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Step 4: What Do I Have to Take into Account When Converting My Home into a Multi-Family Dwelling?

This step calls for a long-term perspective, good partners and possibly some courage as well.

Feasibility

The best person to answer the question as to whether you can use your single-family dwelling to realize your dream of a multi-family dwelling is an architect with experience in such conversions. Your advisor at Credit Suisse can tell you how to finance this dream once there is a rough cost estimate at hand.

Founding Condominiums

The term condominium ownership refers to a co-ownership share in a property that gives the co-owner special rights to make exclusive use of certain parts of the building (his/her own apartment including ancillary rooms) and to convert the interior. The premises must be self-contained and have their own entrance. The right of condominium ownership therefore always comprises two components:

• A right of partial ownership (share) of the property as a whole in the form of co-ownership
• A right of use pertaining to individual parts of a building (apartment including ancillory rooms) that are inseparably bound with the co-ownership share

A public deed is required for founding a condominium. In this case, you yourself are the sole condominium owner at the time of founding and hence also have free rein in drawing up the condominium association regulations.

Sales

If you decide to sell individual condominiums, we will be pleased to assist you. The more long-term the sale is planned, the better. To this end, information about the market prices in your residential neighborhood and local real estate trends is important. Together we will draw up a carefully prepared selling plan. Talk to us.

Letting

By letting out a newly created apartment you can generate additional income in the long term. However, you should not underestimate the cost in terms of both time and money, other inconveniences, and the risk of the apartment remaining vacant.

The internet and the real estate classified pages of local newspapers will provide you with an indication of the achievable rents. Furthermore, your Credit Suisse advisor can give you an assessment based on comparable properties.

You've now set up your new home. But haven't you for a long time been dreaming of a vacation apartment? Dream no longer, but make your dream come true. We'll show you how.  

Step 5: What Do I Have to Take into Account When Buying a Vacation Home or Second Home?  

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