Learn how to get a home loan and finance the work yourself, while enjoying the best rates.
Can we get a home loan with works yourself?
Many French people make the choice to buy in the old or to build by their own means, acquisition projects that take time but also require the establishment of tailored financing to meet different needs. As part of a mortgage, the banker will usually include a sum dedicated to the acquisition, it is simply the price of the house and related costs (notary, fees, warranty) but it will also provide a sum for the reserved works, that is to say the works necessary for the rehabilitation of the property.
In the context of self-directed work, that is to say without the need for a professional, it is possible to finance the purchase of materials because in a mortgage, it is essential to justify the sums required by documents vouchers: estimate, order form… If the work is done by yourself, an estimate of the purchase of materials will be necessary to validate the amount of the loan.
Quantify the work done yourself
When applying for a home loan, a study is conducted by a bank advisor to ensure at first that the project is feasible. This study will be based on the amount of real estate to buy and the need for work, that is to say the amount needed to carry out the renovation and rehabilitation of housing. It is important to correctly quantify this amount, that is to say to provide all the expenses in advance because if the amount is changed during the study, the bank advisor will have to review all his calculations, which necessarily delays obtaining funding.
It is therefore advisable to go around the house and to encrypt each item one by one, it is better to plan wide rather than not enough, otherwise it would be necessary to redo a loan work later, which is not always financially feasible. To make up for any eventuality, it is possible to be accompanied by a professional in the costing of the work in order to aim at the fairest in the purchase of materials. The bank advisor may inform the buyer of the proposed debt limits and repayment terms.
How to get your home loan with the works?
The best solution is to apply for a mortgage online by specifying the amount of the loan and the amount of work estimated. This makes it possible to survey the credit institutions proposing real estate acquisition financing with works carried out by the inhabitants. The simulation makes it possible to receive several financing proposals and to be able to choose the best offer, including in terms of amount, duration and rate. This is a free service offered without commitment.