Loan for apartment renovation – when is it worth reaching for it?

Renovation of an apartment, whether it is a major one or only a basic one, usually requires a lot of money. Among the most expensive projects are, among others, bathroom renovation with replacement of the entire installation – electrical and plumbing. Most people save for several or several months to save money for renovation. Others, however, support themselves with external sources of financing, i.e. a traditional bank loan or non-bank loan.

How much does it cost to refurbish an apartment?

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Poles prefer to renovate their apartments in the spring and summer. A large proportion of people devote a vacation period to renovation works. Often, people who do not carry out repairs themselves, want to be on the spot and keep track of progress. Independent work is usually based on basic activities, e.g. painting walls. Depending on the scope, renovation may cost us several or even tens of thousands. However, it is comforting that most of the work and repairs are carried out once in several installments.

Among the most common renovation works in Polish homes there are: painting the walls, replacing old furniture with new ones, replacing tiles in the kitchen or bathroom, replacing floors in individual rooms, as well as renovating the bathroom with replacing fittings. Building materials consume the largest amount during renovation. They are most often bought in DIY stores or via the Internet. The rooms that we most often change are the bathroom, living room and kitchen.

Financing renovations – savings or external financing?

Renovation is considered to be a project that should be planned well in advance. This is related not only to the need to find appropriate professionals, but above all to accumulating the appropriate financial resources for all necessary work. Renovation is usually financed with savings, which we systematically put off with a view to a specific goal. However, it is becoming increasingly apparent that renovation work is financed from external sources. Some reach for a bank loan, but this requires many formalities. In addition, banks most often require that the customer wants to borrow money.

Non-bank loans may be an alternative. We reach for them the most, when during the renovation we literally run out of several hundred zlotys to finance the purchase of materials or payment for the work done for the renovation team. Loan companies grant loans without having to indicate for what purpose the money is to be allocated.

Renovation loan – how do you find the right one?

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As already mentioned, a non-bank loan does not require declaration of what the money is to be spent on. The loan company does not check whether the renovation was actually financed or spent on something completely different. The lender only wants the money to be returned on time. There is a huge variety of loans on the Polish market of non-bank products – from quick payday loans to installment loans. The factor that should play a key role in choosing the right loan is the final price of the liability. We are talking about the total costs that will have to be incurred in borrowing money from the loan company. Online loans comparison can help you find the right financial product to suit your individual needs.