Best loan restructuring: how does it work?
Is there the best restructuring loan in the absolute sense? And are there any differences between a first and a second home, perhaps being able to access subsidized loans?
Let’s first answer these questions, before giving any advice on how to find the best restructuring loan.
Best loan restructuring for you or me?
If you are looking for the best home renovation loan, you risk being disappointed or making the wrong choice. What is “best” for one person does not necessarily mean it is for another person.
This is because there are many jobs that can fall within the scope of a renovation such as:
- ordinary maintenance (to beautify and make your home more comfortable);
- extraordinary maintenance (improving energy efficiency, renovating systems, changing fixtures, insulating and insulating);
- heating work (e.g. changing the boiler, the whole system or changing the type of heating used, etc.).
It is quite clear that between one or the other type of renovation work there can be a big difference on the economic level, with disbursements of a few thousand euros up to several tens of thousands of euros. In some cases you can take advantage of tax deductions (with tax bonuses) including those on mortgage interest expense.
Best restructuring loan with special terms
For the first house, and especially for the execution of some works (especially improvement of the energy efficiency and therefore of the energy class of the property), loans can be obtained with reduced rates (which obviously add to the deduction for the renovation bonuses or interest expense if applicable). However, these are possibilities that are only accessible in specific cases, namely:
- amounts allocated by local administrations;
- offers from some specific banks.
To find out whether or not it is possible to obtain the best rate available by virtue of these favorable conditions and what specific requirements must be met, it is necessary to inquire locally. It is certainly worth the effort but it is not certain that you will be able to get what you need.
Best loan restructuring: 3 useful tips
To understand what the best home renovation loan can be, you must first identify the type of work that you must or want to do (and not the other way around, or starting from what you can get and then decide the type of work ).
So based on this research you have to ask for estimates of actual costs and inquire if there are any financing agreements with who should carry out the work.
At this point, however, it is advisable to request more estimates from various banks and financial institutions, and in parallel to request more estimates also on restructuring loans.
In this regard, it is necessary to compare the conditions meticulously and pay attention to the conditions and requirements necessary to be able to make the request (type of cost estimate or invoices for costs already incurred, etc.).