Buying apartment and renting out rooms - ideas?
Posted: Sat Jan 07, 2017 9:57 am
Image:
http://i.imgur.com/A7ed1gT.jpg
Details:
https://www.homegate.ch/kaufen/106205682
The buying price of one apartment I am looking at right now is at least 440k CHF (it will be an auction) and twenty years ago the apartment was bought for "more than 300k CHF but less than 400k CHF" (The current owner does not want to disclose the buying price from 1993). It looks like the price for the apartment has risen only a little, which surprises me.
At the moment interest rates on such loans are low .5% - 1%. If the interest rates rise to 5%, my monthly loan payment would rise to 1600 CHF / month. This is also the rent the current family that lived there paid. Everything in there is old / from 1970.
However, airport and city are not too far and there are many jobs both in the city and at the airport, so I believe I can rent out two rooms for 500 CHF - 700 CHF each. Theoretically, if really the demand for rooms is high enough, I could pay little rent / live for free and own an apartment in ten years or less. However, I have to install at least one wall or a door to make "a real room" out of the living room, and I have no clue how much that will cost.
The apartment comes including two parking spots for cars and a piece of the garden where one could put a trailer in the summer and rent it out (the garden is actually meant for gardening).
Any ideas no this?
Full buying information about the apartment
http://i.imgur.com/A7ed1gT.jpg
Details:
https://www.homegate.ch/kaufen/106205682
The buying price of one apartment I am looking at right now is at least 440k CHF (it will be an auction) and twenty years ago the apartment was bought for "more than 300k CHF but less than 400k CHF" (The current owner does not want to disclose the buying price from 1993). It looks like the price for the apartment has risen only a little, which surprises me.
At the moment interest rates on such loans are low .5% - 1%. If the interest rates rise to 5%, my monthly loan payment would rise to 1600 CHF / month. This is also the rent the current family that lived there paid. Everything in there is old / from 1970.
However, airport and city are not too far and there are many jobs both in the city and at the airport, so I believe I can rent out two rooms for 500 CHF - 700 CHF each. Theoretically, if really the demand for rooms is high enough, I could pay little rent / live for free and own an apartment in ten years or less. However, I have to install at least one wall or a door to make "a real room" out of the living room, and I have no clue how much that will cost.
The apartment comes including two parking spots for cars and a piece of the garden where one could put a trailer in the summer and rent it out (the garden is actually meant for gardening).
Any ideas no this?
Full buying information about the apartment