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Modernization loans: Worthwhile makeover for the old house

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Once the children are out of the house, the freedoms and opportunities of the parents increase. Homeowners can now take care of their own home peacefully. It is the ideal time to energetically upgrade the house.

At this age you have already achieved a lot. This is also shown by the figures of the Federal Ministry of Construction. The ownership rate in the age group 45-60 years is consistently over 50 percent .

However, the time for home ownership with children is rather tight. Therefore, most 50+ generation homes can not meet energy standards. It can often save up to 50 percent of energy costs, if you modernize your home accordingly. But these modernization works are not cheap. As a rule, homeowners have to invest about 30,000 euros for the refurbishment. A modernization loan jumps at this point to bear the costs.

The modernization loan has a special position within the installment loan segment: On the one hand, this type of loan is not yet a real estate loan, on the other hand, a modernization loan lacks the flexibility that distinguishes a classic installment loan . A loan , which is geared solely to the modernization of their own four walls, is therefore earmarked and can also be applied for at a promotional bank such as the KfW ( Kreditanstalt für Wiederaufbau ) in comparison to an installment or consumer loan .