If you're thinking of renovating your home, you're most likely considering the expenses you will have to bear and you're wondering if you need to get it a mortgage or a loan to be able to proceed with the work.
So today we want to explain to you what are the dynamics that you might find yourself facing and what you need to know about funding when you face the renovation of a house.
Estimates: always written!
First of all you have to provide for collect quotes of who will take care of the restructuring, so that it is documented actual expenditure that you have to face.
Remember that you will have to present the quote in written form to the bank to which you will turn, so it is better to discard the companies that are not willing to write down the cost to be incurred, and that perhaps reveal the true total expenditure only after work has begun, focusing instead on professionals such as the Case Restructuring architects .
Mortgage or loan: what are the differences?
Once in the bank, you may find yourself facing two different possibilities, or having to evaluate the differences between a loan and a
home renovation loan.
Il mutual it is often granted for works of amount higher than 30.000 euro and has the advantage of having a Taeg decidedly inferior to that of the loans, so it will allow you a much less long-term outlay. It could though cover only part of the interventions, sometimes only up to 80% or as a percentage of the total value of your home.
Il loan can be convenient because does not require you to register mortgages on the property and is a loan that is obtained in much shorter times, but i interests are much higher.
What to consider when requesting a
home renovation loan.
Currency the amount that you must request, duration e the rate that will be applied: not only the Tan (Nominal Annual Rate) but above all the Taeg (Annual Global Effective Rate) which also contains expenses such as preliminary investigations. The loan will also require a notarial deed, with the related expense to you.
The timings to have a mortgage or a loan they could be very different from each other and, in the case of a mortgage, you may be asked for guaranteesas well as a Sal mortgage (Progress Status) with the disbursement of the amounts only when an expert has ascertained the increased value of the property.
Finally, consider whether a mortgage already exists on your home expenses and penalties in the event of early termination.
Do you want help to orient yourself on the jobs to do in your home and better evaluate the financing to be done? Contact us for information.
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