Update on the purchase of our apartment

Dear all,

I would like to update you on where we stand on the purchase of our apartment.

So to recap it is what we paid so far:

  • 14th of June: Account for the land purchase = 142’000 CHF
  • 13th of October: Final payment of the land purchase + Notary fee = 175’000 CHF
  • Meaning we still had 212’970 CHF of our equity

As you know based on Architect contract Mortgage for our new apartment, we have down payment to execute at different stages of the construction. The payement schedule, I described in the post linked (above) has been updated when we signed the contract. Therefore the first payement was 60% of the apartment value minus our own equity. So we received a bill of 729’600 CHF, I can tell you this is the largest bill ever, I received and have seen. I sent this bill to our banker to pay and to engage our construction credit. It was paid on the 25th of October.

We have now started the world of debt, which as a value of 516’630 CHF.

The next down payment, will be of 10% when the constructor reach the 3rd floor, based on the status of the construction, I am expecting to happened in Q1 2017.

And you any news?