Renovate your French property with a re-mortgage
If you are looking to renovate a property in France, you may consider re-mortgaging your house back in the UK. With the right French re-mortgage deal, you could unlock enough equity to fund major renovation work without having to take out a loan. With so many charming French properties that just need a bit of time and money spent on them to unleash their potential, renovation is a very appealing prospect for many Brits interested in buying property abroad.
Renovations and re-mortgage
If you fancy yourself as a bit of a DIY expert or are looking at employing someone to do the work for you, buying a cheaper property in need of some work can prove to be a cost effective way of buying a home abroad. Not only does it give you the opportunity to style the property to suit your taste and needs, but also, by renovating it, you can then resale it at a much greater price and even make a profit from it.
However there are several things that you need to seriously consider before undertaking any major renovation projects. Firstly, you should do as much research on your prospective property as possible. With an older property, you should be prepared for anything from caving in walls to roofs that need replacing. You need to know from the start exactly what you are letting yourself in for before signing on the dotted line. It is therefore essential that you get an extensive survey done and if this highlights work that needs doing, it is worth visiting the property with the relevant tradesmen so you can get an idea of how long repairs will take and more importantly, how much they are going to cost.
Fund renovation projects by re-mortgaging your property
Estimate and plan your budget; renovating a property can prove very costly especially if you come across any unforeseen problems. It is therefore important to ensure that you have a back up fund that you can dabble into should you need to – 15% of the total cost is a good guideline. Buying a house that only needs light renovation is always more advisable than taking on a property that will need completely gutting. Putting in a new kitchen and bathroom can instantly add thousands to the property’s value and can make a huge difference to the ambience of the house.
Call Conti for re-mortgage advice
If you are interested in re-mortgaging your property to fund a renovation project, call one of the re-mortgage experts at Conti today. Their experience and knowledge of French re-mortgages will help find you the best deal to suit you. Call one of our advisers today on +44 (0)1273 772811.
0800 970 0985