English Forum Switzerland

English Forum Switzerland (https://www.englishforum.ch/forum.php)
-   Housing in general (https://www.englishforum.ch/housing-general/)
-   -   Downsizing (https://www.englishforum.ch/housing-general/301496-downsizing.html)

markalex 30.11.2020 13:08

Downsizing
 
How does one downsize in Switzerland ultimately.

No sale plans yet but should I decided to sell I have a mortgage of 500K, which I can afford, but thru money made in investments, not an income from a job.

Now if I sell and want to buy something smaller, without a job I won't be able to get a mortgage I assume... do I need to rely on the kids to deal with the bank on this?

How would this work? How does it work? You need a job to get a mortgage, which means I stuck rattling around a large property for the rest of my days?

irish_temptation 30.11.2020 13:12

Re: Downsizing
 
I am not a specialist but I would look into renting out the place.
If it's a biggish house try to rent it out for CHF 4000.- and look for a smaller place with let's say max 3'000. Would that help?

bowlie 30.11.2020 13:37

Re: Downsizing
 
Talk to your bank.

Opst 30.11.2020 15:15

Re: Downsizing
 
Quote:

Originally Posted by irish_temptation (Post 3244571)
I am not a specialist but I would look into renting out the place.
If it's a biggish house try to rent it out for CHF 4000.- and look for a smaller place with let's say max 3'000. Would that help?

Depending on the Landlord you wont get the appartment of 3'000.- without a job.
Also you might not make enough money to cover all the expenses (replacing fidge/ repairs ina house).

st2lemans 30.11.2020 15:22

Re: Downsizing
 
Rent out rooms.

Tom

Opst 30.11.2020 15:36

Re: Downsizing
 
Quote:

Originally Posted by markalex (Post 3244568)
How does one downsize in Switzerland ultimately.

No sale plans yet but should I decided to sell I have a mortgage of 500K, which I can afford, but thru money made in investments, not an income from a job.

Now if I sell and want to buy something smaller, without a job I won't be able to get a mortgage I assume... do I need to rely on the kids to deal with the bank on this?

How would this work? How does it work? You need a job to get a mortgage, which means I stuck rattling around a large property for the rest of my days?

I would ry to speak with a bank / insurance and see what they tell you.

AbFab 30.11.2020 18:37

Re: Downsizing
 
You can usually take your mortgage with you to a new property - with the approval of your lender.

Beware of capital gains tax if downsizing. You can avoid this by buying at the same price or higher you are selling at - but that isn't the idea of downsizing...


All times are GMT +2. The time now is 20:06.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0