Discover the different solutions to finance your veranda, a home improvement project.
Include the veranda in the mortgage
Many borrowers will use a mortgage to buy their house and if they plan to build a veranda or renovate an existing veranda entirely, they can choose to include the amount in the mortgage. The interest being to take advantage of the rate of the mortgage and especially to be able to melt the sum in the monthly payment, which avoids having two direct debits for two different financings. It is obviously necessary to think of financing this project of works as of the purchase of the house and that concerns only the new owners. For the others, you have to use the solutions below.
Take out a work loan for the veranda
The works loan is a consumer loan allocated to carrying out works, it is a credit whose amount is a maximum of 75,000 dollars and the repayment period will extend on average over 84 months, or 7 years. The particularity of this credit is that it is linked to the veranda construction work, so if the project does not take place, the funds are not released. Another peculiarity of the works loan is the amount which must be justified by documents such as a quote or an order form. This therefore means having the veranda made by a company specializing in building.
Finance the veranda with a personal loan
Households wishing to carry out the work themselves will rather resort to personal loans. It is quite simply a consumer credit that does not need to justify the sums that will be granted and therefore that allows you to have an envelope to use for veranda work. The interest is obvious, being able to buy the materials from specialized stores and then carry out the work yourself. In terms of condition, no proof will be requested on the works themselves and the loan can also be concluded for a maximum amount of 75,000 dollars and a maximum duration. 7 years old.
Consolidate your credits and finance the veranda
This is the solution for households already having current credits, that of grouping the loans into one to benefit from a reduction in monthly payments but also from the financing of the veranda. When households have, for example, a home loan in progress, a car loan or a personal loan, they can use credit consolidation to redeem their various loans and include at this precise moment the amount of work for the veranda. This allows you to repay a single smaller monthly payment including all debts and avoid having to resort to an additional loan.