Your home needs a touch of paint? Do you want to start some repairs or improvements for your comfort? Do you have to restore your sanitary or electrical installations to standards for your safety? The work to be done in a house can represent a particularly important cost between the purchase of materials and equipment without forgetting the cost of labor. To smoothly pay for your work, you have the option of applying for a buy-back of work credit to finance renovation expenses . But before subscribing to a new credit, consider comparing the credit buyback offers for work in order to succeed in a more efficient debt restructuring.
The purchase of credit works: finance your projects with confidence
Even as a homeowner, it is not necessarily easy to get new credit for work when you already have several other outstanding debts (real estate loans or consumer loans to repay, etc.). A high debt ratio affects the cash available for current expenditure and may have more or less savings capacity.
To avoid increasing the financial pressure on your budget, the redemption of credit works will consolidate all outstanding loans and renegotiate a better interest rate to apply a repayment period tailored to your repayment capacity to keep a suitable debt ratio. Moreover, this procedure will make it possible to reduce in a more or less important manner the repayment monthly payments to have again a healthy and balanced cash.
From a practical point of view, the repurchase of credit works simplify the management of your budget because you will have in the end only one creditor and a single monthly deadline to be respected.
Opting for a credit work rather than a credit conso: what benefits?
Nothing prevents you to take a consumption credit to finance work to improve your home to the extent that financial institutions do not require any proof of use of the funds lent. However, it is important to know that the work credits are studied to offer better benefits .
For some specific work related to the insulation of the house, for example, the proposed interest rates will be more advantageous. Capped at € 75,000, the work credit is subscribed for a maximum of 10 years. Beyond that, it is possible to turn to a mortgage.
Taking into account that the cost of the work is relatively important for any renovation, the repurchase of credit will avoid you to enter a situation of overindebtedness.