Does the existing interior of your home no longer match your personal taste? Do you need more space now that a family expansion is on the horizon? Do you want to tackle the attic by turning it into two separate rooms instead of a storage space? In such situations you basically have two options: renovate or move. The high mortgage interest rate and tightness in the housing market make the first option the most interesting for many households. To help you get started, in this article we provide a number of smart tips for renovating your home.
Take out a second mortgage or a revolving credit
By including the renovation in your mortgage, you do not need to have large equity capital to be able to start this. Mortgage advisers help you calculate what options you have. You often have two options for financing a renovation of your existing home: take out a second mortgage or opt for a revolving credit. The best mortgage advisor can calculate what it will cost you for both choices and what the maximum is that you can borrow. A revolving credit can be interesting for a relatively small renovation or, for example, renewing your interior. After all, you cannot afford a new bank from a second mortgage. Are you going for an extension to create more space? In that case, a second mortgage is interesting. It is customary to take out a second mortgage with the same mortgage lender as where you took out the current mortgage.
Tip: make use of an online tool that allows you to calculate the maximum you can borrow with your current income. It gives a good idea of the options you have when you are considering a renovation of your home.
Create more space with an extension
An extension is often immediately thought of as an extension of the ground floor. Something that will be at the expense of the garden. However, there are more options to create space! Consider, for example, the possibility of providing the attic space with one or two dormer windows. Or go for a complete set-up roof, in order to realize a loft in the attic. The advantage of a dormer window compared to an extension on the ground floor is, among other things, that it is cheaper and that you do not always have to apply for a building permit. It means that you can start the realization of the dormer window earlier. This way you can enjoy your home to the full again.
Take the above tips with you when renovating and take advantage of them!