Which renovations to finance and how to estimate your budget
Whether it is a simple refresh or a full renovation, estimating your budget accurately in advance avoids unpleasant surprises. Here is how to structure your project.
Distinguishing small jobs from major renovation work
A refresh (paint, flooring) needs a limited budget and timeframe. Major renovation work (insulation, an extension, fully redoing a bathroom) involves quotes from tradespeople, sometimes several, and a significantly larger budget.
How do you get a reliable estimate?
Ask for several detailed quotes from professionals before setting your financing amount. A precise, itemised quote also makes reviewing your home improvement loan application easier.
Building in a margin for the unexpected
Renovation work, particularly in older properties, sometimes reveals surprises (the state of the electrical wiring, damp issues). Building a safety margin into your budget avoids having to urgently seek additional financing.
Energy-efficiency renovation work: a special case
Insulation, an efficient heating system, solar panels: this type of work can sometimes be combined with public grants for energy renovation, on top of a home improvement loan or a dedicated green loan.
Frequently asked questions
Is a quote mandatory for a home improvement loan?
It is not always systematically required, particularly for smaller amounts, but a quote always makes reviewing your application easier.
Can DIY work be financed?
This depends on the lender: some only finance work carried out by professionals, others accept the purchase of materials for DIY projects.
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