Today, the Lender cabinet is presenting the 2019 budget. Almost all households will improve next year. An extra good reason to realize your renovation plans. Do you have plans to renovate soon? Then read these tips to finance your renovation wisely and cheaply.
Renovation: more than worth an investment
Are you satisfied with the place where you now live? But does your current kitchen or bathroom no longer meet your housing requirements? Then a renovation offers a solution. Apart from the extra living pleasure, these are improvements that increase the value of your house. That is why it is wise to invest in the maintenance or improvement of your home.
Costs of renovation
A renovation involves quite a few costs. Financing a renovation is of course best done with savings. But if that is insufficient, borrowing money for your renovation is a good option. Some people opt for a second mortgage. With the announced accelerated reduction of the government’s mortgage interest deduction, this may not be the smartest choice.
Did you know that a personal renovation loan is often cheaper?
Personal loan or second mortgage?
A personal loan has the advantage that you can opt for a shorter term. For example, you are more debt-free than with a long-term loan such as a second mortgage. Furthermore, you do not pay any appraisal or notary fees. And you can always pay extra without penalty. The interest that you pay for the personal loan that you use for the purchase, improvement or renovation of the home is tax deductible.
As a homeowner you can easily take out a personal loan in addition to your mortgage.
Discover the benefits for yourself
Protect your financing
A renovation of your kitchen or bathroom can cost a lot of money. To insure this (high) loan amount, so that you borrow without worry, we have a credit protector for your loan. This insurance temporarily takes over the payment obligation from you in the event of unemployment or disability. The insured amount is released in the event of death so that you do not leave your relatives behind with your loan.