Understanding the loan simulation work Belgium
The work is expensive but you can finance it easily with a credit. Find out all about the simulation work loan Belgium before you start.
All about the loan simulation work Belgium
Renovation is an essential step to increase the value of a home that you want to sell or rent. It is also a guarantee of comfort and well-being, whether in your main home or in your second home. It goes without saying that the works have a cost but by comparing the different offers of credit, it will be easy for you to choose the right financing method.
One credit, two options
The term “work loan” offers you the possibility to choose between a mortgage loan and a renovation loan.
The mortgage gives you a low interest rate and is advantageous if you want to borrow a large sum (50 000 € and more). The approach is quite demanding and may involve additional costs, including notary fees and credit fees.
However, you can use an existing mortgage loan. If you estimate that the amount reimbursed is sufficient (or greater) than the amount of the work, you have the opportunity to restructure the credit without going through the notary. The bank puts the required amount at your disposal, within the limit of the value of the mortgaged property.
The renovation credit is less restrictive in that it does not involve any additional costs or security deposit. The main condition for granting is based on the submission of quotes from building professionals. The bank or the lending agency studies these quotes in order to grant you the requested loan.
In both cases, think about the loan simulation work Belgium. You will be able to compare the various offers taking into account the annual percentage rate of charge (APR), proposed repayment terms and other determining factors.
What to finance with the loan works?
This loan allows you to finance your work, still need to know which ones. In reality, any operation aimed at renovating your home entitles you to this loan. This already includes the purchase of materials and materials, not to mention the costs of service providers. In concrete terms, your credit offers you the opportunity to:
- redo your electricity and / or plumbing
- have a pool built
- create a terrace, a balcony or a veranda
- change your floor and wall coverings
- renovate your woodwork
- replace your carpentry
- have additional rooms built and furnished