Buying a house in Switzerland
The housing market in Switzerland is a slow-moving and expensive process. Many people choose to rent in order to avoid bureaucracy. However, with rising rental prices and difficult landlords, buying an apartment in Switzerland is one way to ensure stability. House prices were rising fast until the government intervened, with stricter borrowing requirements and restricting foreign buying. Interest rates have dropped to a historic low, around 1%. This means that property is a great long-term investment right now. EU residents with a Swiss residency permit are free to buy houses in Switzerland for any purpose. Non-EU citizens must have a Swiss C permit and be buying the property as a primary residence. Workers on short term permits may apply for a special licence from their canton to buy apartments in Switzerland. Requirements vary from canton to canton.
Mortgages in Switzerland can be arranged directly with your bank, but it can be a good idea to go through a mortgage broker. They can help you to find the best deal and can deal with all the contractual arrangements. Mortgages in Switzerland are calculated on the value of the property. You will need a 20% deposit, with at least 10% in cash. As a rule, your monthly repayment should not be more than 30% of your monthly salary. There are strict lending rules on who can apply for a mortgage Switzerland. Foreigners must have a valid residency permit and usually be using the property as their main residence. With house prices being so high, it is not unusual to see long lending periods for mortgages in Switzerland. 50 or 100 years is not uncommon.
Searching for Zurich apartments for sale is the same as in most countries. Online portals such as homegate.ch or immostreet.ch can give you an idea of what’s out there in your price bracket. Local knowledge can be a real plus. Local estate agents can show you properties that haven’t been advertised online yet, giving you a head start. You should go to multiple estate agents to get a full view of the availability in your area. They can also help with the negotiations, although you should remember that estate agents usually work for the seller so you should be careful about believing everything they say. Property prices vary widely in different areas and can be much cheaper over the border in neighbouring Germany or France. Many people working in cities close to the borders choose to become frontier workers. Working in Switzerland and living abroad.
The process to buy an apartment in Switzerland can be a lengthy one. From finding a house, making an offer, getting a mortgage Switzerland to signing the contract it can take 3 months. As well as the 20% deposit, you should factor in around 5% for fees and charges. Building surveys are not a common practice but can be advisable to avoid future problems, especially with older properties. When buying an apartment in Switzerland, there are often maintenance charges for shared spaces. Even when buying houses in Zurich which are detached, car parks, private access roads and shared boat docks could cost you 1% per year. Property taxes vary from canton to canton, you should ask for specifics before you buy.
Buying Property in Switzerland – Mundialz
Buying a house in Switzerland is a great long-term investment. With interest rates at an all-time low, rents on the rise and house prices continuing to go up, now is the time to buy. Buying an apartment in Switzerland is a good way of putting down roots and investing in your future. Mundialz is here to help navigate the bureaucracy and support you in the relocation process.