Want to turn the old bathroom into a new and modern one? Maybe it’s time to increase the size of the cabin? Here you will find out how to finance the projects – and how a buffer can prevent you from breaking the renovation budget.
We Norwegians spend a lot of money on renovating our homes, and often we do not stop when a project is completed. The renovation of the living room can lead to new flooring in the hallway, and hiccup, then you have started in the bedrooms and kitchen.
Yes, renovation projects tend to be more extensive than we thought. Therefore, it is smart to put a buffer in your budget.
A flexible loan account as a buffer
With InstaCash Bank’s flexible loan, you have the money left in a loan account, so you can take out what you need, when you need it.
With us you only pay interest and installments on what you use. This means that you can arrange the financing well in advance of the renovation, says bank manager Roberto Terg of InstaCash Bank.
With flexible repayment, you have the option of paying only a minimum amount per month if you prefer, and more in other periods if desired.
Several go over budget
The reason people spend more money than planned on renovation projects is often due to the lack of a proper plan. Mario Cors is sales manager at Byggmakker in Trondheim, and says that too many people go into this trap.
I have the feeling that more and more are going over their budgets. The reason for this is that people often find a new and more expensive solution during the project.
For the customer advisers in the department store chain, it is about uncovering the need for those who are going to renovate. Some may know what products they should have in the living room or bathroom, but with the help of the customer advisor, they will find out if these are right for them.
Because of the huge selection, more people seek advice from us today than before. It often ends up that price is not the deciding factor, because they want quality, says Cors.
Bathrooms and kitchens are examples of rooms where people often increase investment because they want something that will last for many years.
Tips for keeping your budget
Before you begin the renovation, it is important to make a proper plan. How will the end result be, how long will you spend and, not least, what is your budget?
My best tip is to put this plan together with a customer advisor in a department store. Talking to an expert early in the planning phase can save you a lot of time and money. Then you get help to look at different variants of the products and create a list of everything you want, says Cors.
When you know what you need, setting up a budget is much easier. If you add a buffer to your budget, you will drop surprises along the way that can send it over the edge.
With flexible loan from InstaCash Bank, you dispose of the money you want in the online bank yourself. Then you can withdraw money to pay the carpenter, if it should be more expensive than planned, or for extra materials if you need it, says Berg.
Smart financing for renovation
There are a number of ways to finance the renovation, and some are smarter than others.
When your loan is granted with us, the money will be available on an account you control. You are free to dispose of the money as you wish, giving you good flexibility, says bank manager Roberto Terg.
Flexible loan from InstaCash Bank has a loan limit of $ 5,000 – 200,000 and a nominal interest rate from 7.99 to 19.99%.