Do you have plans for a major renovation at home? But do you not know exactly how much you will spend or are you afraid that you have not saved enough money? It would of course be terrible to have to stop in the middle of the renovation, due to lack of money.
In that case you can borrow money to finance all or part of the renovation. But how does that work now? And is it wise to borrow money for a renovation? We have selected it especially for you!
How to borrow money for a renovation?
In the case of borrowing money for a renovation, you have a wide choice of various loans. For example, many people opt for a revolving credit. This is especially useful if you do not know exactly how much the renovation will cost.
This way you can cover any additional costs, so that you do not suddenly have to stop the renovation.
It is also possible to take out a personal loan
In addition, it is also possible to take out a personal loan. The disadvantage of this is that you have to specify a certain number, so you can borrow either too much or too little.
And you are required to pay interest on the entire amount, not just on the amount that you actually use. With a revolving credit this is the case.
Borrow money for a renovation wise?
We always recommend that you first open your reserves before taking out a loan. A loan always costs extra money. However, when it comes to renovations, it can be very sensible.
After all, it is an investment in your home. This will increase the value of your house, so you will probably get the money back later. It is advisable to pay for most of the renovation yourself and to borrow the remaining (smallest) part.