5 key steps to a successful first property purchase in Geneva

1. Determine your budget and obtain financing

Assessing your financial capacity

Before starting your search, it is crucial to estimate your financial capacity accurately. Begin by assessing your own funds, including your savings, your 2nd and 3rd pillar assets, and any other available source of capital. At the same time, calculate your monthly income precisely to determine the financial burden you can sustain. Once you have gathered this information, have your financing plan validated by a bank adviser, who can propose solutions suited to your situation.

At Millenium Properties, our experts can help you set a realistic budget based on the current Geneva market.

2. Define your property project

Identifying your essential needs

Think about your needs and wishes before starting your search.

First, determine the type of property that would suit you best, choosing between a flat or a house according to your lifestyle.

Location is also essential: do you prefer the urban energy of Geneva or the calm of its surrounding countryside?
Next, define the floor area and number of rooms you want, based on your current and future family situation.
Finally, decide whether you prefer an older property, with its charm and history, or a new home offering modern features.
Rank your criteria in order of priority to target your search effectively.

3. Search for and view properties

The benefits of professional support

Working with an agency such as Millenium Properties offers many advantages for your property search.

Our advisers have in-depth knowledge of the Geneva market, enabling them to identify opportunities that match your budget.

We carry out a rigorous selection of properties that precisely match your criteria, sparing you unnecessary viewings.
Our team organises the viewings and accompanies you, highlighting the strengths and potential constraints of each property.
We also advise you on the technical and legal aspects specific to the Geneva property market.

4. Complete the purchase with a notary

Legal and financial formalities

Once you have found the ideal property, the notary handles the essential formalities of the transaction. The notary drafts the sale contract, ensuring the legal security of the transaction for both parties. The notary also checks that all necessary authorisations are in place, which is particularly important in the regulated context of the canton of Geneva.
The notary calculates the acquisition costs precisely; these amount to around 5% of the purchase price and include registration duties, fees and other taxes.
Depending on your situation, you may opt for a direct sale or a forward sale, each option offering specific advantages.

5. Terminate your lease

Steps to leave your current home

To leave your current home in accordance with the rules, several steps are required.
You must strictly observe the contractual notice period set out in your lease, generally three months in the canton of Geneva. If you wish to leave earlier, you may find a solvent replacement tenant who can take over your lease.
In all cases, make sure to send your notice of termination by registered post to keep proof of your action.
Millenium Properties can help you find a new tenant quickly if needed.

Points to watch

• Brokerage fees: paid by the seller
• Acquisition costs: vary between Geneva communes
• Off-plan purchase: check the developer’s guarantees
• Regulations: find out about planned changes in the neighbourhood

By following these steps and seeking support from professionals, you will give yourself every chance of completing your first property purchase in Geneva with peace of mind.