Go Back   English Forum Switzerland > Help & tips > Housing in general  
Reply
 
Thread Tools Display Modes
  #1  
Old 14.06.2017, 15:06
Newbie
 
Join Date: Jul 2012
Location: Zürich
Posts: 5
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
JustAnotherOne has no particular reputation at present
Renting out a bought property

Hello,

My wife and I bought a property and have been living in it for the past 4 years. Currently we are evaluating our situation and considering moving kanton so that we are closer to work. The idea would be to rent out our current home and move into rented accommodation nearer our workplace.

Questions:
1. Has anyone done something similar?
2. Is it possible to rent out our property, considering our mortgage was based on us living in the house?
3. Are there financial implications, will the mortgage require additional funds as the property would no longer be a "buy to live in" and essentially become a "buy to let"?

I would appreciate any advice on this. Thanks.
Reply With Quote
  #2  
Old 14.06.2017, 16:11
Guest
 
Posts: n/a
Re: Renting out a bought property

Quote:
View Post
Hello,

My wife and I bought a property and have been living in it for the past 4 years. Currently we are evaluating our situation and considering moving kanton so that we are closer to work. The idea would be to rent out our current home and move into rented accommodation nearer our workplace.

Questions:
1. Has anyone done something similar?
2. Is it possible to rent out our property, considering our mortgage was based on us living in the house?
3. Are there financial implications, will the mortgage require additional funds as the property would no longer be a "buy to live in" and essentially become a "buy to let"?

I would appreciate any advice on this. Thanks.
1) Did you use your pension fund to buy, if so, ten you can't rent$
2) Once the ban knows, the mortgage/down payment can change
Reply With Quote
  #3  
Old 14.06.2017, 16:11
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,994
Groaned at 101 Times in 92 Posts
Thanked 9,107 Times in 4,523 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Renting out a bought property

Did you use your pension fund to buy the property?

If so, you need to pay it back.

The mortgage, you'll have to speak to your bank. They may or may not require you to own more %. How much do you own now?
Reply With Quote
  #4  
Old 14.06.2017, 16:15
dodgyken's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Democratic Republic Kenistan
Posts: 10,690
Groaned at 282 Times in 233 Posts
Thanked 19,403 Times in 7,402 Posts
dodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond repute
Re: Renting out a bought property

33% cash deposit vs 20% cash/pension deposit is the main difference.

It will also depend on your permit.
Reply With Quote
The following 2 users would like to thank dodgyken for this useful post:
  #5  
Old 14.06.2017, 17:08
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 13,587
Groaned at 269 Times in 175 Posts
Thanked 16,487 Times in 7,004 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: Renting out a bought property

Quote:
View Post
Hello,

My wife and I bought a property and have been living in it for the past 4 years. Currently we are evaluating our situation and considering moving kanton so that we are closer to work. The idea would be to rent out our current home and move into rented accommodation nearer our workplace.

Questions:
1. Has anyone done something similar?
2. Is it possible to rent out our property, considering our mortgage was based on us living in the house?
3. Are there financial implications, will the mortgage require additional funds as the property would no longer be a "buy to live in" and essentially become a "buy to let"?

I would appreciate any advice on this. Thanks.
1. Yes. I'm doing this
2. I didn't use pension funds but if you did, you need to repay that part
3. Although there is a higher deposit for BTL, the bank didn't ask for anything more. Then again, I have a 10 year fix so not sure if that impacts their decisions.
Reply With Quote
  #6  
Old 21.06.2017, 12:03
Newbie
 
Join Date: Jul 2012
Location: Zürich
Posts: 5
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
JustAnotherOne has no particular reputation at present
Re: Renting out a bought property

Thank you all for the replies.

I used a small part of my pension as a deposit so I will have to pay this off first.
Reply With Quote
  #7  
Old 22.06.2017, 06:07
taduncombe's Avatar
Junior Member
 
Join Date: Jun 2017
Location: Basel
Posts: 72
Groaned at 11 Times in 11 Posts
Thanked 270 Times in 107 Posts
taduncombe has earned the respect of manytaduncombe has earned the respect of manytaduncombe has earned the respect of many
Re: Renting out a bought property

Quote:
View Post
1. Yes. I'm doing this
Are you using a property manager to maintain and rent the property? If so, what's the going rate?

(I'm considering buying property and am curious of the costs if I move away)
Reply With Quote
  #8  
Old 22.06.2017, 08:21
Member
 
Join Date: Apr 2013
Location: Zug
Posts: 109
Groaned at 8 Times in 6 Posts
Thanked 95 Times in 49 Posts
jamon8 has earned some respectjamon8 has earned some respect
Re: Renting out a bought property

Quote:
View Post
Did you use your pension fund to buy the property?

If so, you need to pay it back.

The mortgage, you'll have to speak to your bank. They may or may not require you to own more %. How much do you own now?
By pension you mean Pillar 2 or 3? Or it doesn't matter? thanks
Reply With Quote
  #9  
Old 22.06.2017, 08:32
Guest
 
Posts: n/a
Re: Renting out a bought property

Quote:
View Post
By pension you mean Pillar 2 or 3? Or it doesn't matter? thanks
Pillar 2, Pillar 3 you can take out to use to buy a house or pay off a mortgage. After about 6 moths you can increase the mortgage an d take the money cash, providing you have good relation with bank....
Reply With Quote
  #10  
Old 22.06.2017, 12:18
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,994
Groaned at 101 Times in 92 Posts
Thanked 9,107 Times in 4,523 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Renting out a bought property

Quote:
Pillar 2, Pillar 3 you can take out to use to buy a house or pay off a mortgage. After about 6 moths you can increase the mortgage an d take the money cash, providing you have good relation with bank....
And your salary meet the affordability factor...
Reply With Quote
  #11  
Old 22.06.2017, 12:47
Guest
 
Posts: n/a
Re: Renting out a bought property

Quote:
View Post
And your salary meet the affordability factor...
and a whole lot of other criteria, but i was answering a specific question about pensions, nothing else !
Reply With Quote
Reply

Tags
buy to let, house, property, renting




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
Leaving CH and renting out property Cambo351 Housing in general 37 14.06.2020 13:24
Real Estate agent and Property Manager for tenant, renting out house Twinsmum Housing in general 0 05.08.2012 23:10
OH CANADA - Out Bought and Sold Out Land Zurcher International affairs/politics 15 16.10.2009 09:14
renting out property in Geneva debi Housing in general 3 26.02.2008 11:40
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 06:57.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0