Finance renovation

Full cost control during the renovation

The fun of having your own four walls passes quickly when they no longer shine in their usual glory, but instead unsightly signs of aging respectively. At this point a renovation of the object becomes inevitable.

The renovation, however, entails other costs in addition to painting, such as the renovation of floors and doors or even the purchase of new furniture. Thus, there is a risk to quickly lose the cost overview and to break the budget. So before they start the renovation, they should set up a cost plan and think about a possible financing measure.

Installment loan as a financing option

There are several ways for the tenant to realize the financing. Since the Grundschuldetragtragung is omitted, one should at a bank on one standardized installment loan To fall back on. Such installment loans can be found at all banks, looking for lucrative offers on the internet.

However, when it comes to interest rates, the banks are also guided by the creditworthiness of the customer, which means that the interest rates are within the limits of 3,99-12,0%. The advantage is the relatively quick debt relief of the customer, as usually Maturities of 84 months which may be 120 months if required.

Financing via Bauspar contract

However, the financing of the renovation is also possible through an existing home savings contract. Additional prerequisites are a minimum balance and a minimum valuation number. If these are given, there is nothing in the way of financing and you benefit from the advantages and flexibility of the building society savings contract.

In general, this includes the low interest rates, which usually do not exceed the 4% hurdle. In addition, the renter has the opportunity to make special repayments at any time which shorten the overall term and bring about faster debt relief.

If the financing is at a maximum budget of € 10,000 then no collateral is necessary. However, you should make sure that the Bauspar contract is used purely residential and this with bills from hardware stores, craftsmen, etc. hold.

Financing for homeowners

Are you a homeowner? and are planning a renovation of the entire property, there are still various possibilities for real estate financing in question.

Alternative models to Bauspar contract

Finance renovation: However

Renovating and modernizing: professional knowledge for home improvement

If they do not have an ongoing home savings contract, some building societies now also offer financing models that do not require them. The Minimum Funding principals However, this often amounts to higher amounts such as € 25,000, as these are pre-financing models, which are linked to a home savings contract. The terms extend from 18-28 years and should therefore be used more for larger construction projects.

Securing the loan by mortgage

The annuity loan Here is the classic variant, which has fixed monthly interest and is secured by a mortgage. Due to the land charge, the interest rates are also shrinking here, similar to the building society loan. However, they are also tied to the creditworthiness of the customer and the value of the object. Cheap real estate loans can usually be found quickly and easily on the Internet.

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Video Board: Financing Home Improvements