{"id":10273,"date":"2022-11-17T06:55:55","date_gmt":"2022-11-17T06:55:55","guid":{"rendered":"https:\/\/loans.tiida-nissan.ru\/?p=10273"},"modified":"2022-12-08T18:40:59","modified_gmt":"2022-12-08T18:40:59","slug":"renovation-loan-for-a-conversion-or-modernization","status":"publish","type":"post","link":"https:\/\/loans.tiida-nissan.ru\/renovation-loan-for-a-conversion-or-modernization.html","title":{"rendered":"Renovation loan for a conversion or modernization"},"content":{"rendered":"
\"Renovation<\/div>\n

The home or condominium gives the feeling of security. Once the loan for the property has been paid off, you live in your own four walls at significantly lower costs than would be the case in a house or apartment for rent. However, even with your own home, further costs will arise over time, z.B. for cosmetic repairs and renovations. If the necessary funds are not available, a renovation loan can help. We would like to show you what a renovation loan is exactly, what you should pay attention to and how it differs from other loans.<\/p>\n

What is a renovation loan?<\/h2>\n

A renovation loan is generally a normal installment loan. You go as a borrower to the bank and borrow from it the desired loan amount. The bank pays you the amount and you repay it, plus interest, in monthly installments over the specified period of the loan term. The big difference between a renovation loan and a normal consumer loan is that a renovation loan is only given for a specific purpose. This means that you can not freely dispose of the money disbursed by the bank, but can only use it for the purpose of renovation of the home, as specified in the loan agreement. How specifically the expenses are determined varies from contract to contract and bank to bank. As a rule, it is only generally specified that the money granted via the renovation loan is to be used for renovation work on a specific property.<\/p>\n

As an advantage, the earmarking usually results in more favorable interest rates. As a result, a renovation loan is usually cheaper than a regular installment loan without a specified purpose. In principle, tenants can also take out a renovation loan. In practice, however, this rarely happens, as renovations are actually the responsibility of the landlord and not the tenant. As a rule, only property owners take out a renovation loan to renovate their own house or apartment.<\/p>\n

Use of a renovation loan<\/h2>\n

As already described, a renovation loan may only be used for renovation work on a house or apartment. But what exactly falls under renovation work? Roughly described are renovation work all those measures that serve to maintain the value of a property. This can include cosmetic repairs such as painting walls or wallpapering, laying carpet or other flooring, or renovating individual rooms such as the bathroom, including replacing the tiles. The exchange of a complete kitchen is however no renovation, since these are a firm component of a house and\/or a kitchen. of an apartment is.<\/p>\n

Difference between renovation and modernization<\/h2>\n

The renovation and thus the renovation credit are to be distinguished from a modernization and the modernization credit available for it. Often these two terms are used synonymously. However, this is strictly speaking wrong. With a modernization loan, structural changes must be made that increase the value of a property. Examples include an improvement in thermal insulation to improve the energy value, or an extension, for example a conservatory.<\/p>\n

The legislator has regulated in § 555b BGB exactly what falls under a modernization measure and what not. Modernizations are structural measures that sustainably save water, primary or final energy, sustainably increase the utility value of the property, or create new living space. In addition, measures that improve the general living conditions in the long term are considered modernization. However, this legal definition is mainly relevant for tenancies. Not all banks also use this definition when granting loans. The exchange of windows and doors is evaluated from bank to bank differently, can be financed with some banks thus with a renovation credit and with others with a modernization credit. In certain cases, it is also possible to use a loan for both modernization and renovation measures. Here you should pay close attention to the conclusion of a loan and talk to your bank.<\/p>\n

The credit institute for reconstruction promotes by favorable credits apart from the building of real estates also the energetic reorganization and age-fair modernization of own homes. Renovation measures do not fall into this, however. Therefore no KfW promotion by favorable conditions is possible with a renovation credit. However, some states and municipalities grant low-interest renovation loans or subsidies for renovations. Ask here in any case once.<\/p>\n

What else you should consider<\/h2>\n

If you have decided to renovate and want to raise the funds required for this through a renovation loan, there are a few things you should keep in mind to avoid complications and problems. First, you should think about the costs and get quotes from craftsmen if you want to hire them. If, on the other hand, you want to carry out the renovation work yourself and only need the amount borrowed from the renovation loan for the building materials, you can find out here what costs you will be faced with.<\/p>\n

If you have an approximate order of magnitude, you should think about the monthly installment to be paid. This should not blow too big a hole in your household budget. A loan should be planned so that there is always air left in your monthly budget of income minus regular expenses, so that you can respond to contingencies. It is best to use a free building loan calculator on the Internet and play around with the term a bit. How to get a feel for how the rates will develop.<\/p>\n

Then it goes to the discussions with a bank. Either you go directly to your house bank. It is often better and more favorable, however, if you make yourself clear beforehand on the Internet about conditions and interest rates and consult the bank that makes you the best offer for a favorable renovation loan. Before the loan amount is granted, the application is of course reviewed by the bank. Here, not all credit institutions are satisfied with a simple verbal justification when it comes to the renovation needs. If you want to take out a higher sum as a renovation loan, most banks first check the need for renovation on site and whether the stated costs are realistic. The proof of the need and expediency of the planned renovation work is usually done by photos or a walk-through of the premises and cost estimates from craftsmen.<\/p>\n

The amount of credit for a renovation loan is basically open upwards. However, many banks cap the maximum amount for renovation loans at 50.00 to 75.000 euros. This should be sufficient for most renovation work, as you should not confuse this with modernization work as described above. The minimum amount is usually 1.000 euros. Depending on the amount of the loan, banks may require a security for the granting of the renovation loan. This can be, for example, a land charge. Common durations range from 12 to 120 months, depending on the amount you pay.<\/p>\n","protected":false},"excerpt":{"rendered":"

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