Off-plan Alpine home proves a picturesque investment
If you want to buy a ski apartment in the Alps, the chances are you'll buy off-plan, as the shortage of new development opportunities means most properties are snapped up well before new buildings are completed. Stephanie Crayford, director of a marketing business in the Home Counties, was looking to buy an apartment both as an investment and in order to enjoy holidays, when she was introduced by estate agency Savills to Larry Levine, founder of Alpine Homes International, a developer working in the Alps.
She quickly became interested in Veysonnaz Chalets, a small development in the Four Valleys area of Switzerland. "I knew the area because I had been skiing in Verbier," says Stephanie, "and I was very attracted by the fact that they were offering a three year rental guarantee as well as six weeks annual usage, which meant that the property would basically 'wash its face' but I would still be able to enjoy it with my family."
She quickly became interested in Veysonnaz Chalets, a small development in the Four Valleys area of Switzerland. "I knew the area because I had been skiing in Verbier," says Stephanie, "and I was very attracted by the fact that they were offering a three year rental guarantee as well as six weeks annual usage, which meant that the property would basically 'wash its face' but I would still be able to enjoy it with my family."
In early 2005, she was flown out to Switzerland with a number of other prospective buyers to view the site and the area. "When we were there, there were just poles in the ground where they were going to build, but they told us the history of the area and the plans for the village."
Veysonnaz is a typical mountain village perched between the Matterhorn and Mont Blanc mountains which has retained a good deal of its traditional charm.
Stephanie also liked the price; her three-bed apartment in the Balcons de Soleil building was on offer for SFr 456,000 - approximately £210,000, which made it extremely favourable compared to similar properties in the French Alps. Its value has since gone up significantly, bearing out the belief that this would be a good investment. "I knew that Veysonnaz was up and coming, and they were going to invest in new ski lifts there. The price was very reasonable - at the time Switzerland was one of the only countries that had been experiencing property deflation," says Stephanie.
It was not the first time she had bought abroad; previously she had bought a property in France which had not proved a success, so she was anxious to get it right this time.
One selling point of the development was the high quality of the workmanship and the finishes. "The quality is very high and very robust. They build to last and it is reassuring to know that I won't have to do anything to my property for at least 20 years," says Stephanie.
A key factor in choosing the apartment she did is that it had a south-facing balcony with outstanding views over the valley below, and she was reassured that the view could not be blocked in the future. The buying process was relatively smooth, says Stephanie. Once she had decided to buy, and had put down her initial deposit, an application had to be made for a permit, since this was a second home and Stephanie did not have residency in Switzerland.
"I had to wait a year for the license to come through, but in the meantime you do get notified that you will be able to get it, which takes away the uncertainty," she explains. "Once you have that, you can exchange contracts, and then when the final permit comes through, you can complete."
One advantage of buying off-plan through a developer is that they hold your hand during the buying process. "They help you every step of the way, and everything is translated into English for you," says Stephanie.
During the building phase, things didn't go entirely smoothly, as Stephanie was unhappy with the fitting of some interior tiles, and she felt it took longer to resolve than it should have done, but this was eventually ironed out. Now she's delighted with her apartment, where she has already enjoyed a number of happy holidays. "I have one child of my own, and I usually take my mother as well. We often go there with another family, as the apartment can sleep eight."
In 2005, the new ski lifts opened, connecting Veysonnaz to the rest of the Four Valleys ski area, including Verbier, and making the village a far more attractive proposition to skiers. But Stephanie says that the revelation for her has been discovering how much there is to do outside the winter season. "It's very beautiful in the summer and there are so many outdoor pursuits to get involved in. There are lots of opportunities for mountain biking." In June, visitors can witness the "inalpe" as the cows are led up to the higher pastures, a picturesque custom of the area.
Overall, she says, the holiday home has proved ideal for family holidays. "It's a great place for children, the cars drive very slowly and it's very safe - you can even leave your doors unlocked." The restaurants serve home-cooked food, the people are friendly and the weather is beautiful, she adds. Stephanie says she has no plans to move to Switzerland full-time just yet, but adds: "I can see the attraction - even the taxes are low."
June 2007
Alexander Garrett is a freelance property writer who contributes regularly to The Observer and British Airways' Business Life.
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