My first home… not!

Today I went to my first home viewing.  Well, to be technically correct, it was an apartment viewing.  Yesterday morning, a friend sent me a link to a new build around the corner from where I live, and it looked pretty good.  2 bedrooms, 2 bathrooms, washer/dryer in unit, balcony, 108 sq m (1163 sq ft), 3rd floor (which is 4th floor in the U.S., as they start with ground 0 here).  Selling price:  CHF 1,070,000.–  :O

You know I’ve been living in Zürich too long when I think 1 million is a good price.  But I guess that’s the norm in the city, so I called the sales office to ask for an appointment.  That unit was already sold.  😦

In fact, they only had 2 larger units out of the 27 available, and everything else was already sold out, even though they won’t begin construction until next month, and the building won’t be finished until Spring 2015.  YIKES!!!  Is this what the housing market is like here?  What has the world come to??

But I guess it wouldn’t hurt just to check it out, so I made an appointment anyway for today, and my friend invited herself along out of curiosity and to offer some support.

So we showed up today and looked at a little plaster model of the neighborhood (as there was nothing to see yet), looked out the window at surrounding properties from the same company, checked out the floor plans, looked at sample floor materials on display, and tried to imagine what the units looked like.  It’s a bit weird when there’s nothing to look at yet.

My friend, who recently bought a home with her husband, was more knowledgeable and asked about financing options.  I didn’t even know that the seller would have recommendations.

So I grabbed the paperwork, said my thank yous, and walked out, pondering if home ownership would even be a good idea.  The remaining 2 units were going for 1.3m and 1.5m, and at 3 bedrooms each, they were way too big (and expensive) for little ‘ol me.  In fact, I’m not even sure I could afford the original listing, but maybe if I tightened my belt a bit longer…

I need to think about this whole thing some more.  It’s a bit tough when I’m on my own, not knowing where I’ll be in the future, and if I’ll meet a partner who could help out with the purchase.  As for now, I guess it was good just to see what it’s like.  And until this can become a reality, just keep on dreaming about owning my own place instead of throwing away money on rent each month…


2 thoughts on “My first home… not!

  1. Hi I-Lin, in Aargau they sell a new built building wit 7x 4.5 room and 2x 3.5 room flats for 4.1 mln. In Zurich they are barefaced and people pay. So far it worked well, the prices raise. But what if i.e. the investment bankers (have to) leave here? Then the prices could fall also in the non luxury segment (luxury, here I mean 3 mln up for 4.5 rooms).

    If you do not mind to be a bit away from the center, you can save a lot and in my opinion you do not have such a risk. 102 sqm for roundabout 500’000 is half of what they ask for in Zurich.

  2. Thanks for the info, Michael. I’ve been thinking about buying a home for some time now, but I never really made any serious inquires due to insufficient funds, uncertainty about where I would be located, etc. If I was to settle down permanently in Switzerland, then I would consider looking outside of Zürich. But while I am still single and possibly mobile, I’m leaning more towards something in the city due to the convenience factor and higher changes of finding flatmates/subtenants/etc.

    But there are always so many questions before deciding what to do… Is there a bubble? When will the bubble burst? Is it really worth paying these outrageous prices? Will Mr. Right come along, and then we look for a new place together? Haha…

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