Buying a home
Home purchase checklist: getting to own your own home
What to watch out for in terms of location and type of property and the financing of your new home.
by Pascal Meier
01 Sep 2016
The decision to purchase a home of your own, whether it be a house or an apartment, is not only a step on the way to making your dream of homeownership come true, but also towards financial security in old age and a better quality of life. The Swiss real estate market offers a wide range of properties in the city centers, suburbs and in the country, so prospective buyers have a good chance of finding just the kind of home they want. Our home purchase checklist covers the most important things you should consider when buying your own home: Financing, choice of property, location.
First draw up a budget, then buy a home
The currently low mortgage interest rates and wide range of financing options are making it possible for many prospective buyers to realize their dream of owning their own home. The continuous rise in rents is another factor that speaks in favor of home ownership. Nevertheless, the high initial investment required to buy a home is frequently an obstacle for prospective buyers. Find out in detail what costs you incur when buying a home, what financing options you have and which expenses are tax deductible. If you plan on financing your home purchase with the help of a mortgage loan, you should ideally be able to provide 20-30% of the purchase price as capital up front. You should also have a financial cushion at your disposal to draw on for any unexpected expenses. Pay close attention to the property's marketability: The value retention of the real estate should be at least as high as the purchase price plus the acquisition costs. Various costs you will incur as a home owner, such as home insurance, maintenance and renovation, are tax deductible. With careful planning and the right kind of financing, the financial hurdles to homeownership can be cleared. Our checklist helps you keep all the important factors in mind.
Special offer for your first home
Found your dream property?
Now you can benefit from an interest rate reduction of 0.30% on your first home with the UBS Mortgage First Home. Such as an 8-year fixed-rate mortgage at 1.07%.*
Status as at 19 January 2022 | This example is for illustrative purposes only and does not constitute a binding offer. Financing example from the date shown, including interest rate saving of 0.30% for the parameters Zurich, loan amount: CHF 850,000, affordability: 32%, loan-to-value ratio: 71%, mortgage payout date: up to 12 months after signature. The interest rate for individual offers may vary.
Finding the right property for you
When looking for a home that suits your needs, you should ask yourself the following questions: How large does the house or apartment have to be? Do you prefer a single-family or a multi-family house? How many rooms and how much overall floor space do you need? Is it important to have a place to park your car? Do you want your own yard? Should your new home be in the city center, the suburbs or the country? What sort of infrastructure is available at your preferred location? Are schools and shopping opportunities nearby? How close are medical facilities? Our checklist gives you a comprehensive overview of all the important points to think about when choosing a location and a property.
Have you covered all the bases?
Buying a home is one of the biggest decisions many people will make in their life, and it is also a major financial challenge. That is why you should carefully consider all the steps involved in becoming a homeowner and plan them well. Are the location and quality of the property what they should be? Do you meet all the requirements in terms of income and savings? Is financing in place? Our home purchase checklist helps you to plan and budget and realize your dream of owning your own home.
Home purchase checklist – what do you need to consider?
Set up financing
20-30% down payment is required if you are using a mortgage loan
Financial reserve for unexpected expenses
Value retention of property (minimum: purchase price + acquisition costs)
Maintenance and renovation costs are tax deductible
Choice of property
How large should the property be?
What standard of home fittings and features do you want?