How to finance a renovation?

When the summer season is at its best, many people can get excited about renovating their home or summer cottage, for example. Maybe you’ve been thinking about improving your summer cottage by building a new patio or dock, or maybe it’s high time to renovate your home roof or a kitchen renovation? Financing options for repairs can be compared in our comprehensive loan comparison!

However, renovation dreams can often be filled with a lack of time, money or professionalism. We have already bought the setbacks for you with their solutions!

Lack of time and professionalism

Lack of time and professionalism

You do not have time in your calendar to renovate your summer cottage or home, but would it be good to get the renovation done before the fall? In this case, the solution may be to outsource the renovation to a professional, allowing you to directly enjoy the results of the completed work. For example, on the Cottage Center website and on the Good Lender website, you will be able to view the building masters in your area and request them for a free evaluation visit.

Wall painting or wallpapering can be a success, but for most demanding renovations such as bathroom or sauna repairs, most of us do not have the necessary know-how. For larger renovations, it is good to hire a professional who takes care of the job.

For larger renovations, it is good to hire a professional who takes care of the job

By outsourcing the renovation you can also get a tax advantage in the form of a household deduction.

Also check out the other tax deductions you might want to make!

Lack of funding

Lack of funding

The bathroom needs a quick renovation, but no savings for the renovation? The optimum situation would be to find funds for renovation in the form of ready-made savings, but sometimes, for example, in the event of a sudden and urgent need for renovation, the necessary costs could not be prepared and external financing, such as as a renovation loan, might be necessary.

Some refurbishment companies offer a financing option for the refurbishment, but this is not always the most cost-effective option for the customer – it is important to compare the different options, as by carefully comparing different Loan Options, it can save you considerable money.

We compared a few financing options offered by a repair company with other options available on the market:

The table shows, the loans differ widely. Norwegian Bank and Handelsbanken have the lowest interest rates, but with respect to the start-up fee, they are again more expensive than the financing provided by the renovation company.

It is therefore important to compare the costs of different loan options when considering renovation. You can take an example from our table: list features of different options, such as actual annual interest rates and monthly items in a comparable table.

Asking for a loan offer itself does not bind the consumer to anything

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It is a good idea to ask for loan offers from a few different banks and finance companies to find the most affordable home improvement loan. Asking for a loan offer does not in itself bind the consumer – the offer can always be rejected without any reason. Asking for a quote on multiple locations can help you avoid paying too much for your loan.

Did you know that if a home improvement loan comes to a home remodel, then the interest on the home loan can be tax-deductible? From the taxpayer’s point of view, such as a loan is classified as a home loan whose interest rates are deductible for tax purposes.

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