LordNibbler
2022-12-08 11:31:05
- #1
I have a question for clarification on how to best finance an extension and renovation (insulation + windows, drainage) of an existing property for which a loan is still outstanding.
I have no idea yet about the financing amounts involved.
The house cost €435,000, of which €348,000 was financed and approximately €289,000 is still outstanding.
The installment is €1720/month with 1.74% p.a., financed through the DKB.
There is currently equity of about €70,000 available and I do not expect any construction activities before 2024. That means by then approximately €270,000 will still be outstanding and equity will be €85,000.
What goals should be aimed for regarding the financing? 60% through a lot of equity?
Will the existing house be revalued (appreciation) and does that have an impact on the financing?
Where does one finance something like this? Same bank?
I have no idea yet about the financing amounts involved.
The house cost €435,000, of which €348,000 was financed and approximately €289,000 is still outstanding.
The installment is €1720/month with 1.74% p.a., financed through the DKB.
There is currently equity of about €70,000 available and I do not expect any construction activities before 2024. That means by then approximately €270,000 will still be outstanding and equity will be €85,000.
What goals should be aimed for regarding the financing? 60% through a lot of equity?
Will the existing house be revalued (appreciation) and does that have an impact on the financing?
Where does one finance something like this? Same bank?