Whether for the complete renovation of a home or small jobs, the loan makes it possible to finance the purchase of the materials and/or the regulation of the professionals carrying out the renovation. Here’s how to finance your renovation work, even when you have credits in progress.
Finance the renovation of a house
Many French people are opting for the purchase of an old house or an apartment that has remained in its own right, which then implies carrying out work to bring up to date the habitat and if necessary, apply the current standards and recommendations (electricity, double glazing, energy savings). Thus, the bill can quickly rise depending on the nature of the work to be done because on the one hand the materials can be expensive, and on the other hand, the quote can quickly inflate with the workforce if one uses a company works. The credit thus makes it possible to finance this work and several options are possible.
Renovation: the mortgage and the loan
The mortgage is a loan dedicated to the purchase of real estate but also the financing of works, on the sole condition that they must be of an amount greater than 75 000 €. Below, it is the consumer loan that prefigures as the only alternative. If the mortgage requires significant amounts, the rate is often more interesting because a guarantee is required from the lender (mortgage, deposit). On the other hand, no need for a guarantee for consumer credit, but as for any loan application, the proof will be requested from the borrower.
Renovate your property with credits in progress
Many households already have credits in progress and wish to apply for a new loan to finance the renovations. In this case, the credit consolidation allows the borrowing in progress to be raised and to add an amount dedicated to new financings, such as the work loan. The repayment period is rescheduled to offer the borrower a monthly payment adjusted to its repayment capacity, often smaller than the old ones. For this solution, the best alternative is to try the simulator of repurchase of loans (comparable to an online calculator), it allows to have an outline of the new reduced deadline. This simulation is completely free and without commitment.
- Repurchase of credit with only 1 loan
- Credit for works of 20,000 euros