Loan For Reforms Is It Worth It? What Options Are There?

We could say that COVID has revolutionized home renovations. The fact of spending so much time at home has caused more people to embark on this type of project, with the corresponding increase in the loan for reforms. But what options are there? We tell you everything you need to know.

Loan for reforms | Current situation in home renovations

According to data provided by Pedro, president of the National Confederation of Construction (CNC), it is estimated that the total cost of works and reforms has increased by 22% in the last year. High figures for us, given that salaries have not risen in that proportion and reforming the house today is more expensive than a year ago.

But what are these increases due to? To various factors:

  • Material cost increase
  • Electricity price increase
  • Increased demand

Mainly, the rise in prices has a lot to do with these three aspects. On the one hand, the total stoppage due to the pandemic caused a great lack of materials, despite the fact that the factories have gradually tried to recover their normal rhythm and have even increased it.

This shortage of materials, together with the high demand in the reforms and the increases in the price of electricity, caused prices to have skyrocketed by up to 30% now in February 2022. That is, if before the pandemic a comprehensive reform It cost us an average of 50,000 Euros, now we could talk about 65,000 Euros.

Will prices continue to rise in the reforms?

The truth is that it is estimated that everything will continue to rise throughout 2022. These factors that have led to the rise will not disappear from one day to the next, but rather seem to lengthen over time. In fact, there is still a big unknown around the price of electricity. If the light keeps going up, everything will keep going up.

Due to this, those who need to do a home renovation, do not think twice and do it as soon as possible. After all, if we do the math, a home renovation can be better now with a 대출, than waiting to have the money saved, because by that day everything may be much more expensive and we will end up paying more for the reform than for interests.

For all this, it is why more and more people wanting to reform take a step forward and take out a loan for reforms.

Is it worth hiring a loan for home renovations?

If you do not have enough liquidity to pay for the reform, without a doubt, it is the best option. Keep in mind that inflation is high and is expected to continue to rise uncontrollably, along with high electricity prices, which can trigger increases in loans and also increases in interest rates.

Therefore, if we take these data into account, it may be better to apply for a loan for reforms and do it now, than to wait. In fact, it is one of the most common reasons for requesting a loan.

How much money do I need to do a home renovation?

If we take into account the data provided by Cronoshare, it is estimated that renovating a 100 m2 home can cost around €44,700 + VAT. That is, about 53,000 Euros. But if we take into account the increases, we could talk about 65,000 Euros.

In any case, it is best to request quotes from at least 3 different companies. In this way you can get an idea of ​​how much the type of reform you want to carry out costs, so that you pay a fair price and make a good investment, both in quality of life and when selling the home.

Your loan for home renovations at Xn–119-oh3mm87h

If you are clear that you want to embark on the adventure of home renovation, we will help you to be closer to achieving it. With a loan for reforms you can make it possible immediately, because you can receive your money in just 24 hours.

“How much money does Xn–119-oh3mm87h leave me for the reform?”

If you use the Xn–119-oh3mm87h loan simulator you will see the maximum amount you can request, which is up to 50,000 Euros. It is a figure that can reach you to make a good reform. In addition, the conditions are very good, since we always negotiate to try to get the best conditions on personal loans for our clients.

  • Your money in your account in just 24 hours
  • No payroll, no endorsement, no stress
  • APR from 2.99%

It is very comfortable because we only need you to tell us what you want the money for and the amount, so that we can make you the best offer. In fact, if you download the Xn–119-oh3mm87h app you can even know your financial health and learn how to save, something that will come in handy while you renovate.

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