Many people nowadays choose to install a roof cap. This not only enlarges your attic, but you also create a completely new floor. However, installing a new dormer window is not cheap and not everyone has this amount available.
Borrowing money for a dormer window is then an excellent alternative. There are a number of things that you should pay attention to!
Dormer loan, choose the right loan form
You actually have the choice of two different loan forms if you look at a dormer financing: A Personal payday loan and the revolving credit. Both have their advantages and disadvantages:
Personal payday loan for dormer window
A Personal payday loan is especially smart when you know exactly how much a dormer costs you. You then borrow a fixed amount, which you repay in installments and at a fixed interest rate. That way you know where you stand and, moreover, the interest on a loan for a dormer window is deductible.
Dormer financing revolving credit
The second loan form is the revolving credit. This is especially useful if you do not know exactly in advance what the installation of a dormer will cost you. With revolving credit, you agree on a limit amount in advance.
Within that limit, you can then withdraw and repay unlimited amounts, paying interest only on the amount actually withdrawn. If the placement of the dormer window is, therefore, cheaper, you immediately save on interest costs.
Pay attention! The danger, of course, is that you make unnecessary use of financial flexibility and borrow a lot unnecessarily. So make good agreements with yourself!
Dormer financing, what else should you pay attention to?
If you have made a choice between both types of loan, it is still important to find the most suitable loan. Pay particular attention to interest, conditions, and duration.
- Interest – First choose the loan with the lowest interest. So don’t walk directly to your regular bank, but also take a good look at the somewhat smaller, online lenders. The interest rate difference between the cheapest and most expensive lender is namely up to more than 4 percent.
- Conditions – Every lender uses different conditions that can make a loan unexpectedly expensive. So don’t just look at the interest, but also read the conditions carefully. For example, pay attention to any penalty interest in the event of extra repayment in the interim and to remission in the event of sudden death.
- Duration – Finally you coordinate the duration with the monthly costs to be borne. Always opt for the shortest possible duration at affordable monthly charges. The faster you pay off a loan, the cheaper it is in the end.
Loan for Dormer window, how much to borrow?
The price of a dormer window depends, among other things, on the size and type of material. To give you an impression of the costs, we have listed some average prices for a standard dormer window of 250 cm wide:
|Wood||3,300 euros||4,100 euros|
|Plastic||3,800 euros||4,800 euros|
Pay attention! These prices are excluding window sills, shutters, lighting and interior finishing.
Financing dormer via a mortgage
In addition to taking out a loan for your dormer window, it is also possible to increase your mortgage and pay for the dormer window. However, that is only possible if you have surplus value on your house.
You also pay notary, advice and appraisal costs. This option is therefore not always possible, plus it entails additional costs.