The bathroom is one of the most important places in your own home. In contrast to earlier “wet rooms”, bathrooms are becoming increasingly important today as spaces for relaxation and rest in order to escape the stress of everyday life.
To create these oases of wellbeing in your own home, however, in most cases a high financial outlay is necessary. You can find out below how you can finance a bathroom renovation and what you should look for in a bathroom renovation loan.
What does a bathroom renovation cost?
The answer to this question is of course strongly dependent on the scope of the “bathroom renovation” project and the condition of the bathroom before the renovation begins. Different variants are conceivable here:
- Upgrading the bathroom with new bathroom furniture
- Complete remodeling of the bathroom including the tiles and sanitary facilities
- Extensive core renovation of the bathroom, including renewal of the water and electrical installation.
- Age-appropriate and barrier-free remodeling and renovation of the bathroom.
Depending on the dimension of your project, the costs can range from a few hundred to several thousand dollars. With a suitable loan for bathroom renovation, you can master any project. In any case, you should leave the renovation of your bathroom to specialist companies or trained personnel so that unsightly long-term consequences such as mold growth or faulty water or electrical installation are avoided.
What are the options for financing a bathroom renovation?
Very few people have enough savings to finance a complete bathroom renovation from their own pocket. A large part therefore decides to finance such a project. Basically you have two options:
- The completion of an installment payment with the executing specialist.
- Taking out a loan for bathroom renovation.
Each of these variants has its own advantages and disadvantages, which are examined in more detail below.
Payment in installments by the executing company
Larger companies in particular, which specialize in the renovation and refurbishment of bathrooms, now offer their customers the option of paying the total cost in installments. This is possible if the complete renovation is carried out by a single company.
The advantages of this variant are:
- The renovation company takes care of all the formalities.
- You have a contact person for financing and execution of the work.
However, there are also some disadvantages:
- Additional processing fees may apply.
- The complete renovation must be carried out by one company.
- Smaller companies often do not offer this option.
- You are bound by the conditions of the cooperation partner of the reorganization company.
Taking out a loan for bathroom renovation
Of course, you can also take out an installment loan to finance the cost of bathroom renovation. This enables you to choose your own credit partner and at the same time you are not only tied to those who offer financing when you commission the executing specialist company. You can use the loan amount just as well to carry out the complete bathroom renovation or parts of it yourself or with the help of expert friends and acquaintances.
Taking out a bathroom renovation loan brings you the following benefits:
- A comparison of different loan providers and their conditions is possible.
- You are free to choose how to use the loan amount.
- Personal contributions are possible so that you can reduce the total costs.
A disadvantage of this variant of financing a bathroom renovation is:
- You have to take care of the application and processing of the loan yourself.
You have a competent partner who not only enables a simple and clear loan comparison. The application and processing of the application for the loan works very easily via our platform, for example with an online loan.
Special opportunities to finance bathroom renovation
A mortgage loan or a home loan can also be taken out to renovate the bathroom in your own property. The company also provides low-interest loans for the age-appropriate and barrier-free remodeling of the bathroom. However, these financing options are often linked to certain conditions. You therefore have considerably more freedom of design by taking out a normal installment loan.
You should consider this with a loan for bathroom renovation
A loan is the best choice for fulfilling your bathroom dreams despite the associated costs. You should pay attention to the following things:
1. Choose the right loan amount for your project
Depending on the scope of your bathroom renovation project, you should of course choose the appropriate loan amount accordingly. Therefore, make a precise plan in advance, which measures should be carried out as part of the bathroom renovation and what costs are associated with it. So you get exactly the amount you need to take out as a loan. In older houses in particular, you should plan a certain financial buffer in order not to get into trouble even in the case of unforeseen work. Fundamentally, an increase in credit is also possible, but you can avoid this with an appropriate buffer. If this buffer is not needed after all, you can fulfill other wishes after the renovation work, for example a relaxing holiday.
2. Select the appropriate term
An installment loan is repaid over a term to be determined when applying for a loan. The shorter the term, the faster the loan is paid off, but the monthly charge is correspondingly higher. Therefore, choose a loan term that is suitable for your terms and conditions. The basic rule is: the loan term should not be longer than the intended useful life. If, for example, you are planning to move in a few years, the financing of the bathroom renovation should be paid off at the latest. With the option of special repayments, you can also shorten the loan term. However, you should pay attention to a possible prepayment penalty.
3. Choose the right monthly rate
Taking out a loan is always associated with a higher monthly financial burden due to the repayment of the repayment installment. After deducting all other monthly costs, such as rent, ancillary costs, living expenses and insurance, there should be enough financial scope left to allow the loan installment to be repaid. Plan an appropriate financial buffer for unforeseen expenses.
Conclusion on the loan for a bathroom renovation
A beautiful bathroom invites you to relax and unwind. In today’s increasingly stressful times, the bathroom is becoming increasingly important as a retreat. Taking out a loan is the ideal way to make your dream of a feel-good bathroom come true. With our loan comparison, you are guaranteed to find the right financing partner for your bathroom renovation project.