Go Back   English Forum Switzerland > Help & tips > Housing in general  
Reply
 
Thread Tools Display Modes
  #1  
Old 29.01.2013, 14:59
ipoddle's Avatar
Forum Veteran
 
Join Date: Jan 2008
Location: basel
Posts: 969
Groaned at 20 Times in 13 Posts
Thanked 950 Times in 385 Posts
ipoddle has an excellent reputationipoddle has an excellent reputationipoddle has an excellent reputationipoddle has an excellent reputation
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 ?
Reply With Quote
  #2  
Old 29.01.2013, 15:19
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,994
Groaned at 287 Times in 236 Posts
Thanked 15,532 Times in 8,625 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Quote:
View Post
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.
Reply With Quote
The following 5 users would like to thank fatmanfilms for this useful post:
  #3  
Old 29.01.2013, 20:58
ipoddle's Avatar
Forum Veteran
 
Join Date: Jan 2008
Location: basel
Posts: 969
Groaned at 20 Times in 13 Posts
Thanked 950 Times in 385 Posts
ipoddle has an excellent reputationipoddle has an excellent reputationipoddle has an excellent reputationipoddle has an excellent reputation
Re: Advice on Renting Out the apartment I own

Quote:
View Post
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 !
Reply With Quote
  #4  
Old 29.01.2013, 21:35
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,994
Groaned at 287 Times in 236 Posts
Thanked 15,532 Times in 8,625 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Advice on Renting Out the apartment I own

Quote:
View Post
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.
Reply With Quote
  #5  
Old 30.01.2013, 00:05
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,387
Groaned at 269 Times in 175 Posts
Thanked 15,841 Times in 6,720 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Advice on Renting Out the apartment I own

Quote:
View Post
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.
Reply With Quote
  #6  
Old 30.01.2013, 14:38
ipoddle's Avatar
Forum Veteran
 
Join Date: Jan 2008
Location: basel
Posts: 969
Groaned at 20 Times in 13 Posts
Thanked 950 Times in 385 Posts
ipoddle has an excellent reputationipoddle has an excellent reputationipoddle has an excellent reputationipoddle has an excellent reputation
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.
Reply With Quote
  #7  
Old 30.01.2013, 14:55
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,994
Groaned at 287 Times in 236 Posts
Thanked 15,532 Times in 8,625 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Advice on Renting Out the apartment I own

Quote:
View Post
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.
Reply With Quote
  #8  
Old 30.01.2013, 18:08
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 10,354
Groaned at 80 Times in 71 Posts
Thanked 15,706 Times in 6,962 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
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
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Renting out my owned apartment - any advice / experience please? carlottina Housing in general 16 16.12.2018 21:22
Advice on renting in the Meilen area iluvteaching Housing in general 2 27.06.2012 00:18
How to rent out own apartment fruitbear Housing in general 9 24.08.2009 14:06
Renting out my UK property - advice? Castro General off-topic 13 23.01.2008 10:54


All times are GMT +2. The time now is 02:51.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0