Credit for bathroom renovation.

You no longer have to endure the nostalgia of 30-year-old bathroom tiles. Bath renovation is currently an interesting topic for sprightly seniors and people who will soon retire. The father of the state supports massively senior living space.

You finance the renovation at low interest rates with a loan for bathroom renovation. Before initiating the renovation measures, however, you decide on more than just the new tile decor. If you would like to renovate professionally in an age-appropriate, barrier-free manner, then the state will be happy to pay.

Or do you just want to renew your bathroom appropriately, perhaps even do some manual work on the renovation work? Only a loan from the free capital market comes into question for bathroom renovation in-house.

Bad renovation loan – use public funds

Bad renovation loan - use public funds

You can find the state loan for bathroom renovation at the Cream Bank via loan program 159 – remodel according to age. Currently (as of April 2016) you pay 0.75 percent APR for financing (maximum 50,000 USD / housing unit).

The renovation loan for age-appropriate conversion may be applied for by owners of owner-occupied residential property and owners or landlords of a property or condominium. The publicly funded renovation loan for apartment owners is also eligible for application. However, applicants must be the first purchaser of the refurbished property.

In addition, the state provides up to 12.5 percent of the eligible costs as an investment grant (program 455). The maximum funding per residential unit is 6,250 USD. In addition to the above-mentioned beneficiaries, tenants can also apply for funding with the landlord’s consent to the renovation measures.

The horse’s foot for many savvy DIY friends is the requirement that the work must be carried out by specialist companies. – Otherwise the state will withdraw from the funding.

Finance bathroom renovation at low interest rates – without public money

Finance bathroom renovation at low interest rates - without public money

Fundamentally renovating a bathroom is not a big challenge for modern DIY enthusiasts. Numerous instructions on the subject of bathroom renovation support DIY in the house. So the bathroom shouldn’t be the big challenge for active DIY enthusiasts. A look at the expenditure side clearly shows that home improvement pays off. Limiting the bathroom renovation loan to material costs more than compensates for the small interest rate losses compared to public loan support.

Bath renovation is one thing above all, it is labor-intensive. Bringing a room to the state of its shell without destroying load-bearing masonry is almost entirely manual work. New slots for supply and discharge lines also do not automatically pierce the wall. Even before a single USD was spent on material, a handyman often worked in the bathroom for several days. The way to the dream bathroom, with newly plastered and tiled walls, is no less a question of manual work.

Online credit comparison is recommended for low-interest financing of the project. With the purpose of the modernization, credit institutions currently offer particularly low interest rates. If the bathroom renovation loan (10,000 USD over 60 months) is financed online, the credit starts at 3.33 percent effective interest rate regardless of creditworthiness. The offer of Agree Bank attracts with a small installment of 180.93 USD per month. Free special repayments are also allowed.

Small loan – inexpensive renovation in “hardware store quality”

Small loan - inexpensive renovation in "hardware store quality"

As a tenant, the investment in a fundamentally comprehensive renovation and the installation of high-quality bathroom equipment are not worthwhile. On average, tenants move about every three to five years, at least according to statistics. Nevertheless, it should of course be hygienic in the sanitary area. The basic equipment – shower or bathtub with new curtains, wash basin and fittings – is available from hardware stores for around 1,000 USD. Instead of new tiles, “painting” takes place.

A bathroom renovation loan for tenants, as the small example shows, can easily be financed as part of a small loan. The loan comparison also offers the cheapest loan for the bathroom for this financing size. Up to 3,000 USD, in 36 small monthly installments, would be effective at a fixed interest rate of 1.99 percent independent of creditworthiness. Around 86 USD per month would have to be repaid with a 3-year term and maximum loan amount.

Again, do-it-yourself is worth it, because price-oriented material purchasing often takes revenge due to the additional time required for installation. Employing artisans for a week or more goes beyond the financial framework of most tenants.

Bad renovation loan – “thin credit cover”

Bad renovation loan - “thin credit cover”

If personal creditworthiness is poor, DIY and inexpensive material purchases cannot guarantee that the regular installment loan for bathroom renovation can be financed. Families (tenants) with young children are particularly affected. Even if child benefit and child-raising allowance prove actual repayment ability, regular credit institutions refuse.

Nevertheless, under these conditions there is a chance of a loan for bathroom renovation with fair interest. Private investors, expropriated from the Lite Bank’s interest rate policy, have been using Good Finance and Best Lender to finance difficult projects for years. The lively influx to the two market leaders can also be explained by the solid loan processing. Both portals create the reputable environment for private lending.

A bank serves as the central contact for borrowers and investors for loan processing. Investing in a loan is not an unmanageable asset risk, even under difficult credit conditions. A bathroom renovation loan is not only financed by a lender. In the bidding process, the increased credit risk is shared among all bidders.