Costs and financing for renovations or new buildings - what should I expect?

A reliable cost calculation should be prepared at an early stage, so that the financial options can be explored. Based on this, a decision can be made on whether the refurbishing measures or cost for a new build are acceptable. It is therefore recommended to incorporate this aspect into the overall thought process. With a renovation project, it may be worth dividing the individual refurbishing measures into phases if need be, but this may appear to be difficult to achieve with a new build.

The following questions should therefore be incorporated into the planning:

  • What capital resources are available to me for my renovation or new-build project?
  • Is an inheritance advance or a gift planned?
  • Is it intended to use pension assets for the financing or, at most, pledged?
  • Is it possible to increase the mortgage?
  • If necessary, is it possible to pledge a safekeeping account and obtain collateral credit?
  • For which measures is a grant available, which can be used to reduce costs?

It is worth involving a professional in this respect at an early stage and to secure the financing of the entire building project in good time. In general, it should be noted that the collaboration with a banking professional or a finance partner is always recommended for larger investments to ensure that further planning also incorporates issues regarding tax, as well as possible matrimonial or inheritance matters.

Note: It is worth to obtain information on available grants at an early stage, as since 2017, each canton decides itself to what extent it implements the guidelines of the building programme of the federal government.

Note: In any event, applications for grants should be made before the commencement of renovation works.

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