Ah. I honestly never realized that. Also, our house was build in 1933 – don’t even know the construction cost. Probably somewhere in one of the papers for the mortage worth.
[quote]
I would not say that this comes under maintenance, more like cleaning up, and this is more micro stuff than minor stuff. The big stuff is totally different (road reworks, sealing against ground/rainwater, roof)[/quote]
Our neighbor is an independent plumber; half of his turnover comes from those kind of microjobs, both from owners and in rental units. It is amazing what people phone him for!
Same with gardeners, quite a few of our neighbors hire professionals for maintaining their garden. Even for a relatively small garden that easily adds up to 2500 a year!
Certainly, the items you mention are much more expensive, but fortunately don’t come that often, even with older houses.
I guess it will be enough to take around 1% from the current construction costs. However, not sure how to calculate/estimate it - a few months ago we were told by 2 different architects, that for middle standard (whatever it is), you should count 1000-1100 CHF per m3. Maybe someone has better ideas?
That’s depends on your living standards. I have not done anything in my apartment for 7 years. But of course I could use it to have renew my kitchen / toilets… a bit old fashion but totally functional.
An apartment is a bit of a different story, because you (have to) contribute to the condominium’s renovation fund. The trimmings, etc. are secondary. The main concern is renovating to maintain the building’s value, and that’s the cost you will want to budget for. I’m also perfectly happy with old-school trimmings as long as they’re functional.
The 1% is just a rule of thumb. You can estimate a budget for big ticket items depending on the property. For example if you buy a 40 year old house you probably want to be ready, at least psychologically, for major repairs to the roof in 10-20 years time and the cost could be 50-100k.
The unknown can also happen. The water connection we share with our neighbours had old rusty pipes and we had to pay for it to be dug up and replaced. Sometimes there are advantages to renting
40k chf between 3 houses for digging up and installing 1km of pipe. The contractor also managed to get electric and phone companies to contribute so that their overhead wires would be buried so the real cost was higher
I have also heard 700k between 10-15 houses to dig up and replace 1-2km private drains. No idea how cost was split
Very interesting posts. Something I haven’t read so far is the benefits of buying using 2nd pillar money (pre-tax) to substitute to a rent (post tax) expense.
As an example, my company’s second pillar is very inflexible and seems mostly driven by the need of the people who will retire soon (until last year it was with guaranteed amount, they only switched to market risk exposure when AXA forced them to). It is also used to subsidise all sorts of benefits, such as generous parental leaves.
So I’m comparing buying an appartment with the expected return of that fund not of the market.
I suspect the 4%/5% rules are more applicable to people who buy in cash and do not get tax incentives.
We moved from Zürich to Biel/Bienne, a bilingual city in canton Bern, next to the train station. Not so many jobs opportunity for IT professionals here but we do live <30 minutes away from Neuchatel, Solothurn and Bern.
I initially thought I’d commute to Zürich (1h15), but this turned out not to be necessary so we are now considering to buy a house further away from the train station.
Because you mention having a family, I want to suggest you consider the implications on your children. As for many other things, there are success stories as well as horror stories after a change of school language.
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