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  #141  
Old 29.09.2020, 12:55
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Re: General property buying question(s)

I am visiting few properties soon and I won't be making any decisions on the spot for obvious reasons but I have some questions. If anyone would be kind enough to answer any of them-

1. Say I like a property and am strongly interested in it but don't want to commit until I get a structural engineer to access it etc. Can I ask the agent to hold on to the property and not sell to anyone else for 1-2 weeks? Maybe offer a small amount to hold on to the property till I give my absolute final decision? Some properties have been on the market for a year so hopefully won't be an issue.

2. House costs 10 goats, I have 30 goats in my bank's savings account. If I decide to take a mortgage, instead of paying all in cash.
How long do banks usually take to sort everything out after my first meeting with them?

3. If my cash savings cover the costs of the property, it would be unwise to use any pension fund savings?

4. Approximately how much does a structural engineer charge to look at a small house? Do they provide any guarantee on their assessment? Where do I find them? Do banks have a list of structural engineers that they trust?

5. Can anyone post a link for property insurance so that I can plugin dimensions, location etc and get a rough idea of monthly insurance costs? Google keeps giving me household contents insurance rather than the actual property insurance? Axa link tells me to contact them!

Thanks
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  #142  
Old 29.09.2020, 13:25
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Re: General property buying question(s)

Reading this CS link right now, though I would share it here too-

Buying an old property – look out for these seven hidden costs
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  #143  
Old 30.09.2020, 10:03
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Re: General property buying question(s)

1. Not normal practice here. You can try but will probably receive a funny look.

2. How long is a piece of string. Can all be done in days rather than weeks if needed. But best is if you have an established relationship, which will probably come from bidding on a few properties. Then you can move more quickly. FYI banks will probably not accept goats when stress testing.

3. this has been answered before if you search. sorry I don't have the answer to hand. i did not use my pension to cover the deposit

4. Again, not common practice at all. I've heard the figure of about chf 1.5k. if you end up in a bidding process, and lose, that's a lot of money. common belief is that houses, especially older ones here, are generally well built and do not need such a survey. I know that sounds crazy, esp to Brits who are used to doing such surveys, but it is what it is.

5. no link but for typical 5.5 house is about 1k a year to be well insured. ymmv

The thing is, you cannot apply the "English way" of doing things here, simple as that. We took a chance on an older house, so far it turned out positively.



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I am visiting few properties soon and I won't be making any decisions on the spot for obvious reasons but I have some questions. If anyone would be kind enough to answer any of them-

1. Say I like a property and am strongly interested in it but don't want to commit until I get a structural engineer to access it etc. Can I ask the agent to hold on to the property and not sell to anyone else for 1-2 weeks? Maybe offer a small amount to hold on to the property till I give my absolute final decision? Some properties have been on the market for a year so hopefully won't be an issue.

2. House costs 10 goats, I have 30 goats in my bank's savings account. If I decide to take a mortgage, instead of paying all in cash.
How long do banks usually take to sort everything out after my first meeting with them?

3. If my cash savings cover the costs of the property, it would be unwise to use any pension fund savings?

4. Approximately how much does a structural engineer charge to look at a small house? Do they provide any guarantee on their assessment? Where do I find them? Do banks have a list of structural engineers that they trust?

5. Can anyone post a link for property insurance so that I can plugin dimensions, location etc and get a rough idea of monthly insurance costs? Google keeps giving me household contents insurance rather than the actual property insurance? Axa link tells me to contact them!

Thanks
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  #144  
Old 30.09.2020, 10:06
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Re: General property buying question(s)

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Reading this CS link right now, though I would share it here too-

Buying an old property – look out for these seven hidden costs
All good points, but older places can be good investment opportunities for those who don't have 3m to blow.

Our place ended up having trace amounts of asbestos (old tiling cement if you want to know). If we had known, we would not have touched the place. Fixing it cost CHF 15 - 20k and was a pain at the time. It also seemed like a lot of money - well it is. However, now its done, all good. So I'm happy I didn't know up front, strange as that may seem :-)

Last edited by krlock3; 30.09.2020 at 10:18.
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  #145  
Old 30.09.2020, 12:16
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Re: General property buying question(s)

krlock3, thanks for the posts. Coincidentally I was reading through asbestos threads from the last 10 years or so and I think I read your post there too.

I assume old houses in Valais even if in small villages might have used the material? From the photos of the property, all I see is concrete, wood and a modern bathroom, but that does not mean anything. Although the house was renovated recently.
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  #146  
Old 30.09.2020, 13:28
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Re: General property buying question(s)

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krlock3, thanks for the posts. Coincidentally I was reading through asbestos threads from the last 10 years or so and I think I read your post there too.

I assume old houses in Valais even if in small villages might have used the material? From the photos of the property, all I see is concrete, wood and a modern bathroom, but that does not mean anything. Although the house was renovated recently.
Thanks ttyl - impossible to generalise, just have to do your research. ours was in the tiling cement used to affix tiles - just a low amount of 2% but once it is there, even if low risk, they treat it seriously. It is only dangerous if you take the tiles out or break one. Since we were renovating, then we had to get it cleared.
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  #147  
Old 30.09.2020, 13:33
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Re: General property buying question(s)

When we sold my MIL's house, the dog-house had asbestos tiles, they cost around CHF 700 to dispose of legally!

Tom
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  #148  
Old 30.09.2020, 14:00
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Re: General property buying question(s)

I have used a building surveyor in each purchase. Yes I recieved funny looks, but why would I care? After all its my money.
The last seller even tried to tell me that it is not necessary & only common with industrial properties....
Either way I am glad the control was done, it saved lot of headache & money..

Last edited by Sigh; 30.09.2020 at 14:01. Reason: Spelling
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  #149  
Old 30.09.2020, 14:04
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Re: General property buying question(s)

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I have used a building surveyor in each purchase. Yes I recieved funny looks, but why would I care? After all its my money.
The last seller even tried to tell me that it is not necessary & only common with industrial properties....
Either way I am glad the control was done, it saved lot of headache & money..
Out of interest, what was wrong with the properties?
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  #150  
Old 30.09.2020, 14:19
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Re: General property buying question(s)

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I have used a building surveyor

What would the actual term be in German speaking parts? "Bauvermesser"
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  #151  
Old 30.09.2020, 15:27
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Re: General property buying question(s)

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Out of interest, what was wrong with the properties?
To be fair, both were new constructions..

Isolation that had not been done properly or not at all, damp basement floor, connection of warm water to toilett tank floor heating was not working properly, main water evacuation pipe was not correctly fitted.

Wooden flooring had been ordered from getaz only to find out it had been cancelled and taken from a cheaper supplier (I was still invoiced getaz price though).

Overall finishing of material..the list goes on....

Most of these will of course not apply to an old property, but I would definetly check for water damage, mold, material used (as already mentioned asbestos), radon, status of wood, if fireplace is present the chimney, the roof etc

Last edited by Sigh; 30.09.2020 at 15:31. Reason: Spelling
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  #152  
Old 30.09.2020, 16:20
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Re: General property buying question(s)

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To be fair, both were new constructions..
Your list of snaggings looks fairly standard for a new build.

I did it myself - and spotted mistakes that were common to all the apartments in the new build.

It is different for an older property.

When we came to sell the place a few years later, the prospective new owners employed a building surveyor to check over it. I did the walk-through with him and I can honestly say the bloke was a waste of space.

Basically, he checked nothing. If we hadn't been trying to sell the place, I wish I had put in a few things for him to check to see whether he would have noticed.

For a really old place, I'd want a building surveyor who both knew what he was doing and actually did it.
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  #153  
Old 30.09.2020, 20:18
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Re: General property buying question(s)

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What would the actual term be in German speaking parts? "Bauvermesser"

It would be Bausachverständiger
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  #154  
Old 01.10.2020, 12:42
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Re: General property buying question(s)

As the ad states, they want to dispose the house and not the land. I believe it is usually so when they want to build themselves a brand new home on that piece of land and the current home has to go to do that. Giving it (or selling it) to someone else is seen as a better option than tearing it down and throwing it away
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  #155  
Old 03.10.2020, 17:25
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Re: General property buying question(s)

Made up numbers for demonstration purpose!

Imagine cash in bank= CHF700'000

Scenario 1-
I buy a house for CHF300'000 (Fully paid in cash)
Eigenmietwert= CHF10'000
Money still left in the bank= CHF400'000
So I will be paying tax on 400k in bank + 300k worth of fully paid house + 10k Eigenmietwert = CHF710'000. Is that correct?

Now Scenario 2-

Same 300k house. I pay 100k in cash and take mortgage for 200k.
From tax POV, will I be paying tax on a) or b)?

a) 400k cash still left in the bank + 100k down payment + 10k Eigenmietwert= 510k
or
b) 400k cash still left in the bank + 10k Eigenmietwert= 410k
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  #156  
Old 03.10.2020, 17:32
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Re: General property buying question(s)

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Made up numbers for demonstration purpose!

Imagine cash in bank= CHF700'000

Scenario 1-
I buy a house for CHF300'000 (Fully paid in cash)
Eigenmietwert= CHF10'000
Money still left in the bank= CHF400'000
So I will be paying tax on 400k in bank + 300k worth of fully paid house + 10k Eigenmietwert = CHF710'000. Is that correct?

Now Scenario 2-

Same 300k house. I pay 100k in cash and take mortgage for 200k.
From tax POV, will I be paying tax on a) or b)?

a) 400k cash still left in the bank + 100k down payment + 10k Eigenmietwert= 510k
or
b) 400k cash still left in the bank + 10k Eigenmietwert= 410k
What you pay for the property is not it's value for tax purposes but taxable value probably 30-60% of what you paid.

10k Eigenmietwert is income & taxable as such, interest can be deducted.

Wealth tax will be the same in both cases. House value plus cash less any mortgage.
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  #157  
Old 03.10.2020, 23:39
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Re: General property buying question(s)

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To be fair, both were new constructions..

Isolation that had not been done properly or not at all, damp basement floor, connection of warm water to toilett tank floor heating was not working properly, main water evacuation pipe was not correctly fitted.

Wooden flooring had been ordered from getaz only to find out it had been cancelled and taken from a cheaper supplier (I was still invoiced getaz price though).

Overall finishing of material..the list goes on....

Most of these will of course not apply to an old property, but I would definetly check for water damage, mold, material used (as already mentioned asbestos), radon, status of wood, if fireplace is present the chimney, the roof etc
Are these issues common in new buildings? I can't believe myself considering the prices you see here. Wow.

We're still browsing and have visited a few places but none of them was brand new so to speak.
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  #158  
Old 04.10.2020, 10:25
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Re: General property buying question(s)

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connection of warm water to toilett tank
This is actually a good idea if your cold water is very cold, as was the case in the house we built in Vermont, though we fed it both hot and cold with a adjustable valve. Otherwise there would be condensation on the outside of the toilet tank and bowl.

Tom
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  #159  
Old 04.10.2020, 11:19
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Re: General property buying question(s)

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Are these issues common in new buildings? I can't believe myself considering the prices you see here. Wow.

We're still browsing and have visited a few places but none of them was brand new so to speak.
Dont know about common, but construction is not what it used to be, thats for sure...
The faults were corrected followed by final inspections before accepting. Please note that those were brand new constructions.
I agree on the pricing, its wild. I always joke with OH that in most other countrys we could have bought a smaller castle for the same amount. But now we live here & it was our choice to build so.....
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Old 04.10.2020, 15:47
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Re: General property buying question(s)

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Are these issues common in new buildings? I can't believe myself considering the prices you see here. Wow.

We're still browsing and have visited a few places but none of them was brand new so to speak.
I have been through 2 new builds in Switzerland. One from plan the other was in "raw bau" just bricks and concrete and roof.

With both there were issues, but no downright cheating!!
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