The expansion of a loft that has not previously been used for residential purposes can be worthwhile. With skilful planning, grants and low interest can be generated. An expansion can cost between $ 10,000 and over $ 100,000. A look at the possibilities for an optimal loan for the loft conversion pays off.
Grants and cheap interest.
Numerous municipalities in Germany support the creation of new living space and in some cases there is even extra funding for the expansion of previously unused attics. Prerequisite is the so-called completion certificate and a separate land register for the newly created living space. The responsible building authorities and municipalities provide information about this.
Regardless of location, the Lite Lender supports the expansion and renovation of attics with an interest-optimized loan for the loft conversion. The focus here is primarily on insulation and the energy savings from the conversion. For owners of the entire property, a combination with other renovation measures for the whole house can pay off, for example, thermal glazing, thermal insulation, heating modernization, etc.
Others pay with
If only the attic of an apartment building is purchased and is to be converted, the other owners can or must also bear part of the costs. After all, the roof (not the attic) continues to belong to the community, and the restoration and insulation also benefit the other owners. The owners’ meeting decides which costs will be allocated in detail.
The sum makes the difference
If the calculated total need of the loan is over $ 20,000, the entry as a classic real estate loan makes sense, since interest of currently 2% can be realized here. In the case of smaller renovation projects, the loan for the loft conversion can also be represented by an installment loan. This saves you the notary and land registry costs.
If there is manual dexterity and you can do a lot of work yourself, this not only saves money, but can also be credited as equity in the form of your own work at the bank. The bank can accept between 5% and 10% of the loan amount.
It is therefore worthwhile to carefully examine the planned conversion measures and to exhaust the various options. Then nothing stands in the way of the undisturbed enjoyment of living under the roof.