Go Back   English Forum Switzerland > Help & tips > Housing in general  
Reply
 
Thread Tools Display Modes
  #161  
Old 27.09.2011, 17:08
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 14,753
Groaned at 284 Times in 189 Posts
Thanked 18,644 Times in 7,830 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: The "Buying a house in Switzerland" thread

Quote:
View Post
If you decide to rent out your house they can ask you to repay the pension fund and then some (Ken wrote, up to 30% or more). IIRC, it's a law that you can't use your pension fund, not a bank policy. It's the pension fund that would want the money back and you'll be short on your downpayment to the bank. They know because you change your address when you move.
so basically you'd have to stump up an extra (say) 10% (assuming you didn't have a pension pledged).
Reply With Quote
  #162  
Old 27.09.2011, 17:28
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,975
Groaned at 101 Times in 92 Posts
Thanked 9,106 Times in 4,522 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: The "Buying a house in Switzerland" thread

Quote:
View Post
so basically you'd have to stump up an extra (say) 10% (assuming you didn't have a pension pledged).
If you want to buy a property to rent out then you may need to put down 10% extra. I've seen banks ask for 40% down payment to buy a rental property.

If you buy your house with pension money then decide to rent it, the pension fund can ask for the money back and then you'll have to stump up whatever you pledged minus whatever you paid back.

We only pledged 10% in pension money and have already paid back 5% of that. So should people start to get anxious that we are renting our property, we would only need to pay back 5%. This is probably why no one is too fussed about it. (plus we've told them we are coming back plus we lived in it before we left, plus DH's work wrote a letter saying that they needed him out of the country and he would be going back soon, plus the property is now valued at more than 5% higher than we paid, etc.)
__________________
Reply With Quote
  #163  
Old 27.09.2011, 17:33
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 14,753
Groaned at 284 Times in 189 Posts
Thanked 18,644 Times in 7,830 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: The "Buying a house in Switzerland" thread

Quote:
View Post
If you want to buy a property to rent out then you may need to put down 10% extra. I've seen banks ask for 40% down payment to buy a rental property.

If you buy your house with pension money then decide to rent it, the pension fund can ask for the money back and then you'll have to stump up whatever you pledged minus whatever you paid back.

We only pledged 10% in pension money and have already paid back 5% of that. So should people start to get anxious that we are renting our property, we would only need to pay back 5%. This is probably why no one is too fussed about it. (plus we've told them we are coming back plus we lived in it before we left, plus DH's work wrote a letter saying that they needed him out of the country and he would be going back soon, plus the property is now valued at more that 5% more than we paid, etc.)
strange that they are concerned about this when they are happy to lend to you in the first place. now they have you plus a tenant to repay the mortgage.
Reply With Quote
  #164  
Old 27.09.2011, 17:40
dodgyken's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Democratic Republic Kenistan
Posts: 10,653
Groaned at 280 Times in 231 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: The "Buying a house in Switzerland" thread

Phil - my understanding it is to ensure that people have enough cash for their retirement - and are not asset rich/cash poor.
Reply With Quote
  #165  
Old 27.09.2011, 17:41
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 14,753
Groaned at 284 Times in 189 Posts
Thanked 18,644 Times in 7,830 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: The "Buying a house in Switzerland" thread

Quote:
View Post
Phil - my understanding it is to ensure that people have enough cash for their retirement - and are not asset rich/cash poor.
i can understand more on the pension pledge, but was wondering more on the 40% downpayment vs 20%.
Reply With Quote
  #166  
Old 27.09.2011, 17:47
dodgyken's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Democratic Republic Kenistan
Posts: 10,653
Groaned at 280 Times in 231 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: The "Buying a house in Switzerland" thread

Quote:
View Post
i can understand more on the pension pledge, but was wondering more on the 40% downpayment vs 20%.
The best I could come up with on this was that a house that you live in is a cost in lieu of rent - a second home (whether rented or not) is cost in addition to rent. The most cash you put in - the lower the mortgage cost - and hence added financial burden.

It my view it all boils down to the banks not wanting a property crisis.
Reply With Quote
  #167  
Old 27.09.2011, 17:54
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 14,753
Groaned at 284 Times in 189 Posts
Thanked 18,644 Times in 7,830 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: The "Buying a house in Switzerland" thread

Quote:
View Post
The best I could come up with on this was that a house that you live in is a cost in lieu of rent - a second home (whether rented or not) is cost in addition to rent. The most cash you put in - the lower the mortgage cost - and hence added financial burden.

It my view it all boils down to the banks not wanting a property crisis.
i guess so. all i know if, is i rented out my place and also rented a place, i would be more inclined to pay my mortgage than the rent if i ended up in financial trouble.
Reply With Quote
  #168  
Old 27.09.2011, 17:58
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,975
Groaned at 101 Times in 92 Posts
Thanked 9,106 Times in 4,522 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: The "Buying a house in Switzerland" thread

Quote:
View Post
strange that they are concerned about this when they are happy to lend to you in the first place. now they have you plus a tenant to repay the mortgage.
Like I said earlier this is the law related to the pension fund, not the bank. I don't think the bank cares at all where your down payment comes from. The law says that the pension fund is to be used for your primary residence.

Beyond that I guess the logic is if you have 2/3 properties or whatever your exposures is greater and if you get stuck not being able to pay one or all of them you'd be in trouble and then they would be trouble and then you'll be asking for social assistance when you gambled your pension fund. ?

Why would banks ask you to pay more? I guess you have to put more cash into the house so you are assuming the risk, not them. I guess they don't want to be at risk for your stupid business deals! lol.
__________________
Reply With Quote
This user would like to thank miniMia for this useful post:
  #169  
Old 27.09.2011, 20:13
Forum Veteran
 
Join Date: Jul 2007
Location: Lausanne
Posts: 537
Groaned at 7 Times in 4 Posts
Thanked 211 Times in 136 Posts
naza is considered knowledgeablenaza is considered knowledgeablenaza is considered knowledgeable
Re: The "Buying a house in Switzerland" thread

Quote:
View Post
Ok, you need to ask yourself what is wrong with the house. Unless it's in a remote location.
When I said problem I meant as it os 90-95% complete, there aren't much changes we can do
Reply With Quote
  #170  
Old 01.10.2011, 23:41
TommyBallgame's Avatar
Junior Member
 
Join Date: Oct 2008
Location: Switzerland
Posts: 34
Groaned at 0 Times in 0 Posts
Thanked 21 Times in 12 Posts
TommyBallgame has earned some respectTommyBallgame has earned some respect
Re: The "Buying a house in Switzerland" thread

Hi, does anyone a tax calculator for Kanton Zurich for pension withdrawal on a primary residence mortgage down payment? Thanks.
Reply With Quote
  #171  
Old 02.10.2011, 00:30
jaudi's Avatar
Forum Veteran
 
Join Date: Sep 2007
Location: zurich
Posts: 569
Groaned at 4 Times in 4 Posts
Thanked 492 Times in 229 Posts
jaudi has a reputation beyond reputejaudi has a reputation beyond reputejaudi has a reputation beyond reputejaudi has a reputation beyond repute
Re: The "Buying a house in Switzerland" thread

Quote:
View Post
Hi, does anyone a tax calculator for Kanton Zurich for pension withdrawal on a primary residence mortgage down payment? Thanks.
You need to check both the local (Staats- und Gemeindesteuern Kapitalleistungen) and national taxes (Direkte Bundessteuer auf Kapitalleistungen), both at this page:

http://www.steueramt.zh.ch/internet/...n/stst_kl.html
Reply With Quote
This user would like to thank jaudi for this useful post:
  #172  
Old 04.11.2011, 20:20
Newbie 1st class
 
Join Date: Nov 2011
Location: AARGAU
Posts: 22
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
anafalk has no particular reputation at present
Re: The "Buying a house in Switzerland" thread

Just a fast add to contribute for this post

Buying a house or apartment is not easy in Switzerland. Even when you find the one you are looking for the banks can be not very easy negotiation. Most of Banks ask for the 20% downpayment but If you don't have this amount don't give up to buy your real state. It is possible with less thank 20% downpayment. The big Banks as CS are not very friendly, but search a local bank and try an offer for them.
Reply With Quote
  #173  
Old 09.11.2011, 14:31
Forum Legend
 
Join Date: Dec 2006
Location: Zurich
Posts: 4,933
Groaned at 184 Times in 120 Posts
Thanked 8,570 Times in 2,876 Posts
Kittster has a reputation beyond reputeKittster has a reputation beyond reputeKittster has a reputation beyond reputeKittster has a reputation beyond reputeKittster has a reputation beyond reputeKittster has a reputation beyond repute
Re: The "Buying a house in Switzerland" thread

Talking of bubbles and price rises -a 4.5 room place near Seebach which is a new build and for which the basic price before adding fancy extras was around 730k with two parking spaces this spring was very briefly on the market - for 1.03 million and the parking spaces sold separately for 35k each, available for summer next year. Now I don't know how many extras the owners put into this place and why it disappeared off the market after only a few days but it does seem to be quite an excessive price hike. They also made some odd choices with the specs like forsaking a bathtub for a steam shower, which would put me off. You don't just DIY that sort of stuff here so it would be very expensive to change.
Reply With Quote
  #174  
Old 09.11.2011, 15:00
karin_z's Avatar
Member
 
Join Date: Apr 2008
Location: ZRH
Posts: 220
Groaned at 0 Times in 0 Posts
Thanked 45 Times in 28 Posts
karin_z has become a little unpopularkarin_z has become a little unpopular
Re: The "Buying a house in Switzerland" thread

Hello!


We are about to search for hte appartment/house to buy in Zürich area.

Which agencies would you recommend to search through?


Thanks for your advices,

Karina
Reply With Quote
  #175  
Old 09.11.2011, 15:09
Jaro's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Rafz (ZH)
Posts: 1,317
Groaned at 91 Times in 70 Posts
Thanked 624 Times in 343 Posts
Jaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond repute
Re: The "Buying a house in Switzerland" thread

Quote:
View Post
Just a fast add to contribute for this post

Buying a house or apartment is not easy in Switzerland. Even when you find the one you are looking for the banks can be not very easy negotiation. Most of Banks ask for the 20% downpayment but If you don't have this amount don't give up to buy your real state. It is possible with less thank 20% downpayment. The big Banks as CS are not very friendly, but search a local bank and try an offer for them.
if your income is right you will not need anything near 20%. I had offers for 5, 8, 15 and 20% down. Process is super easy and actually pleasant comparing to some other countries I've lived in. It is so easy it makes you almost suspcious
Reply With Quote
  #176  
Old 09.11.2011, 15:13
Newbie 1st class
 
Join Date: Nov 2011
Location: AARGAU
Posts: 22
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
anafalk has no particular reputation at present
Re: The "Buying a house in Switzerland" thread

I have the same opinion as Jaro. Big banks are not very easy. Go to a local bank they are very friendly. You also can use your pension and 3 pilar for the downpayment.
Reply With Quote
  #177  
Old 09.11.2011, 15:15
bigblue2's Avatar
Forum Legend
 
Join Date: Mar 2009
Location: Glarus
Posts: 8,082
Groaned at 484 Times in 403 Posts
Thanked 14,715 Times in 5,780 Posts
bigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond repute
Re: The "Buying a house in Switzerland" thread

All I can add is that we had the 20% (well, over the 20%) and the banks where bending over backwards to get us to sign with them, and if you don't have the 20% then you should really be asking yourself can you really afford to buy and keep a house here, just look at the mess the uk got itself into.
Reply With Quote
  #178  
Old 09.11.2011, 15:21
Jaro's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Rafz (ZH)
Posts: 1,317
Groaned at 91 Times in 70 Posts
Thanked 624 Times in 343 Posts
Jaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond repute
Re: The "Buying a house in Switzerland" thread

Quote:
View Post
All I can add is that we had the 20% (well, over the 20%) and the banks where bending over backwards to get us to sign with them, and if you don't have the 20% then you should really be asking yourself can you really afford to buy and keep a house here, just look at the mess the uk got itself into.
it is up to individual decision and situation. In our case we knew that will reach min of 65% of the paid loan in next 5-10 years so well before the required retirement age.
Reply With Quote
  #179  
Old 09.11.2011, 15:24
Jaro's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Rafz (ZH)
Posts: 1,317
Groaned at 91 Times in 70 Posts
Thanked 624 Times in 343 Posts
Jaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond repute
Re: The "Buying a house in Switzerland" thread

Quote:
View Post
Hello!


We are about to search for hte appartment/house to buy in Zürich area.

Which agencies would you recommend to search through?


Thanks for your advices,

Karina
with all the available resources such as homegate, immo.search.ch etc etc why would you even bother hiring one? just a thought...
Reply With Quote
This user would like to thank Jaro for this useful post:
  #180  
Old 09.11.2011, 15:24
Forum Veteran
 
Join Date: Jul 2007
Location: Lausanne
Posts: 537
Groaned at 7 Times in 4 Posts
Thanked 211 Times in 136 Posts
naza is considered knowledgeablenaza is considered knowledgeablenaza is considered knowledgeable
Re: The "Buying a house in Switzerland" thread

Quote:
View Post
if your income is right you will not need anything near 20%. I had offers for 5, 8, 15 and 20% down. Process is super easy and actually pleasant comparing to some other countries I've lived in. It is so easy it makes you almost suspcious
but in this case you will get a higher interest rate since risk is bigger for the bank
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
Buying a house on B permit in Switzerland Guest Housing in general 25 07.01.2021 22:27
Advice : Buying A House With My Boyfriend In Switzerland. carloncha Housing in general 39 20.10.2009 02:52
Buying a house in England when living in Switzerland - How? Guest General off-topic 8 27.07.2009 23:30
Your online identity in Switzerland (when buying a house) john_semour TV/internet/telephone 22 01.06.2008 21:37
New House! [My bragging thread!] monkeynut General off-topic 55 13.03.2008 10:12


All times are GMT +2. The time now is 03:23.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0