Doing work in his home has a cost. Whether it’s a new property or a home purchased several years ago, this transaction often requires the purchase of a home loan.
Do you want to finance renovation works? You can get a classic home loan and benefit from regulated loans like PTZ, ELP or SSP. If the inclusion of the cost of work in a mortgage offers many benefits, know that there are alternative solutions. Update on the steps to be taken
Before thinking about the financing of the works, one must first estimate their cost. For that, you will have to draw up the precise list of the planned renovations, to determine what is the necessary material, to decide to appeal or not to a craftsman. Other details are important, such as the surface to be renovated, the type of work (structural work, finishing or decoration work, installation of a new floor), access to the site.
The price of the works is generally between 80 and 300 USD per square meter for a simple refreshment of a house. For a complete renovation including the kitchen, the bathroom, the creation of partitions, plumbing and electrical modifications, it takes between 500 and 1000 USD per square meter. To get an idea of the exact cost of your renovation work, do not hesitate to ask for several free and no obligation quotes.
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You have found the house you need but want to do some work? It is possible to include in a home loan the purchase price of this property and the amount of work. In this case, it is imperative to present the bank an estimate to identify the capital to unlock for renovations. If you decide to carry out these works yourself, you will not be able to obtain a credit for work coupled with a mortgage.
If you are the owner of your principal residence for the first time and if your income does not exceed certain thresholds, you can apply for a zero rate loan to finance work in old housing. Lastly, it is possible to use the rights acquired on a home savings account (CEL) or a housing savings loan (PEL) to obtain a loan to finance repair or improvement work on your principal residence.
It is quite possible to take out a loan to finance works several years after buying your property. For example, the work loan allows you to obtain a sum of between 200 and 75,000 USD. Many institutions offer this financing solution. Therefore, it is essential to compare the offers by consulting the annual percentage rate of charge (APR) and the amount of costs. The best solution is to use an online comparator.
Finally, the eco-loan at zero rate is another interesting option. This is a loan without interest repayment proposed by banks and to carry out some renovation work and improved energy performance.