 29.01.2013, 22:35
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Re: Advice on Renting Out the apartment I own

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I did.. and that's a bombshell.

I have to return it because it's the law.. or because the mortgage lender would normally demand it ?

I'd really appreciate any reference to any 'rules'....

In any case.. thanks !
Your allowed an advance on your pension fund PROVIDED you buy your main residence & use it as such. It's not for 'investment properties', if it was that easy to take the piss everybody would do it, don't you think?

I suppose your aware if you sell the property, the pension fund has to be reimbursed as well.

I suspect your pension provider, provided you with the rules & you signed your agreement, so look at what documentation you already have.
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Old 30.01.2013, 01:05
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Re: Advice on Renting Out the apartment I own

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I did.. and that's a bombshell.

I have to return it because it's the law.. or because the mortgage lender would normally demand it ?

I'd really appreciate any reference to any 'rules'....

In any case.. thanks !
it's the law. i asked my bank when i rented out my place and they told me that i would have to repay the pension element (only i didn't use my pension )

as for agents. i don't believe in them. having seen how awful and useless the entire swiss property industry is - i would trust them to run a parking space, let alone a flat.

advertise it yourself and make sure you get good tenants.
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Old 30.01.2013, 15:38
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Re: Advice on Renting Out the apartment I own

So... it's not the law... it's up to your lender and pension provider.

And in my case I won't need to return the pension advance.

Thanks for all the feedback especially as it confirms my concerns around letting agents.
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Old 30.01.2013, 15:55
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Re: Advice on Renting Out the apartment I own

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So... it's not the law... it's up to your lender and pension provider.

And in my case I won't need to return the pension advance.

Thanks for all the feedback especially as it confirms my concerns around letting agents.
It is the law, I suspect you will receive a huge extra tax bill, as all the tax relief granted could be forfeited.
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Old 30.01.2013, 19:08
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Re: Advice on Renting Out the apartment I own

here is the Law: Art. 30d BVG

Quote:
Art. 30d Rückzahlung

1 Der bezogene Betrag muss vom Versicherten oder von seinen Erben an die Vorsorgeeinrichtung zurückbezahlt werden, wenn:
[...]
b. Rechte an diesem Wohneigentum eingeräumt werden, die wirtschaftlich einer Veräusserung gleichkommen;
a.k.a. renting out. See also this Axa Winterthur leaflet
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