For many people, owning their own property is a dream come true. Is one nevertheless thereby very independently and one can arrange it in such a way and in it live, as one likes it. However, it also means putting in the work again and again to keep everything nice and tidy for a long time. And of course the value should be maintained. If you own a house, for example, there is always something you could change or improve. If one has perhaps just repainted the walls, actually also new floor coverings would be due or old doors or windows would have to be renewed also times again. Even in an existing garden there are always things to do and work to be done. Property obliges thus.
If it concerns necessary modernizations of the house or also with an dwelling, this increases frequently the living quality. The value of the real estate can rise thereby also and the energy costs can be lowered. Whether one would like to extend a house further, insulate the facade energetically, attach a solar plant or buy a new kitchen, without the necessary small change usually unfortunately not so much functions. But as already mentioned, there is always something to do on a house. And money will be necessary in any case, in order to be able to convert the desires and conceptions. Who does not have the necessary means, the repairs and modernizations will have to finance. However, there are also funding opportunities that can facilitate the projects., to make the home more beautiful, more comfortable, perhaps also barrier-poor or simply to save energy.
What are the options for financing?
Surely a credit will become fast with such considerations a topic. But for such purposes it is surely more meaningful, than for example a credit for things like the pure consumption or for the vacation to take up. Of course, as with all other credit offers, one should always compare. Here, an online loan comparison can be a good and quick help to get the best conditions for a loan. One must consider only and find out, which credit is the suitable one.
Perhaps it is the so-called kfw modernization loan (kfw = kreditanstalt fur wiederaufbau), a consumer loan or the classic construction financing. One should know when the kfw subsidies can be useful (for example, for insulation or energy renovation) or when it is better to choose a smaller consumer loan.
A real estate loan for the big projects
Those who plan to modernize or renovate in the near future can do so with a classic real estate loan. One would then get the required amount for the project paid out. In return, one pays back a monthly installment in the same amount again and again. How much you then have to repay monthly and how long this fixed interest rate is valid, is determined together with the credit institution. The advantage of this could be that you can start modernizing quickly and plan safely over the entire term of the loan. A possible disadvantage here is that such a loan is usually secured by a land charge on the property. This must then be re-registered in the land register. Such a real estate loan is especially useful for quite large modernizations.
A personal loan for small and medium projects
If it is not a major project, but perhaps a new kitchen is needed or you want to start in the short term with a renovation or modernization, then you can use a personal loan for it. If you wish, the installments can remain the same over the entire agreed term. The advantage here is that you can start modernizing quickly and easily, and you can safely plan the entire runtime. The loan does not have to be secured by a land charge on the property. As a disadvantage it could be seen that the interest rates are often somewhat higher than with the classical real estate loan.
The building savings contract for future modernizations
If you want to provide for the future, you can do it with a building savings contract and save the money today for later projects. If one makes it correctly, one secures oneself the current favorable interest for a possible financing in the future equal with. So you can save money and secure the favorable financing at the same time. Employers and the state may be able to help with savings with the capital-forming benefits and the employee savings allowance.
Possible subsidies for modernization
You should not miss out on the possible grants. One gets it with the credit institute for reconstruction (kfw) among other things for the promotion for a barrier-free change and the energy-efficient reorganization. Young homeowners in rural areas often receive grants from municipalities for renovations. This should increasingly attract young families.